Available for on-site presentation only at this time.
This seminar is designed to help you learn how to identify and suggest creative solutions to your client's problems, and more importantly how to avoid costly errors and omissions. The basics will be covered in detail along with selected sophisticated topics.
- Estate and income tax planning in an ever-changing environment
- Special planning issues on living trusts
- Retirement account planning strategies
- Philanthropic planning strategies
- Ethical considerations for practitioners
8:30 a.m. - 9:30 a.m.
I. Estate And Income Tax Planning In An Ever-
A. Recent Income Tax Changes
1. Taking Advantage Of The Special Tax Rates On Qualified Dividends
2. Long-Term Capital Gains Rates Are Favorable
3. Future Outlook On Tax Rates And Capital Gains
4. Tax Considerations In Drafting Trusts That Are Irrevocable Or Will Be In The Future
B. Federal Estate Taxes: Dealing With A Moving Target
1. Safe Plan Involves A $1,000,000 Exemption Per Person
2. Updating A Plan With Each Phase-In Can Be Cumbersome And Costly
3. Aggressive Plan Might Count On An Exemption Of $2,000,000- $5,000,000 Per Person
C. Providing Flexibility In Drafting Estate Plans
1. The Key Lies In The Formula Establishing The Marital/Credit Shelter Split
2. Choosing The Appropriate Formula Based On The Client's Goals And Potential Estate Size
3. Versions Of The '5 & 5 Power'
9:30 a.m. - 10:20 a.m.
II. Special Planning Issues On Living Trusts
A. Joint Trusts vs. Two Trusts
1. Small Estates (Up To $1,000,000)
2. Fairly Large, Potentially Taxable Estates ($1,000,000-$5,000,000)
3. Very Large, Taxable Estates (Over $5,000,000)
B. Trustee Selection
1. Surviving Spouse
3. Multiple Children
6. Powers Granted To Remove And Reappoint
C. Making The Living Trust Package Complete
1. Full Compliment Of Documents
2. Adequate Backup Selections For All Fiduciary Positions
3. Issues With Proper Funding The New Trust
D. Care And Management Of The Irrevocable Life Insurance Trust
1. Trustee Selection During Grantor's Lifetime
2. Crummey Notification
3. Trustee Selection Upon Death Of Grantor
E. Special Considerations For The Married Couple With Children From Previous Marriages
1. Making The Trust Irrevocable Upon Incapacity
2. Making The Trust Irrevocable Upon Death Of One
3. Use Of The QTIP Marital Trust
4. Optional Provisions In The Terms Of The Marital Trust
5. Optional Provisions In The Terms Of The Credit Shelter Trust
6. Providing Special Benefits To The Spouse
7. Importance Of Using A Corporate Trustee
F. Benefits Of Retention In Trust For Beneficiaries vs. Outright Distributions
1. Age Specific
2. Purpose Specific
3. Multiple Distribution Plan
5. Plan Can Be Fit To Suit The Grantor's Desire To Be Flexible Or Rigid In Terms
10:20 a.m. - 10:30 a.m.
10:30 a.m. - 11:30 a.m.
III. Retirement Account Planning Strategies
A. Exiting The 401(k)/Profit-Sharing/ESOP/Pension Plans
B. Tax Planning And Beneficiary Selections For Rollover IRAs And Qualified Retirement Plans
C. 'Stretch' IRAs
D. Considerations For Roth IRA Conversions
E. Selecting A Retirement Plan For Small Business Owners
1. SEP IRA
2. SIMPLE IRA
3. 'Solo' 401(k)
4. Retirement 'Bonus' IRA Or Tax- Deferred Annuity
11:30 a.m. - 12:00 p.m.
IV. Generation-Skipping Strategies
A. The Generation-Skipping Tax Rules
B. The Dynasty Trust Concept
C. Using An Irrevocable Life Insurance Trust
D. Advantages Of Using Generation-Skipping Strategies
E. Case Study
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:00 p.m.
V. Tax Planning Strategies For Corporate
A. Restricted Stock
B. Nonqualified Stock Options
C. Strategies For Managing Concentrated Stock Positions
2:00 p.m. - 2:50 p.m.
VI. Philanthropic Planning Strategies
A. A Framework For High Impact Philanthropy
B. Building The Family Charity Infrastructure
C. Planning Techniques
2:50 p.m. - 3:00 p.m.
3:00 p.m. - 4:00 p.m.
VII. Ethical Considerations For Practitioners
A. Competence And Diligence: Common Mistakes
B. Conflicts Of Interest
C. Risky Business
D. Representing Fiduciaries
4:00 p.m. - 4:30 p.m.
VIII. Questions And Answers