Download Printable Article By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law (UPDATED JULY 2015) The estate planning profession, and in particular the basic Living Trust-centered practice, has been hammered by new challenges. There’s the proliferation of Internet “zoom” document providers and do-it-yourself trust kits (Suze Orman and the like). There are non-attorney trust mills increasingly grabbing market share (often in violation of the state statutes prohibiting the unauthorized practice of law). And there are bargain-priced, low-end attorneys (many of whom have jumped aboard the Living Trust craze…
How to Thrive in the Under $5 Million Estate Market
By Philip J. Kavesh, J.D., LL.M. (Tax), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Tax and Probate Law I and many practitioners have over the years built successful practices on what I call the “middle market”, that is, estates valued anywhere from $500,000 to $5 million. This level of estate planning practice faces a number of challenges today unlike any we have had in the past. Our services have become commoditized into mass produced documents, with increasing low-priced competition from the internet, do-it-yourself packages, non-attorney paralegals and bargain-priced attorneys. Plus, with the new $5.12 million Federal Estate…
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Top 10 Things Every Advisor Needs to Know About Inherited IRAs
By Michael J. Jones, CPA | Volume 2, Issue 6 (June 2014) In my practice, I’m seeing an increase in inherited Individual Retirement Accounts. That’s alerted me to an ever-increasing need for practitioners to review not only how IRAs fit into clients’ financial planning, but also to review and advise them properly regarding the beneficiary form and other key issues. Here are some things advisors and their clients need to keep in mind. An IRA is a ticking tax bomb. Unlike other assets, the income tax basis in an IRA inheritor’s hands will not be its fair market value upon death….
Leimberg Information Services: 60-Second Planner on Fifth Circuit Affirms Chilton on Inherited IRAs
Reproduced with Permission by and Courtesy of Leimberg Information Services, Inc. (LISI). For information about how to subscribe to LISI, click here. Nationally renowned CPA, Robert S. Keebler, recently produced an audio recording for Leimberg Information Services on the court ruling in the Chilton case pertaining to Inherited IRAs. CLICK HERE TO LISTEN TO THE LEIMBERG 60-SECOND PLANNER RECORDING Special thanks to Robert S. Keebler and Stephan Leimberg for sharing this valuable information! Additionally, Robert Keebler is gearing up for his upcoming Learn it Live 2-day IRA seminar in Green Bay, Wisconsin on May 14-15, 2012 and just announced a…
Are You Missing Out on the Lucrative “New” Estate Planning Market?
By Philip J. Kavesh, J.D., LL.M. (Taxation), CFP®, ChFC, California State Bar Certified Specialist in Estate Planning, Trust & Probate Law Over the past 15 years or so, I’ve seen a big shift in the new client market. It used to be that a large percentage of the people coming to our office had no Living Trust or other estate plan. Today, the market has almost completely flipped, with many if not most people coming in with an existing trust or plan. Why has this market shift occurred? Like it or not, the truth I’ve witnessed (and you likely will…
2016 WealthCounsel Symposium Debrief
By Kristina Schneider, Executive Director It’s Tuesday, October 25, 2016 and I just returned to the office from the 2016 WealthCounsel Symposium in Washington, D.C. The annual conference for WealthCounsel is always one that is a bit personal to me, as it was the conference I first attended a week after Phil hired me back in July 2004. It’s always fun to see familiar faces and to be around the very people that we help throughout the year. As an internet-based company, it’s pretty rare that we have face-to-face contact and most of all of my contact with our customers…
Tax Alpha®: What Sophisticated Counselors & Advisors Needs to Know—Part 1 of 2
By Robert S. Keebler, CPA, MST, AEP (Distinguished), CGMA In the world of finance, “Alpha” is often referred to as the value a money manager generates by exceeding a particular benchmark. In the world of financial planning, Tax Alpha® is best defined as the value financial advisors add by reducing the tax burden on portfolio income – “After all, it is what you keep not what you earn that counts.” A thorough knowledge of the intersection between tax and finance will allow an advisor to substantially reduce a client’s overall tax burden. The heart of Tax Alpha® for most clients…
Recent IRA Developments
By Robert S. Keebler, CPA, MST, AEP (Distinguished), CGMA | Volume 2, Issue 6 (June 2014) Individual Retirement Arrangements (IRAs) are one of the most popular retirement saving vehicles available today. Many of your clients, if not all, will have either (if not both) a Traditional IRA or a Roth IRA. The rules concerning IRAs are vast and continually being further defined. In this article, I will discuss some of the more important IRA developments over the past six months or so. Bobrow v. Commissioner In Bobrow v. Commissioner, TC Memo 2014-21, the court interpreted the “limit of one IRA to IRA…
Recent IRA Developments
By Robert S. Keebler, CPA, MST, AEP (Distinguished), CGMA | Volume 2, Issue 6 (June 2014) Individual Retirement Arrangements (IRAs) are one of the most popular retirement saving vehicles available today. Many of your clients, if not all, will have either (if not both) a Traditional IRA or a Roth IRA. The rules concerning IRAs are vast and continually being further defined. In this article, I will discuss some of the more important IRA developments over the past six months or so. Bobrow v. Commissioner In Bobrow v. Commissioner, TC Memo 2014-21, the court interpreted the “limit of one IRA to IRA…