By Robert S. Keebler, CPA, MST, AEP (Distinguished) As we near the end of 2013, year-end tax planning again takes center stage. In the last two newsletters we covered two of the most important year-end planning strategies in detail—loss harvesting and Roth IRA conversions. In this newsletter we summarize a number of other strategies that may produce substantial tax savings. Making Trust Distributions The tax brackets for trusts are much more compressed than the tax brackets for individuals. Trusts begin being taxed at the top rate of 39.6% when income rises above $11,950. By contrast, individuals filing joint returns don’t…
The Joint Exempt Step-Up Trust (“JEST” Trust) Legal Document Form Package—NOW AVAILABLE FOR SALE
Thanks to the help of Alan S. Gassman, J.D., LL.M. (Taxation), Florida State Bar Certified Specialist in Wills, Trusts & Estates and Christopher J. Denicolo, J.D., LL.M. (Estate Planning), MBA, we are pleased to announce the release of The Joint Exempt Step-Up Trust (“JEST” Trust) Legal Document Form Package. This package comes complete with the following items: Data CD-ROM containing the following documents: The JEST Trust (Joint Trust) Legal Document Form which comes in a 66-page modifiable Microsoft Word document with all of the necessary provisions to implement the JEST Trust for your clients. A Client Explanation Letter to be…
Maximizing IRAs Using Trusts: Kavesh Technique Anticipates Boom by Robert L. Moshman, Esq.
Reproduced with the expressed written consent and permission from Robert L. Moshman, Esq., author of the The Estate Analyst. To contact Bob Moshman to be included on his distribution list of his monthly newsletter, e-mail Bob at bmoshman@optonline.net. A Baby Boomer with an otherwise unremarkable estate could leave behind a supercharged IRA that empowers beneficiaries. Philip J. Kavesh, a veteran estate planning attorney who has trained thousands of financial professionals, took part in designing the IRA Inheritance Trust® and successfully obtained a Private Letter Ruling for the technique in 2005. Although several variations of “stretch-out” or “see-through” trusts have performed…
Planning for Clients with Chronic Illnesses
Reproduced with the expressed written consent and permission from Robert L. Moshman, Esq., author of The Estate Analyst. To contact Bob Moshman to be included on his distribution list of his monthly newsletter, e-mail Bob at bmoshman@optonline.net. “With the waning importance of the estate tax, planning for chronic illness is an area where estate planners can do a lot of good for many people.” —Martin M. Shenkman, CPA, MBA, JD, PFS, AEP Chronic illness may be the forest that gets overlooked amidst the trees. It is all around us, affecting about one out of every two American adults. Yet, incredibly,…
The Supreme Court Overturns DOMA
In a landmark ruling, the United States Supreme Court in a 5-4 decision, overturned the Defense of Marriage Act (DOMA), passed by bipartisan majorities and signed by President Bill Clinton. They found it to be an unconstitutional violation of the Fifth Amendment. We are holding a special 60-minute teleconference with renowned CPA, Robert S. Keebler, on Tuesday, July 9th at 9am Pacific (12pm Eastern) on this topic. For more information, click here. Also, with permission by and courtesy of Leimberg Information Services, Inc. (LISI) (for information about how to subscribe to LISI, click here), Bob Keebler did a 60-Second Planner…
Successful Exiting for Auto Dealers: Strategic Use of the Full Estate Planning Toolkit in a Consolidating Market
Reproduced with the expressed written consent and permission from Robert L. Moshman, Esq., author of the The Estate Analyst. To contact Bob Moshman to be included on his distribution list of his monthly newsletter, e-mail Bob at bmoshman@optonline.net. There are great planning possibilities for owners of automobile dealerships to maintain control, protect assets from creditors, select domiciles, employ trusts, provide advanced succession planning, and engage in serious opportunity shifting. Unfortunately, the stereotypical dealership owner will ignore almost all of this advice and do some last-minute planning instead. Sadly, this will not be sufficient and will shortchange the heirs, the employees,…
Superstar Estates: Fleeting Fame, Enduring Security by Robert L. Moshman, Esq.
Reproduced with the expressed written consent and permission from Robert L. Moshman, Esq., author of the The Estate Analyst. To contact Bob Moshman to be included on his distribution list of his monthly newsletter, e-mail Bob at bmoshman@optonline.net. Actors, musicians, athletes, and Kardashians can become famous overnight, but notoriety doesn’t automatically mean financial security; sadly, it usually ends up meaning the opposite. Lottery winners and other windfall recipients often follow a similar path, even if their “stardom” is limited to local friends, neighbors, and family. Celebrity wealth can evaporate along with fleeting fame. Celebrities also attract lawsuits, moochers, and scam…
Does Comprehensive Estate Planning Really Work?
According to estate planning and asset protection attorney, Jeffrey M. Verdon, there has been a number of court decisions involving failed asset protection planning in the last two years. In his opinion, the reason for the recent and unusual amount of cases has to do with comprehensive estate planning (with asset and lifestyle protection) and when “bad facts make bad law”. Read the full post… For more information about any of the information discussed in this Client Alert, or any other income or estate tax planning or asset protection planning assistance, please contact the Jeffrey M. Verdon Law Group, LLP…
Fiscal Cliff & Estate Planning by Martin M. Shenkman, J.D., CPA, MBA
Review Your Will, Living Trust and Plan in 2013. Congress has just concluded tax legislation as part of its effort to avert the fiscal cliff. While the Senate called it the “American Taxpayer Relief Act of 2012,’’ likely it will have a 2013 moniker. While the 157 pages have not been analyzed yet, a number of key points may be made about the impact on estate planning, bearing in mind that final legislation, interpretations, and more are to follow. For those who think estate planning no longer is relevant because they are safely under the $5 million inflation adjusted exemption…
Three of the Leading Experts in Estate Planning Field Release New Book on 2012 Year-End Planning for Clients
Leading tax and estate planning experts, Martin Shenkman, J.D., CPA, MBA, Jonathan Blattmachr, J.D. and Robert S. Keebler, CPA, MST, AEP (Distinguished) have come together for the very first time to co-author the single most authoritative practical guide to crucial, last-minute planning for 2012. This unique book is written technical enough to assist professionals like you to understand the key planning choices and how to avoid the traps involved with each – – and written in plain-English enough for the sophisticated client who wants to better understand complex planning or needs some motivation to move ahead and do something! This…