By Jonathan G. Blattmachr & Matthew D. Blattmachr Life insurance is one of the least understood financial products in the world. In just a few minutes of study, one can reasonably grasp the concept of equity interests in a business (e.g., common stock, preferred stock), bonds and other forms of debt. Even more complicated financial products, such as derivatives and options can be readily understood. However, even some people who have spent a career in the life insurance industry do not really understand the financial aspects of this product. Indeed, after finishing a lecture on how life insurance “works,” a…
A Monthly Meeting You’re Not Allowed to Miss
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law In an earlier article I talked about the importance of setting goals for the year and clearly communicating them in a motivational way to your associate attorneys and staff at an annual “kickoff” meeting in January. As a follow-up to that meeting, you should also be holding a once a month firm meeting to continue the momentum towards achieving your goals. This monthly firm meeting is a very important one that you simply cannot miss (nor can anyone else)….
Tax Alpha®: What Sophisticated Counselors & Advisors Needs to Know—Part 1 of 2
By Robert S. Keebler, CPA, MST, AEP (Distinguished), CGMA In the world of finance, “Alpha” is often referred to as the value a money manager generates by exceeding a particular benchmark. In the world of financial planning, Tax Alpha® is best defined as the value financial advisors add by reducing the tax burden on portfolio income – “After all, it is what you keep not what you earn that counts.” A thorough knowledge of the intersection between tax and finance will allow an advisor to substantially reduce a client’s overall tax burden. The heart of Tax Alpha® for most clients…
More Clients, Better Clients
By Joseph J. Strazzeri, Esq. Quality referrals are the lifeblood of a growing practice. New clients tend to come from one of four sources: 1) current clients, 2) other advisors, 3) educational events, and 4) the internet. For the practitioner that does the technical work and markets the firm, it is critical to understand whether you want more clients and/or better clients, and to have a plan on how to obtain them – because there is only so much time in a month. Time management and a team-driven, repeatable process offer not only a great business solution but a quality…
Standalone IRA Trust vs. Living Trust?
We often receive the question from our law firm clients, as well as estate planning professionals, about why the standalone IRA Beneficiary Trust, also known as either the IRA Inheritance Trust®, Retirement Beneficiary Trust, or Standalone Retirement Trust (“SRT”), is a better option than using the Living Trust. There are both technical and practical reasons why a standalone trust is a preferable planning option. Our President and estate planning attorney, Philip Kavesh, who drafted the IRA Inheritance Trust® and, with the help of Keebler & Associates, LLP, received the IRS’ stamp of approval through a Private Letter Ruling back in…
Happy Anniversary, Kristina!
On July 23, 2004, what has now evolved into The Ultimate Estate Planner, Inc. began. Our Executive Director, Kristina Schneider, began working for our President, Philip Kavesh. Fresh from graduating with her Bachelors degree from Pepperdine University just a couple of months prior, Kristina’s first assignment was to hop on a plane to Denver with Phil to attend the WealthCounsel’s National Conference. Phil had not one, but two, speaking engagements. One was on utilizing seminars to market your law practice and the second was to effectively advertise his brand new 2-day “Missing Link” Boot Camp program. It was this assignment alone…
WealthCounsel Conference Discount Ends Today!
Don’t forget that if you’re attending the WealthCounsel 2014 Planning for the Generations Symposium, TODAY is the last day to take advantage of special conference prices. We will be at our booth until the conference concludes at 12pm. Special 25% discount off your product order Payment plans are available Special IRA Inheritance Trust® Marketing Bundle Package (available only at the conference!) Save $100 on July 23rd’s Practice-Building Program on Time Management by signing up today! The EARLY BIRD DISCOUNTS for our upcoming Ultimate LevelSM 2½ Day Practice-Building Programs expires on July 31st, so be sure to sign up right away:…
What’s the Truth About Life Settlements?
By Daxton Fryer, Senior Life Settlement Analyst Whether you call it a life settlement, a lifetime settlement or a senior settlement, Life Settlements have become a very popular option for today’s financial planners and trusted advisors and their clients who may want to cash out their life insurance policies. Life Settlements have also become a powerful option for corporations, trusts and individuals who have poorly performing or thinly funded senior client policies. This specialty is fast becoming a mainstream financial planning tool for insurance agents, CPA’s, tax attorneys, estate planners, elder law attorneys and trust companies. As a financial professional,…
Top Five Life Insurance Myths
By Steven J. Oshins, J.D., AEP (Distinguished) Understanding life insurance is important for everybody in the estate planning industry. Whether you are a financial advisor, an attorney, an accountant or a banker, you have plenty of opportunities to help your clients make good life insurance decisions. With any complex topic, there are always myths that exist that cause people to make bad purchase decisions. The life insurance industry is no different than other industries in that numerous myths have been repeated over and over through the years. MYTH #1- Buying term insurance and investing the difference is better than buying…
Naming IRA Beneficiaries
By Robert S. Keebler, CPA, MST, AEP (Distinguished), CGMA Earlier this year, the IRS released PLR 201417027 in which it refused to extend the deadline to begin required minimum distributions (RMDs), for taxpayers who were not even aware that they were beneficiaries of a decedent’s retirement plan. Because of their seemingly innocent mistake, the missed RMDs might be sliced in half by the 50% excise tax for missed distributions under IRC § 4947(a) and the beneficiaries might be exposed to negligence and understatement penalties under IRC § 6662. This ruling is a reminder of the importance of proper naming of…