Estate Planning for Your IRA JEREMIAH W. DOYLE IV, ESQ. SENIOR VICE PRESIDENT
|
|
- Amos Baker
- 5 years ago
- Views:
Transcription
1 Estate Planning for Your IRA JEREMIAH W. DOYLE IV, ESQ. SENIOR VICE PRESIDENT
2 Ten (+) Topics for Discussion HAVE YOU PLANNED FOR TAXES ON YOUR IRA? HAVE YOU CONSIDERED A CHARITABLE GIFT OF YOUR IRA? NET UNREALIZED APPRECIATION ON EMPLOYER STOCK RETIREMENT PLAN TO CHARITY LIFETIME GIFT NAMING A BENEFICIARY OF YOUR IRA IRAS AND DIVORCE NAMING BENEFICIARY AFTER DIVORCE IRAs AND CREDITOR S CLAIMS IRA WILL - CUSTOM DRAFTED BENEFICIARY FORM IRAs LOANS AND PLEDGES
3 Topic 1 HAVE YOU PLANNED FOR TAXES ON YOUR IRA?
4 IRA May Be Subject To: ESTATE TAX INCOME TAX GENERATION-SKIPPING TAX
5 Facts JOHN, A WIDOWER, DIES IN 2006 AT AGE 65 HAS $2 MILLION IRA ESTATE IS BENEFICIARY OF IRA JOHN IN HIGHEST INCOME AND ESTATE TAX BRACKET EXECUTOR LIQUIDATES IRA
6 Hey - Where Did My IRA Go??? (NO GST) VALUE OF IRA $ 2,000,000 FEDERAL ESTATE TAX (46% BRACKET) ($ 791,016) MASSACHUSETTS ESTATE TAX ($ 180,800) FEDERAL AND MASSACHUSETTS INCOME TAXES: Federal Income Tax: 35% x $1,102,984 ($ 386,044) Massachusetts Income Tax: 5.30% x $2,000,000 ($ 106,000) BALANCE $ 536,140 AMOUNT RECEIVED BY CHILDREN: $ 536,140 AMOUNT RECEIVED BY CHILDRED: $536,140 I.E. LESS THAN 27 CENTS ON THE DOLLAR!!!
7 Hey - Where Did My IRA Go??? ( GST) VALUE OF IRA $ 2,000,000 FEDERAL ESTATE 47% ($ 791,016) MASSACHUSETTS ESTATE TAX ($ 180,800) GENERATION SKIPPING TAX ($ 323,948) FEDERAL AND MASSACHUSETTS INCOME TAXES: Federal Income Tax: 35% x $779,036 ($ 272,663) Massachusetts Income Tax: 5.30% x $2,000,000 ($ 106,000) BALANCE $ 325,573 AMOUNT RECEIVED BY GRANDCHILD: $325,573 I.E. LESS THAN 17 CENTS ON THE DOLLAR!!!
8 Topic 2 HAVE YOU CONSIDERED A CHARITABLE GIFT OF YOUR IRA?
9 Tax Consequences of Leaving IRA to Charity 9 PLRs NO ESTATE TAX Qualifies for FET Charitable Deduction NO INCOME TAX To donor or donor s estate Charity not taxed on proceeds TAX EFFICIENT GIFT - FOR A COST OF ROUGHLY 25% TO THE HEIRS, 100% OF IRA CAN BE DEVOTED TO A CHARITABLE PURPOSE
10 Topic 3 NET UNREALIZED APPRECIATION DISTRIBUTION OF EMPLOYER STOCK
11 Net Unrealized Appreciation DISTRIBUTION OF EMPLOYER STOCK REQUIREMENTS Taxpayer receives lump sum distribution (LSD) of qualified plan Distribution includes employer stock that has a significant amount of net unrealized appreciation (NUA)
12 Net Unrealized Appreciation DISTRIBUTION OF EMPLOYER STOCK HOW IT WORKS Distribution of employer stock results in income taxation to the recipient equal to the cost basis (not the FMV) of the employer stock The NUA is not taxed on distribution When sold the NUA is LTCG, regardless of how long the stock is held
13 Net Unrealized Appreciation DISTRIBUTION OF EMPLOYER STOCK HOW IT WORKS Donor takes LSD of qualified plan Retains the employer stock Pays income tax on cost basis of employer stock Rolls over the balance of the LSD tax-free to an IRA NUA taxed as LTCG when sold Balance of gain in excess of NUA taxed as STCG or LTCG depending in how long the employer stock was held
14 Net Unrealized Appreciation DISTRIBUTION OF EMPLOYER STOCK ED GETS LSD FROM QUALIFIED PLAN Includes 1000 sh of employer stock FMV $50/sh, Cost Basis $9/sh Retains stock, pays ordinary income tax on $9/sh NUA of $41/sh ($50 FMV less $9 cost basis) is LTCG when Ed ultimately sells the stock Appreciation over $50/sh is STCG or LTCG depending on how long Ed holds the stock Ed s holding period begins when he gets the stock
15 Net Unrealized Appreciation DISTRIBUTION OF EMPLOYER STOCK $9 $50 NUA Taxed as LTCG Taxed as Ordinary Income LTCG or STCG
16 Net Unrealized Appreciation DISTRIBUTION OF EMPLOYER STOCK RESULT: Cost basis of stock taxed as ordinary income Converts potential ordinary income to capital gain 10% penalty applies to cost basis of stock Omitted from Minimum Required Distribution Requirements Can hold stock and rollover balance to IRA Gives up tax deferral and tax-free buildup in an IRA
17 Topic 4 RETIREMENT PLAN TO CHARITY LIFETIME GIFT
18 Retirement Plan to Charity LIFETIME GIFT HOW IT WORKS Donor takes LSD of qualified plan Retains the employer stock Pays income tax on cost basis of employer stock Contributes employer stock to CRUT Gets charitable deduction for FMV of employer stock less the value of the retained interest CRUT sells stock and pays no capital gains tax Proceeds equal to NUA are LTCG under CRUT tier system
19 Retirement Plan to Charity LIFETIME GIFT RESULT: Donor takes distribution from qualified plan during life Contributes stock to CRUT for his benefit At a cost to him of ordinary income tax on the cost basis of the employer securities Gets assets out of his qualified plan at a low tax cost and gives them to charity This is merely a version of contributing appreciated stock to a CRUT
20 Retirement Plan to Charity WHAT IT LOOKS LIKE Qualified Plan DONOR CRUT Employer Stock Employer Stock CRUT Payments (Taxed on cost basis) Contribution to CRUT based on FMV of Stock
21 Retirement Plan to Charity WILL THIS WORK??? Yes!!! See PLRs , , , , and
22 Topic 5 NAMING A BENEFICIARY OF YOUR IRA
23 Estate of McIntosh 773 A.2d 649 (N.H., 2001) Decedent, Roy McIntosh, names youngest son, David, as sole IRA beneficiary Will leaves estate equally to 3 sons Names 3 sons as equal beneficiaries of life insurance Sold coin collection before death, dividing proceeds equally between 3 sons David appointed executor of Roy s will David won t share IRA with brother, Scott Scott sues claiming his father intended to divide everything equally
24 Estate of McIntosh 773 A.2d 649 (N.H., 2001) RESULT David gets the IRA Court says the beneficiary designation form CONTROLS
25 Who Takes Your IRA? THE WILL DOESN T CONTROL THE DESIGNATED BENEFICIARY FORM CONTROLS
26 Beneficiary Of IRA NAMED IN BENEFICIARY FORM DEFAULT: SEE IRA AGREEMENT Estate? Spouse?
27 Beneficiary of IRA SPOUSE Rollover potential Estate Tax Marital Deduction CHILD No Rollover Estate Tax Liability TRUST - COMPLICATIONS CHARITY - NO ESTATE OR INCOME TAX DIVORCE - CHANGE THE BENEFICIARY
28 Topic 6 IRAS AND DIVORCE
29 IRAs and Divorce SECTION 408(D)(6) TRANSFER OF IRA ON DIVORCE NOT TAXABLE IF: Pursuant to valid divorce decree, or Under written instrument incident to the divorce
30 IRAs and Divorce ALTERNATIVE WAYS TO TRANSFER IRA IN DIVORCE Change the name of the IRA owner IRA owner sets up new IRA rollover in IRA owner s name, then assigns to spouse in name of spouse Ex-spouse sets up own IRA and IRA owner transfers to exspouse s IRA
31 IRAs and Divorce ONCE TRANSFERRED, THE IRA IS TREATED AS OWNED BY THE EX-SPOUSE AS OF THE DATE OF TRANSFER Ex-spouse is taxed on distributions 10% penalty applies if ex-spouse is under 59 ½ Ex-spouse must take MRD when he/she is 70 ½ Ex-spouse names own IRA beneficiary
32 Topic 7 NAMING BENEFICIARY AFTER DIVORCE
33 Naming Beneficiary After Divorce CASE #1 - FACTS WIFE NAMED AS BENEFICIARY ON HUSBAND S IRA COUPLE GETS DIVORCED WIFE AGREES SHE S NOT ENTITLED TO HUSBAND S ASSETS ALSO WAIVES ANY RIGHT SHE HAS IN HUSBAND S ASSETS HUSBAND REMARRIES COMPLETES NEW PAPERWORK FOR IRA BUT NAMES NO BENEFICIARY HUSBAND DIES - EX-WIFE AND NEW WIFE CLAIM THE IRA Who Gets the IRA???
34 And the Answer is... EX-WIFE
35 Beneficiary After Divorce REASONING WIFE #1 S RIGHT IN IRA WAS REVOCABLE PRIOR TO DEATH AT TIME OF DIVORCE SHE HAD NO PROPERTY INTEREST IN IRA AT TIME OF DIVORCE, WIFE #1 HAD NO RIGHTS TO SURRENDER AT DEATH, IRA BENEFICIARY BECAME IRREVOCABLE Wife #1 was beneficiary PaineWebber Inc. v. East, Maryland Court of Appeals (March, 2001)
36 Naming Beneficiary After Divorce Case #2 - Facts WIFE NAMED AS BENEFICIARY OF HUSBAND S PENSION COUPLE GETS DIVORCED HUSBAND NEGLECTS TO CHANGE PENSION BENEFICIARY HUSBAND DIES 2 MONTHS AFTER DIVORCE STATE STATUTE SAYS DIVORCE REVOKES BENEFICIARY DESIGNATION OF EX-SPOUSE EX-WIFE AND KIDS BY PREVIOUS MARRIAGE CLAIM PENSION Who Gets the IRA???
37 And the Answer is... EX-WIFE
38 Beneficiary After Divorce REASONING ERISA PREEMPTS STATE LAW THAT REVOKES BENEFICIARY DESIGNATIONS ERISA SAYS BENEFICIARY IS DETERMINED BY STATE LAW UNDER STATE LAW (WASHINGTON), EX-WIFE WAS NAMED THE BENEFICIARY Egelhoff v. Egelhoff, United States Supreme Court, March 21, 2001
39 Beneficiary After Divorce MESSAGE AFTER DIVORCE, CHANGE THE BENEFICIARY!!!
40 Topic 8 IRAS AND CREDITOR S CLAIMS
41 IRAs and Creditor s Claims THREE TYPES OF CREDITORS: Judgment Creditor Bankruptcy Internal Revenue Service
42 IRAs and Creditor s Claims GENERALLY, QUALIFIED PLANS NOT SUBJECT TO CREDITOR S CLAIMS ERISA protects qualified plans (with exceptions) IRA ARE GOVERNED BY STATE, NOT FEDERAL, LAW IRA creditor protection differs from state to state Massachusetts protects part/all (???) of traditional IRAs See M.G.L. c A GR: Exempts IRAs from creditor s claims Exception: sums deposited within 5 yr Exemption is 7% of last 5 year s income Rollover and transfer not sums deposited
43 Topic 9 IRA WILL - CUSTOM DRAFTED BENEFICIARY FORM
44 IRA Will - Custom Drafted Beneficiary Form DON T RELY ON IRA TRUSTEE/CUSTODIAN S BD FORM THEY DON T COVER: Beneficiary s right to accelerate distributions IRAs payable to minors Who names trustee or UTMA custodian? Right of Atty-in-Fact to deal with IRA Beneficiary dies before complete distribution of IRA Can beneficiary transfer IRA to new institution? Where do estate taxes attributable to IRA come from? Beneficiary s right to name new beneficiary Beneficiary s right to change investments
45 Topic 10 IRAs LOANS AND PLEDGES
46 IRAs Loans and Pledges BORROWING TREATED AS CONSTRUCTIVE DISTRIBUTION OF FMV OF IRA AS OF THE FIRST DAY OF THE TAXABLE YEAR PLEDGE TREATED AS CONSTRUCTIVE DISTRIBUTION OF THE PORTION PLEDGED Appears to be a distribution as of the date pledged, not the first day of the taxable year
47 Thank You!
Estate Planning for IRAs & Qualified Plans
Estate Planning for IRAs & Qualified Plans Presented by Robert S. Keebler, CPA/PFS, MST, AEP Keebler & Associates, LLP All Rights Reserved 1 Outline Foundation Concepts 401(a)(9) Regulations Estate Planning
More informationIndividual Retirement Accounts as Estate Planning Tools: Opportunities and Pitfalls
Individual Retirement Accounts as Estate Planning Tools: Opportunities and Pitfalls December 2010 This material is provided for educational purposes only. This material is not intended to constitute legal,
More informationESTATE AND GIFT TAXATION
H Chapter Fourteen H ESTATE AND GIFT TAXATION INTRODUCTION AND STUDY OBJECTIVES Estate taxes are imposed on transfers of property by decedents, and gift taxes are imposed on the transfers by living individual
More informationSchwan Financial Group, LLC
Schwan Financial Group, LLC Charting Your Financial Future Your Exclusive Resource for Business and Estate Planning For more than three decades, our goal at Schwan Financial Group, LLC, has been to transcend
More informationPurpose of Retirement Plans
IRA; 401k; 403b AND 457 Plans Distributions It s Your Estate October 10, 2013 Bradley S. Erdosi, Esq 18101 Von Karman Avenue, Suite 230 Irvine, CA 92612 (949) 261 5777 www.willsandtrustslaw.com Certified
More informationLife insurance beneficiary designations
ADVANCED MARKETS Life insurance beneficiary designations BECAUSE YOU ASKED When designating a beneficiary of a life insurance policy, the policy owner should consider a multitude of factors, such as the
More informationEstate Taxation Made Simple (?) Monica Haven, E.A.
Estate Taxation Made Simple (?) 061403 Monica Haven, E.A. I. Types of Tax A. Estate Tax Assessed on the value of the decedent s estate on the date of death or the alternate valuation date 6 months later
More informationTAX & TRANSACTIONS BULLETIN
Volume 25 U.S. Families have accumulated significant wealth in their IRA accounts Family goals are to preserve this IRA wealth Specific Family goals for IRAs include: keep assets within the Family protect
More informationQualified Plans and IRAs: Various Issues
Qualified Plans and IRAs: Various Issues Karen S. Gerstner Austin Bar Association: Estate and Probate Section March 20, 2015 Estate Planning Goals relating to Qualified Plans and IRAs Want to make sure
More informationCreative Estate Planning for Clients Under $10 Million
Creative Estate Planning for Clients Under $10 Million Presented by Missia H. Vaselaney Taft Partner October, 2017 Created by Jeremiah W. Doyle, IV, Senior Vice President, BYN Mellon Wealth Management
More informationHERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR SINGLE, DIVORCED, AND WIDOWED PEOPLE (New York)
HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR SINGLE, DIVORCED, AND WIDOWED PEOPLE - 2018 (New York) I. Purposes of Estate Planning. A. Providing for the distribution and management of your assets
More informationHERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR SINGLE, DIVORCED, AND WIDOWED PEOPLE (Connecticut)
HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR SINGLE, DIVORCED, AND WIDOWED PEOPLE - 2017 (Connecticut) I. Purposes of Estate Planning. II. A. Providing for the distribution and management of your
More informationExtending Retirement Assets: A Stretch IRA Review
Extending Retirement Assets: A Stretch IRA Review Are you interested in the possibility of using the funds in your traditional IRA to provide income to one or more generations of family members? Table
More informationBeverly Hills Bar Association Trusts & Estate Section September 2018 Legal Updates
Beverly Hills Bar Association Trusts & Estate Section September 2018 Legal Updates PLR 201831004 In PLR 201831004, the Taxpayer requested a ruling under IRC Section 408(d). Decedent and the Taxpayer established
More informationMultigenerational Retirement Distribution Planning. Maximizing the Family Wealth Planning Benefits of Qualified Plans and IRAs
Multigenerational Retirement Distribution Planning Maximizing the Family Wealth Planning Benefits of Qualified Plans and IRAs Overview Qualified plans, IRAs and other tax-deferred plans often constitute
More informationPreserving and Transferring IRA Assets
Preserving and Transferring IRA Assets september 2017 The focus on retirement accounts is shifting. Yes, it s still important to make regular contributions to take advantage of tax-deferred growth potential,
More informationQ&A Advanced Markets Edition. Allianz Life Insurance Company of North America Allianz Life Insurance Company of New York
Q&A Advanced Markets 2017 Edition Allianz Life Insurance Company of North America Allianz Life Insurance Company of New York P AMK-118-N Page 1 of 76 When business matters leave the realm of the ordinary,
More informationHelping You Avoid IRA Distribution Mistakes
Helping You Avoid IRA Distribution Mistakes Provided to you by: Yvette Scanlon President & Financial Advisor 888-551-2133 Helping You Avoid IRA Distribution Mistakes Written by Financial Educators Provided
More informationCHANGES IN ESTATE, GIFT & GENERATION SKIPPING TRANSFER TAX RULES
CHANGES IN ESTATE, GIFT & GENERATION SKIPPING TRANSFER TAX RULES Current Rules By: Christine J. Sylvester, Attorney at Law 2720 E. WT Harris Blvd., Suite 100 Charlotte, North Carolina 28213 (704) 597-7337
More informationESTATE PLANNING WITH INDIVIDUAL RETIREMENT ACCOUNTS
ESTATE PLANNING WITH INDIVIDUAL RETIREMENT ACCOUNTS Estate Planning With Individual Retirement Accounts 1 USING THIS REPORT At first glance, the concept of an Individual Retirement Account (IRA) seems
More informationThe Dallas Foundation
RETIREMENT ACCOUNTS: Planning Optimal Outcomes for Family and Charitable Objectives The Dallas Foundation Dallas, Texas January 22, 2016 CHRISTOPHER R. HOYT University of Missouri - Kansas City School
More informationDynasty Trust. Clients, Business Owners, High Net Worth Individuals, Attorneys, Accountants and Trust Officers:
Platinum Advisory Group, LLC Michael Foley, CLTC, LUTCF Managing Partner 373 Collins Road NE Suite #214 Cedar Rapids, IA 52402 Office: 319-832-2200 Direct: 319-431-7520 mdfoley@mdfoley.com www.platinumadvisorygroupllc.com
More informationLink Between Gift and Estate Taxes
Link Between Gift and Estate Taxes Each is necessary to enforce the other The taxes are assessed at essentially the same rates Though, the gift tax is measured exclusively while the estate tax is measured
More informationEDWARD L. PERKINS, BA, JD, LLM (Tax), CPA Partner - Gibson&Perkins, PC Suite W Sixth St Media, PA Adjunct Professor - Villanova Law
EDWARD L. PERKINS, BA, JD, LLM (Tax), CPA Partner - Gibson&Perkins, PC Suite 204-100 W Sixth St Media, PA 19063 Adjunct Professor - Villanova Law School Graduate Tax Program Telephone : 610-565-1708 e-mail
More informationPRINTING SUGGESTIONS:
ESTATE PLANNING FOR RETIREMENT ACCOUNTS The Collision of Income Tax, ERISA, and Estate Tax Laws PRINTING SUGGESTIONS: If you want to print out these slides, may I suggest: #1 AVOID PRINTING THE DARK BACKGROUND.
More informationESTATE EVALUATION. John and Jane Doe
ESTATE EVALUATION John and Jane Doe Adam Advisor Investment Advisors 265 Anystreet Suite 123 AnyCity, AnyState, AnyZip (555) 555-5555 adam@investmentadvisors.inv Important Notes Estate Evaluation is a
More informationTrusts That Affect Estate Administration
Trusts That Affect Estate Administration NBI Estate Administration Boot Camp September 22-23, 2016 Baltimore, Maryland By: Jill A. Snyder, Esq. Law Office of Jill A. Snyder, LLC 410-864- 8788 1 I. When
More informationPreserving and Transferring IRA Assets
january 2014 Preserving and Transferring IRA Assets Summary The focus on retirement accounts is shifting. Yes, it s still important to make regular contributions to take advantage of tax-deferred growth
More informationHERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2019 (New York)
HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2019 (New York) I. Purposes of Estate Planning. A. Providing for the distribution and management of your assets after your death. B.
More informationUnderstanding TRUSTS. A Summary of Trusts for Estate Planning VLC
Understanding TRUSTS A Summary of Trusts for Estate Planning VLC0009-0417 TABLE OF CONTENTS What Is a Trust.... 1 Who s Who in a Trust.... 2 Types of Trusts... 3 Taxation.... 4 Frequently Asked Questions....
More informationA refresher course on minimum required distributions
A refresher course on minimum required distributions with an emphasis on distributions to trusts The Greater Boca Raton Estate Planning Council February 17, 2015 The Woodfield Country Club - Boca Raton,
More informationNon-Citizen Spouse. Estate Planning Using Qualified Domestic Trusts (QDOTs) and Irrevocable Life Insurance Trusts (ILITs)
Guiding you through life. SALES STRATEGY NEEDS ANALYSIS Non-Citizen Spouse Estate Planning Using Qualified Domestic Trusts (QDOTs) and Irrevocable Life Insurance Trusts (ILITs) As large numbers of people
More informationWhat is a disclaimer? A disclaimer is an irrevocable statement that the beneficiary/recipient of an asset does not wish to receive the asset.
What is a disclaimer? A disclaimer is an irrevocable statement that the beneficiary/recipient of an asset does not wish to receive the asset. The disclaimed asset passes as if the disclaimant had predeceased
More informationTHE MAGIC OF CHARITABLE GIVING Win-Win Strategies That Benefit Both the Charity and the Donor (ILLUSTRATIONS BASED ON RATES AND TAXES FOR APRIL 2014)
THE MAGIC OF CHARITABLE GIVING Win-Win Strategies That Benefit Both the Charity and the Donor (ILLUSTRATIONS BASED ON RATES AND TAXES FOR APRIL 2014) Presented to: CENTENNIAL ESTATE PLANNING COUNCIL November
More informationFederal Estate, Gift and GST Taxes
Federal Estate, Gift and GST Taxes 2018 Estate Law Institute November 2, 2018 Bradley D. Terebelo, Esquire Peter E. Moshang, Esquire Heckscher, Teillon, Terrill & Sager, P.C. 100 Four Falls, Suite 300
More informationPreserving and Transferring IRA Assets
AUGUST 2016 Preserving and Transferring IRA Assets SUMMARY The focus on retirement accounts is shifting. Yes, it s still important to make regular contributions to take advantage of tax-deferred growth
More informationRequired Minimum Distributions
Required Minimum Distributions What You Need To Know When It Is Time To Start Distributions From Your Retirement Accounts What Are Required Minimum Distributions? Required minimum distributions (RMDs)
More informationFrequently asked questions
Page 1 of 6 Frequently asked questions Distributions and rollovers from retirement accounts Choosing what to do with your retirement savings is an important decision. Tax implications are just one of several
More informationESTATE PLANNING 1 / 11
2 STARTING A BUSINES RETIREMENT STRATEGIE OPERATING A BUSINES MARRIAG INVESTING TAX SMAR ESTATE PLANNIN 3 What happens to my money and assets after I die? No matter what your age or income, you need to
More informationEstate planning for non-citizens.
Estate Planning Estate planning for non-citizens. The federal gift and estate tax laws that apply to non-united States citizens (aliens) are different from those for citizens. Further, there are different
More informationTrusts and Other Planning Tools
Trusts and Other Planning Tools Today, We Will Discuss: Estate planning fundamentals Wills and probate Taxes Trusts Life insurance Alternate decision makers How we can help Preliminary Considerations Ask
More informationWhite Paper: Qualified Terminable Interest Property Trusts
White Paper: Qualified Terminable Interest Property Trusts www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA,
More informationKeir Digest. with. Assessment Questions for HS 319. For use with text Applications In Financial Planning II 2 nd Edition TABLE OF CONTENTS
Keir Digest with Assessment Questions for HS 319 2015 TABLE OF CONTENTS Chapter Title Page 1 Overview of Federal Estate and GST Taxation 7 2 Overview of Federal Gift Taxation 34 3 Estate Planning Case
More informationLife Events and Taxes
SHIRLEY W. HATCHER, CPA, PA... all things accounting and tax... Life Events and Taxes Life is full of milestones. It s those significant events that we all go through at some point in our lives, like getting
More informationCHARITABLE PLANNING WITH RETIREMENT ACCOUNTS: STRATEGIES, TRAPS AND SOLUTIONS PRESENTER: CHRISTOPHER R. HOYT
CHARITABLE PLANNING WITH RETIREMENT ACCOUNTS: STRATEGIES, TRAPS AND SOLUTIONS PRESENTER: CHRISTOPHER R. HOYT University of Missouri (Kansas City) School of Law Presenter Teaches courses in the areas of
More informationHERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2018 (Connecticut)
HERMENZE & MARCANTONIO LLC ESTATE PLANNING PRIMER FOR MARRIED COUPLES 2018 (Connecticut) I. Purposes of Estate Planning. A. Providing for the distribution and management of your assets after your death.
More informationCOMMUNITY PROPERTY. In a community property state the non-participant spouse is generally deemed under state law to
COMMUNITY PROPERTY A. Introduction. In a community property state the non-participant spouse is generally deemed under state law to own a share of the participant spouse's interest in a qualified retirement
More informationINDIVIDUAL RETIREMENT ARRANGEMENTS
Insights on... WEALTH PLANNING INDIVIDUAL RETIREMENT ARRANGEMENTS Maximizing the Benefits and Avoiding the Pitfalls of IRAs Mairav Rothstein Senior Tax Counsel Wealth Advisory Services April 2017 Saving
More informationRecent Developments in the Estate and Gift Tax Area. Annual Business Plan and the Proposed Regulations under Section 2642
DID YOU GET YOUR BADGE SCANNED? Gift & Estate Tax Recent Developments in the Estate and Gift Tax Area Annual Business Plan and the Proposed Regulations under Section 2642 #TaxLaw #FBA Username: taxlaw
More informationInvestment and Estate Planning Opportunities for High Net Worth Individuals in 2013
Investment and Estate Planning Opportunities for High Net Worth Individuals in 2013 Presented By: CPA, MST, AEP Keebler & Associates, May 2, 2013 Phone: (920) 593-1701 E-mail: robert.keebler@keeblerandassociates.com
More informationWhite Paper: Dynasty Trust
White Paper: www.selectportfolio.com Toll Free 800.445.9822 Tel 949.975.7900 Fax 949.900.8181 Securities offered through Securities Equity Group Member FINRA, SIPC, MSRB Page 2 Table of Contents... 3 What
More informationGrantor Trusts. Maine Tax Forum
Grantor Trusts Maine Tax Forum Jeremiah W. Doyle IV Senior Vice President BNY Mellon Private Wealth Management Boston, MA jere.doyle@bnymellon.com (617) 722-7420 November, 2017 1 Grantor Trusts AGENDA
More informationState income tax planning with incomplete gift non-grantor trusts.
Taxation - Income, Estate and Gift State income tax planning with incomplete gift non-grantor trusts. With anticipated decreases in federal income tax rates and relatively few taxpayers facing a federal
More informationCredit shelter trusts and portability
Credit shelter trusts and portability Comparing strategies to help manage estate taxes Married couples have two strategies to choose from to help protect their families from estate taxes. Choosing the
More informationA Guide to Estate Planning
BOSTON CONNECTICUT FLORIDA NEW JERSEY NEW YORK WASHINGTON, DC www.daypitney.com A Guide to Estate Planning THE IMPORTANCE OF ESTATE PLANNING The goal of estate planning is to direct the transfer and management
More informationWhat You Need To Know When It Is Time To Start Distributions From Your Retirement Accounts
Retirement Planning Required Minimum Distributions What You Need To Know When It Is Time To Start Distributions From Your Retirement Accounts WHAT ARE REQUIRED MINIMUM DISTRIBUTIONS? Required minimum distributions
More informationGLOSSARY OF FIDUCIARY TERMS
The terminology used when discussing trusts and estates can often be unfamiliar and our glossary of fiduciary terms is designed to help you understand it better. If you have a question about the glossary
More informationARTICLE I ARTICLE II ARTICLE III ARTICLE IV
SIMPLE Individual Retirement Custodial Account (Under section 408A of the Internal Revenue Code) Form 5305-SA (Rev. March 2002) Department of the Treasury, Internal Revenue Service. Do not file with the
More informationEstate Planning for Retirement Benefits Monday, April 29, 2013
Estate Planning for Retirement Benefits Monday, April 29, 2013 John C. Martin, Esq. Law Offices of John C. Martin I. Introduction How will I benefit from this course? Retirement plans hold an increasing
More informationDeath: The Final Tax Frontier. Patrick Lee, CPA Senior Manager - Kruggel Lawton CPAs
Death: The Final Tax Frontier Patrick Lee, CPA Senior Manager - Kruggel Lawton CPAs CFO Summit November 8, 2017 2 The Unified Transfer Tax Unified Transfer Tax Includes estate and gift transfer taxes Both
More informationDemystifying Estate Planning To Grow Your Practice
Demystifying Estate Planning To Grow Your Practice Presented by: Brett W. Berg Vice President Advanced Markets Prudential Individual Life Insurance Division 0275422-00003-00 Ed. 02/2016 Exp. 08/17/2017
More informationASPPA ANNUAL CONFERENCE TRUSTS AS BENEFICIARY ISSUES
ASPPA ANNUAL CONFERENCE TRUSTS AS BENEFICIARY ISSUES October 19, 2015 Leonard J. Witman, Esq. Witman Stadtmauer, P.A. 26 Columbia Turnpike, Suite 100 Florham Park, NJ 07932 (973) 822-0220 1 TABLE OF CONTENTS
More information2018 tax planning guide
Advanced Planning 2018 tax planning guide We are committed to helping you confirm that your current and future tax strategy supports your larger financial goals. Advice. Beyond investing. Your financial
More informationComprehensive Charitable Planning
Advanced Markets Client Guide Comprehensive Charitable Planning Charitable gifts that preserve personal wealth. Comprehensive Charitable Planning Giving to charity can provide many benefits and opportunities,
More informationOHIO STATE BAR ASSOCIATION. Estate Planning Trust & Probate Law Certification Sample Examination Questions
OHIO STATE BAR ASSOCIATION Estate Planning Trust & Probate Law Certification Sample Examination Questions 1. Your Ohio resident client dies a widower. He spent winters in Florida and has real property
More informationJMX1059CEPPT 08/17 05/13
This presentation is meant to provide education on the content being presented and is intended for financial industry professionals. It is not intended for use with the general public. Firm and state variations
More informationESTATE PLANNING. Estate Planning
ESTATE PLANNING Estate Planning 2 Why do you need estate planning? Estate planning is a way for your family to create a plan in case something happens to you. It may help you take care of both the financial
More informationSpousal Rollover (con t)
Spousal Rollover (con t) If the beneficiary of the retirement asset was a trust whose sole beneficiary was the spouse and where spouse is the trustee or has withdrawal power over the trust assets, then
More informationCHAPTER 14 Annuities & Employment Retirement
CHAPTER 14 Annuities & Employment Retirement During the client s employment phase savings and compensation benefits are often accrued, for payment at or after retirement (or death). This can occur with
More informationPlanned Giving 201. Presented by Christy Eckoff, JD, LL.M. Director of Gift Planning
Planned Giving 201 Presented by Christy Eckoff, JD, LL.M. Director of Gift Planning The Community Foundation for Greater Atlanta Bullet Mission information here To be the most trusted resource for growing
More informationESTATE PLANNING INFORMATION SHEET I. PERSONAL AND FAMILY INFORMATION
Date: ESTATE PLANNING INFORMATION SHEET I. PERSONAL AND FAMILY INFORMATION Husband s Name: Home Address: (Include County) (First) (Middle) (Last) Telephone: Home Business Occupation: Business Address:
More informationPREPARING GIFT TAX RETURNS
PREPARING GIFT TAX RETURNS I. Overview A sample 2014 gift tax return illustrating several different types of gifts is attached at Tab A. The instructions for the 2014 gift tax return can be found at Tab
More informationTRUST AS A BENEFICIARY OF AN IRA?
TRUST AS A BENEFICIARY OF AN IRA? BRADLEY J. FRIGON, JD, LLM, CELA CERTIFIED ELDER LAW ATTORNEY 6500 S. QUEBEC ST., STE. 330 ENGLEWOOD, CO 80111 (720) 200-4025 TABLE OF CONTENTS I. INTRODUCTION... 4 II.
More informationTRUST AND ESTATE PLANNING GLOSSARY
TRUST AND ESTATE PLANNING GLOSSARY What is estate planning? Estate planning is the process by which one protects and disposes of his or her wealth, sometimes during life and more often at death, in accordance
More informationEstate And Legacy Planning
Estate And Legacy Planning An Overview of the Estate Planning Process By: Samuel S. Stalsberg Sjoberg & Tebelius, P.A. 2145 Woodlane Drive, Suite 101 Woodbury, Minnesota 55125 Phone: 651-738-3433 sam@stlawfirm.com
More informationCharitable Trusts. Charitable Trusts
Charitable Trusts Charitable Trusts Gifts to charitable trusts can be during lifetime or at the time of death. Charitable trusts provide an income interest to a person, persons, or charities for a period
More informationUnderstanding Marital Deduction Trusts
Understanding Marital Deduction Trusts Understanding Marital Deduction Trusts DISCUSSION TOPICS What is a Marital Deduction Trust? How Does a Marital Deduction Trust Work? Special Considerations Regarding
More informationLeimberg s Think About It
Leimberg s Think About It Think About It is written by Stephan R. Leimberg, JD, CLU and co-authored by Linas Sudzius OCTOBER 2010 #416 TRUTHING THE STRETCH WHAT FINANCIAL PROFESSIONALS NEED TO KNOW INTRODUCTION
More informationTHE ESTATE PLANNER S SIX PACK
Tenth Floor Columbia Center 101 West Big Beaver Road Troy, Michigan 48084-5280 (248) 457-7000 Fax (248) 457-7219 SPECIAL REPORT www.disinherit-irs.com For persons with taxable estates, there is an assortment
More informationTAX TIPS FOR SENIORS AND THEIR FAMILY. Presented by: Andrew H. Hook, CELA, CFP, AEP Jessica A. Hayes, Esq./ Elizabeth Q. Boehmcke, Esq.
TAX TIPS FOR SENIORS AND THEIR FAMILY Presented by: Andrew H. Hook, CELA, CFP, AEP Jessica A. Hayes, Esq./ Elizabeth Q. Boehmcke, Esq. ESTATE TAXES 2015 Estate Tax Exemption Amount: $5,430,000 per person.
More informationDYNASTY TRUSTS (A general explanation)
DYNASTY TRUSTS (A general explanation) Dynasty Trusts, also called Legacy Trusts, are set up to benefit future generations. Assets are transferred into the Trust and invested for many years so that future
More informationCHAPTER 14: ESTATE PLANNING
CHAPTER 14: ESTATE PLANNING MATCHING a. marital deduction b. charitable remainder c. gift splitting d. present interest e. legal life estate f. stepped-up basis g. general power of appointment h. term
More informationBeneficiary Designations For 401(k)s, IRAs and Other Non Probate Assets
Beneficiary Designations For 401(k)s, IRAs and Other Non Probate Assets Dani Smith 12221 Merit Drive, Suite 825 Dallas, Texas 75251 (469) 375 4537 dani@danismithlaw.com Beneficiary Designations For Non
More informationTRADITIONAL IRA DISCLOSURE STATMENT
TRADITIONAL IRA DISCLOSURE STATMENT The Traditional Individual Retirement Account ( Traditional IRA ) presented with this Disclosure Statement is a retirement plan made available to individuals. An individual
More informationEstate and Charitable Planning. Artist Archives of the Western Reserve
Estate and Charitable Planning Artist Archives of the Western Reserve December 5, 2015 Jaclyn M.Vary, Esq. Schneider, Smeltz, Ranney & LaFond, P.L.L. 1111 Superior Avenue, suite 1000 Cleveland, OH 44114
More informationAnnual Advanced ALI-ABA Course of Study Planning Techniques for Large Estates. November 17-21, 2003 San Francisco, California
Annual Advanced ALI-ABA Course of Study Planning Techniques for Large Estates November 17-21, 2003 San Francisco, California Estate Administration: A Review of Income, Gift, and Estate Tax Planning Issues
More informationSpousal Lifetime Access Trust (SLAT)
Spousal Lifetime Access Trust (SLAT) Concept A Spousal Lifetime Access Trust (SLAT) is an irrevocable trust that can own permanent life insurance and/or other assets. A SLAT permits the non-insured spouse
More informationEstate, Gift and GST Tax Basics for the New Estate Planner Boston Bar Association Trusts & Estates Practice Fundamentals Committee November 4, 2015
Estate, Gift and GST Tax Basics for the New Estate Planner Boston Bar Association Trusts & Estates Practice Fundamentals Committee November 4, 2015 Danielle R. Greene Loring, Wolcott & Coolidge Trust,
More informationStrategies for Reducing Wealth and Transfer Taxes. By, Pattie S. Christensen, Esq
Strategies for Reducing Wealth and Transfer Taxes By, Pattie S. Christensen, Esq A. Lifetime Gifts The current gift tax program permits a person to transfer up to $13,000 worth of gifts of a present interest
More informationPlanned Giving. Your Questions Answered: Charitable Tax Planning with Retirement Funds. An Investment in Cape Cod s Future 1/5
1/5 Planned Giving An Investment in Cape Cod s Future Your Questions Answered: Charitable Tax Planning with Retirement Funds Here are some common questions we get asked when it comes to tax planning with
More informationFIDUCIARY INCOME TAXES
FIDUCIARY INCOME TAXES 12 Miscellaneous Itemized Deductions.............. 362 Qualified Revocable Trust.... 365 Case Study................. 367 Appendix: Treasury Regulation 1.67-4................ 389
More informationUnderstanding the Transfer Tax and Its Impact on Estate Planning
Understanding the Transfer Tax and Its Impact on Estate Planning 2016 Skills Training for Estate Planners Sponsored by the Real Property, Trust and Estate Law Section of the American Bar Association New
More informationEstate & Gift Tax Treatment for Non-Citizens
ADVANCED MARKETS Estate & Gift Tax Treatment for Non-Citizens BECAUSE YOU ASKED It goes without saying that the laws governing the U.S. estate and gift tax system are complex. When you then consider the
More informationMARKET TREND: With the enactment of exemption portability, clients may dismiss the need for lifetime estate planning, to their detriment.
The trusted source of actionable technical and marketplace knowledge for AALU members the nation s most advanced life insurance professionals. TOPIC: Issuance of Temporary Portability Regulations - Practical
More informationLife Income Gifts 4/19/2016. How a Life Income Gift Works. Rebecca E. Dupras, Esq. Vice President of Development Silicon Valley Community Foundation
Life Income Gifts Rebecca E. Dupras, Esq. Vice President of Development Silicon Valley Community Foundation How a Life Income Gift Works Gift Donor Life Income Gift Remainder to Charity Income tax deduction
More informationA Primer on Portability
A Primer on Portability Presentation to: Estate Planning Council of New York City, Inc. Estate Planners Day 2013 May 8, 2013 Ivan Taback, Esq. Proskauer Rose LLP Eleven Times Square New York, New York
More informationCHAPTER 12 Special Elections & Post Mortem Planning
CHAPTER 12 Special Elections & Post Mortem Planning DISCUSSION QUESTIONS 1. Why is it important for an estate to have cash? An estate must cover the taxes, administrative expenses, last medical costs,
More informationTraditional Individual Retirement Account Disclosure Statement and Custodial Agreement
Traditional Individual Retirement Account Disclosure Statement and Custodial Agreement Effective November 11, 2016 Page 1 of 26 Table of Contents Section I: Disclosure Statement A. Introduction... B. Contributions
More informationBASICS * Irrevocable Life Insurance Trusts
KAREN S. GERSTNER & ASSOCIATES, P.C. 5615 Kirby Drive, Suite 306 Houston, Texas 77005-2448 Telephone (713) 520-5205 Fax (713) 520-5235 www.gerstnerlaw.com BASICS * Irrevocable Life Insurance Trusts Synopsis
More informationchart RETIREMENT PLANS 8 RETIREMENT PLAN BENEFITS AVAILABLE RETIREMENT PLANS Retirement plans available to self-employed individuals include:
retirement plans Contributing to retirement plans can provide you with financial security as well as reducing and/or deferring your taxes. However, there are complex rules that govern the type of plans
More information