Practical Planner: Checklist: More Heckerling Nuggets (Volume 7, Issue 1)

Martin “Marty” Shenkman, Esq., CPA, MBA is an estate planning attorney and Certified Public Accountant who authors a number of publications each month, including his monthly e-mail newsletter, “Practical Planner“. Below is the second installment from Marty’s January/February 2012 newsletter. To be added to Marty’s monthly e-mail distribution list, e-mail newsletter@shenkmanlaw.com. √ Your Tax Reimbursement Clauses Might be Dangerous: Some grantor trusts (income taxed to you) include a provision that permit the trustee of a trust you create to reimburse you for taxes you pay on trust income. If reimbursement is mandatory, Go To Tax Jail, Do Not Pass Go….

Betting On A Roth Conversion

By Allan Roth Reposted from Financial-Planning.com Long ago, there wasn’t much that planners had to worry about as far as taxes except for lawmakers changing tax law. Now we have to worry that, if Congress does nothing, taxes will jump in 2013. In these financially tumultuous times, Roth conversion strategies can reduce risk substantially for clients in 2012. UNKNOWNS FOR 2013 Regardless of whether Republicans or Democrats prevail in controlling the White House and/or Congress in November, there is likely to be an impact on tax law. If nothing is done, the Bush-era tax cuts will expire and the highest…

Michelle Ward & PLR 201203033: Trust Qualified as Designated Beneficiary After Beneficiary Released Certain Powers

Reproduced with Permission by and Courtesy of Leimberg Information Services, Inc. (LISI). For information about how to subscribe to LISI, click here. EXECUTIVE SUMMARY In PLR 201203033, a trust qualified as a designated beneficiary after a trust beneficiary released certain portions of a power of appointment. The trustee of the trust was also allowed to transfer the inherited qualified plan to an inherited IRA for the benefit of the trust. FACTS “Alex” died at age 62 after establishing a trust that became irrevocable at his death. Alex was survived by his wife, “Lydia”, and his two children, “Nicholas” and “Melissa.”…

Practical Planner: Nuggets from Heckerling (Volume 7, Issue 1)

Martin “Marty” Shenkman, Esq., CPA, MBA is an estate planning attorney and Certified Public Accountant who authors a number of publications each month, including his monthly e-mail newsletter, “Practical Planner“. Below is an article from Marty’s January/February 2012 newsletter. To be added to Marty’s monthly e-mail distribution list, e-mail newsletter@shenkmanlaw.com. Summary: The Heckerling Institute on Estate Planning is the estate planning world’s equivalent of the Oscars. Can you imagine anything more spellbinding then nearly 3,000 tax attorneys discussing estate tax planning for an entire week? Well, if you missed all the excitement, we’ve culled some hot tips from the week…

Do You Have What Baby Boomer Investors Are Looking For?

Reposted with permission from The Trust Advisor. Posted by Joe Murphy, Contributor – on January 30th, 2012 Advisors take note: there are 77.6 million Baby Boomers and another one turns 50 every 8.5 seconds. Clearly, the number of American investors approaching retirement is on the rise — and this is the biggest opportunity of all time for advisors who know how to meet their needs. For today, let’s leave the retirees out of the equation. I want to concentrate on the younger cohort of Baby Boomers who still have some time until retirement and are still very much in the…

Interview on Dynasty Trusts with Guest Expert, Steven J. Oshins, Esq.

Steven J. Oshins, Esq. is a nationally renowned estate planning and asset protection attorney based in Las Vegas, Nevada, with clients all over the United States. Steve was the author of Nevada’s 365-year Dynasty Trust law and often works jointly with estate planning attorneys from other states on setting up dynasty trusts and other advanced level estate planning and asset protection techniques. We recently had the opportunity to interview Steve on the topic of Dynasty Trusts. UEP: Would you please start by describing how the Dynasty Trust works? Steve Oshins: Let me begin by clarifying that I’m talking about the…

Full Report of The 46th Annual Philip E. Heckerling Institute on Estate Planning

At The Ultimate Estate Planner, Inc., we are committed to providing our fellow estate planners access to the information, products, education and various resources that are available to help individuals be better practitioners and provide better service of both estate and financial planning, to their clients. Therefore, we are extremely pleased and privileged to provide to you through the graciousness of the American Bar Association’s Real Property, Trust & Estate Law (RPTE) Section the full and complete report from the 46th Annual Heckerling Institute of Estate Planning Conference, one of the nation’s leading conferences for estate planners, including attorneys, trust…

Bob Keebler on Roth Conversions in 2012: Now’s the Time to Convert

Reproduced with Permission by and Courtesy of Leimberg Information Services, Inc. (LISI). For information about how to subscribe to LISI, click here. “For more than 14 years, we have been advising clients about converting to a Roth IRA. For the first ten years, most of our collective efforts focused on the long-term strategic benefits of converting to a Roth IRA with us preparing complex spreadsheet analyses on the front-end to determine an ‘ideal amount’ to convert. Like other tax professionals, with the extreme volatility of the stock market in recent years, our Roth IRA conversion paradigm has shifted. Instead of…

Nevada Ranked as the #1 Jurisdiction for Domestic Asset Protection Trusts

One of The Ultimate Estate Planner’s main teleconference speakers, estate planning and asset protection attorney, Steve Oshins, was featured in an article posted by The Nevada Trust Reporter entitled, “Nevada Ranked as the #1 Jurisdiction for Domestic Asset Protection Trusts in Steve Oshins’ Mid-Year State Rankings Chart“. Nationally known estate planning and asset protection attorney Steve Oshins (www.oshins.com) is the creator of the Domestic Asset Protection Trust State Rankings Chart (which can be accessed on our Free Resources page) that he publishes each year and updates as the various states modify their laws. He recently did a mid-year update to…

Lawyers & Social Media – What You Need to Know

By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law I just finished the last educational program needed to meet my continuing legal education requirements for my California State Bar license. I took an on-demand course that I thought was not only timely and relevant, given that I have recently done quite a bit of work with my law firm (and with The Ultimate Estate Planner, Inc.), with respect to this topic, but also a topic that many attorneys should be looking into as well. The course I took…