Understanding Portability

By Robert S. Keebler, CPA, MST, AEP (Distinguished) | Volume 2, Issue 3 (March 2014) An interesting provision within the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (“2010 Tax Relief Act”) allows an executor of an estate of a married decedent the option to transfer any unused estate tax exemption amount to the surviving spouse.[1] Thus, for example, if a decedent used only a portion of his or her estate tax exemption, the estate could elect to have the remaining portion pass to the surviving spouse, giving the surviving spouse a larger estate tax exemption.[2] Although this portability…

Robert Keebler’s Net Investment Income Tax Bundle Package

Many professionals have expressed a desire for further assistance with the 3.8% Net Investment Income Tax (“NIIT”) and completion of new IRS Form 8960. In recent weeks, we have enlisted the help of nationally renowned CPA and tax expert, Robert S. Keebler, CPA, MST, AEP (Distinguished) to present on several topics on NIIT. You can spend hours deciphering Internal Revenue Code Section 1411, the final regs and the instructions for Form 8960. But, as tax professionals, we know that your time is limited and you may not have time to wait to get the help that you need right away…

Robert Keebler on Rev. Proc. 2014-18 (Plus Free PDF Download)

From the Desk of Robert S. Keebler, CPA, MST, AEP (Distinguished). Rev. Proc. 2014-18 provides the procedures for filing a late 706 to obtain portability. This procedure will be a real “lifesaver” for an executor who missed the filing requirement. Rev. Proc. 2014-18 also provides a simplified method for the executor of an estate for a spouse in a same sex marriage who died before DOMA was ruled unconstitutional to obtain an extension of time to file for “portability.” If you would like to download a PDF of a presentation that was given for the AICPA, please complete the form…

The Importance of Periodic Life Insurance Policy Reviews

By Martin M. Shenkman, CPA, MBA, J.D. | Volume 2, Issue 2 (February 2014) Everyone who owns an insurance policy should be certain to conduct insurance reviews.  A recent study found that in 75% of cases, the person insured could have reduced their premium outlay by an average of 40%, or increased their coverage by an average of 40% for the same outlay.  These changes occur because insurance policies have evolved over time. Mortality rates have improved, people are living longer, and since insurance companies are going to pay claims later, newer policies will be cheaper than older policies even…

The End of the Great Migration Into Bonds (Part 2 of 3)

Allocation Risk Budgeting for Income Overview By Jeffrey Dunham, Financial Advisor | Volume 2, Issue 2 (February 2014) As The End of the Great Migration into BondsSM continues, fixed income investors may experience detrimental consequences to their bond investments as interest rates rise. For investors who depend on the distributions from their bond funds, the challenge will be maintaining a proper level of income while providing relative protection of their principal. In last month’s issue of The Ultimate Estate Planner’s newsletter, we introduced you to a turnkey marketing campaign designed to allow financial advisors to focus on the vast assets currently held in…

Top Ten Asset Protection Mistakes Attorneys Make

By Steven J. Oshins Esq., AEP (Distinguished) Asset protection has become one of the hottest areas of practice, especially over the last decade.  Although asset protection planning should be a fixture in every estate planner’s repertoire, there are still many asset protection opportunities that are missed.  This article describes ten asset protection opportunities that are often overlooked. Asset Protection Mistake #1: Not discussing asset protection planning. Nearly every estate planning attorney makes a will and revocable trust discussion a given in every estate planning meeting, yet asset protection is often merely an afterthought.  For many attorneys, unless the client or…

Form 8960—The Net Investment Income Tax

By Robert S. Keebler, CPA, MST, AEP (Distinguished) | Volume 2, Issue 2 (February 2014) In 2013, a new tax planning focus area, the net investment income tax (NIIT), was added to the already long list of hot topics all trust and estate practitioners must understand– charitable trusts, gain harvesting, loss harvesting, income smoothing strategies, income shifting strategies, asset protection trusts, tax-aware investing, decanting, portability, advanced strategies for clients with taxable estates, etc. While the NIIT is far from clear in some areas, parts of this new tax planning focus area have recently been clarified through the release of the…

Is Your Receptionist Losing You Business?

By Kristina Schneider, Executive Assistant | Volume 2, Issue 2 (February 2014) In a time when a lot of people utilize e-mail communication, the telephone is still, by far, one of the most common forms of communication for businesses.  In a personal service industry such as estate planning – – regardless of whether you’re an attorney, financial advisor, CPA, life insurance agent, trust officer or some other kind of advisor to clients – – telephone communication plays an even bigger role for having a successful business. So, why is that we see so many estate planning professionals have flawed systems…

Come See Us at The Gathering in San Diego!

The Ultimate Estate Planner, Inc. is pleased to announce that we are a Premier Sponsor at Laureate Center for Wealth Advisors’ upcoming 2-day Gathering program down in San Diego on February 27th and 28th. The Gathering is the premiere wealth, business, and estate planning event in our industry. This valuable program provides a practical understanding of current events in estate, business, tax, insurance and wealth strategies planning to keep you and your Independent Collaborative Advisor on the cutting edge. The program includes the best of the information gathered at the Heckerling Institute of Estate Planning and insights provided by Laureates…