By William D. Lipkind, J.D., LL.M. (Taxation) & Steven J. Oshins, J.D., AEP (Distinguished) | Volume 2, Issue 5 (May 2014) Taxpayers in high income tax jurisdictions with large unrealized capital gains or a regular stream of ordinary income from an investment portfolio have always wanted to find a way to eliminate or minimize their state income tax exposure without giving up the economic benefit of the underlying assets. On March 8, 2013, the IRS issued PLRs 20131002 through 20131006 approving such a trust under Nevada law. These landmark Rulings have opened the doors for many practitioners to take advantage…
The Three “D’s” of Being a Better Assistant (and More Efficient Assistant)
By Kristina Schneider, Executive Assistant | Volume 2, Issue 5 (May 2014) Whether you’re a busy executive or the assistant to a busy executive, you know the feeling of having far too many things to do in a day than hours available, right? There are a lot of different tips and ways that you can handle such a workload. One such technique of determining how to handle a heavy workload is something that Phil actually taught to us. It’s the Three “D’s”: Do It, Delegate It, DeferIt! Start by looking at your To Do List – – which we hope all of you have, because…
Frank Aragona Trust: What Now Constitutes Trustee “Material Participation”?
By Robert S. Keebler, CPA, MST, AEP (Distinguished), CGMA | Volume 2, Issue 5 (May 2014) [1] In Frank Aragona Trust v. Commissioner, the U.S. Tax Court held that a trust can qualify for the IRC Section 469(c)(7) real estate professional exception.[2] Furthermore, the court held that the trust materially participated in real property businesses it owned. Don’t get excited quite yet, though. Although the holding that a trust can be a real estate professional is very favorable, the case does little to resolve the issue of whose participation can be counted for purposes of determining whether a trust materially participates in an…
Stock Market Forecast
By E. Dryden Pence III, CPM®, AIF®, LPL Registered Principal, CIO Pence Wealth Management Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC. | Volume 2, Issue 5 (May 2014) Editor’s Note: This is one in a series of periodic market watch articles provided by E. Dryden Pence III, whose investment advisory firm Pence Wealth Management has been recognized as one of the top in the United States byBarron’s, Forbes and The London Financial Times. Bottom Line Up Front: We think the US stocks are currently in a secular bull market—meaning it has legs, not in months but years….
The Top Four Mistakes Individual Trustees Make
By Mark Dreschler, CFP®, President & CEO at Premier Trust and Deborah Erdmann, QKA, CISP, Vice President & Trust Officer at Premier Trust | Volume 2, Issue 4 (April 2014) Whatever your connection with a trust, whether it is as an attorney, trustee, beneficiary, trust creator or financial advisor, you need to be aware of the top four mistakes that can derail financial goals and tear families apart. This article is based on the experiences of our trust company’s team members, now more than 38 strong, with more than 150+ years combined experience dealing with estates and trusts of all…
Where is the Stock Market Headed?
By E. Dryden Pence III, CPM®, AIF®, LPL Registered Principal, CIO Pence Wealth Management Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC. | Volume 2, Issue 4 (April 2014) Editor’s Note: This is one in a series of periodic market watch articles provided by E. Dryden Pence III, whose investment advisory firm Pence Wealth Management has been recognized as one of the top in the United States by Barron’s, Forbes and The London Financial Times. Bottom Line Up Front We are positive for 2014. We think the economy will continue to improve consistently. We believe the market is a…
Training on Standalone IRA Beneficiary Trusts
We are holding one of our most popular technical training teleconferences on the IRA Inheritance Trust® tomorrow with our President, estate planning attorney and IRA Inheritance Trust® creator, Philip Kavesh. This teleconference is always one of our most well-attended and popular programs for those looking to add this unique and niche area of planning to their estate planning practice. See below for more information: The Traps and Tricks of Properly Drafting IRA Trusts Speaker: Philip Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, CA State Bar Certified Specialist in Estate Planning, Trust & Probate Law Date: Wednesday, March 5, 2014 Time: 9am…
The End of the Great Migration Into Bonds (Part 3 of 3)
Allocation Risk Budgeting for Equities By Jeffrey Dunham, Financial Advisor | Volume 2, Issue 3 (March 2014) This is the final installment of The End of the Great Migration into BondsSM article series. In January, we began the series with a discussion about a turnkey marketing campaign that provides FINRA-reviewed sales and marketing tools designed to allow financial advisors to focus on the vast amount of assets currently held in bonds. Last month, we examined “Allocation Risk Budgeting for Income”, which is a way to show your prospects and referrals how you might manage the risk they are taking within their fixed income…
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…