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…

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…

BREAKING NEWS: IRS Issued Rev. Proc. 2014-18, Granting Relief for Some Late Portability Elections

The IRS issued Rev. Proc. 2014-18 today, announcing that it would grant blanket relief for the estates of persons who died in 2011, 2012, and 2013, if the estate was not required to file a return. The IRS announced that it will allow these estates to file a return to elect portability until December 31, 2014. Any estates of persons dying after 2013 that don’t file a timely return to elect portability can apply for a private letter ruling. For more information, click here to listen to LISI’s 60-Second Planner with nationally renowned CPA, Robert S. Keebler. Also, see Rev….

Final IRS Form 8960 Released Today

The IRS published the final Form 8960, for computing the 3.8% Net Investment Income Tax for individuals, trusts and estates. To download final Form 8960, click here. Also, don’t forget to register for our special 90-minute teleconference with nationally renowned CPA, Robert Keebler on Thursday, February 6th at 9am Pacific Time (12pm Eastern Time) for a detailed walk-through of Form 8960. For more information and to register, click here.

48th Annual Heckerling Institute on Estate Planning

The Heckerling Institute on Estate Planning just finished up its final days of its 48th Annual program held in Orlando. The Heckerling Institute on Estate Planning is the nation’s leading conference for estate planners, including attorneys, trust officers, accountants, insurance advisors, and wealth management professionals. Attendees enjoy unparalleled networking and professional development opportunities that make attending the Heckerling Institute a valuable investment for every estate planning professional. This year’s program offered practical guidance on both planning strategies and practice development in the new wealth transfer tax environment. The program included expanded coverage of the increasingly important areas of elder law,…