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….

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…

“Green Book” Proposals and Income Tax Planning

By Robert S. Keebler, CPA, MST, AEP (Distinguished) On April 13, the Treasury Department issued its annual Revenue Raising Proposals, commonly referred to as the“Green Book”. In this column we will summarize the key income tax proposals and suggest some planning ideas. These proposals include: (1)  Implementing the Buffett Rule by imposing a new “Fair Share Tax;” (2)  Reducing the value of certain income tax deductions and exclusions; (3)  Limiting the total amount a taxpayer can accrue in tax favored retirement plans; (4)  Shortening the deferral period for inherited IRAs; and (5)  Taxing carried interests as ordinary income. INCOME TAX…

Tax Planning for 2013 Under the New Laws

By Robert S. Keebler, CPA, MST, AEP (Distinguished) As you probably know all too well, tax rates increase substantially in 2013 and later years for high income taxpayers. Not only did the top income tax rate increase from 35% to 39.6%, but a 3.8% Medicare surtax is now imposed on net investment income (NII). The 39.6% rate now applies to taxable income over $450,000 for married taxpayers and $400,000 for single taxpayers. In addition, net investment income is subject to a new 3.8% Medicare surtax to the extent modified adjusted gross income exceeds $250,000 for married taxpayers and $200,000 for…

Last Chance to Register for This Wednesday’s Post-Election Teleconference

November 6, 2012 may prove to be one of the most important election days in U.S. history, at least from a tax perspective. Regardless of who wins the Presidency and who controls the Senate and House, we are likely to see the first major changes to the U.S. Tax Code in over ten years. Accordingly, there is no better time than immediately after the election to advise your clients and prospects on what important steps to take before the tax law changes in 2013. That’s why we’re bringing together on November 7th – – the day after the election –…

Tax Expert Marty Shenkman: Two Tax Mistakes to Avoid With Clients in 2012

Despite the uncertainty of where estate, income and capital gains rates will be this year, you still need to plan. Reposted from AdvisorOne.com | By Marlene Y. Satter, AdvisorOne Martin Shenkman of Shenkman Law in Paramus, N.J. doesn’t hesitate to tell it like it is about tax planning in 2012: “This is not a normal year,” he says. However, that’s no excuse for what he sees as two huge mistakes that advisors and their clients often make as they quiver with uncertainty over what Congress may or may not do this year regarding taxes. Those two mistakes? Acting like an…