STRATEGICPLANNING FOR YOUR HIGH-NET-WORTHCLIENTS

Transcription

1 STRATEGICPLANNING FOR YOUR HIGH-NET-WORTHCLIENTS Learn tactics that will guard your clients wealth Luncheon Speaker: James W. Spisak, Local Taxpayer Advocate, IRS Federal and New York State Tax Updates Elder Law and Estate Planning Oil and Vinegar? Multigenerational Wealth Management Real Estate Tax Strategies Using Section 1031 to Accumulate and Preserve Wealth A Practitioner s Guide to Trust and Estate Elections and Terminations: Tools of the Trade FAE foundation for accounting education

2 STRATEGICPLANNING FOR YOUR HIGH-NET-WORTHCLIENTS Learn tactics that will guard your clients wealth Designed for: CPAs, CFPs, CLUs, attorneys, and other financial professionals with high-net-worth clients. Objective: To update participants on the impact of recent legislation and tax law changes and to give them insight into today s planning strategies for high-net-worth clients. Conference Program 8:15 a.m. Check-In and Continental Breakfast taxpayers. Attendees will also get updates on relevant issues affecting your clients. 8:45 a.m. Opening Remarks Conference Planning Committee: Peter Alizio, CPA, Alizio Tax & Consulting Services, LLC Henry A. Garris, CPA, Touro College William Henry Jones, CPA, MST, Senior Tax Manager, Marks Paneth & Shron LLP Israel Keller, CPA, Tax Director, RSM McGladrey Barry S. Kleiman, CPA, Principal, Untracht Early LLC 8:55 a.m. New York State Tax Update Paul R. Comeau, Partner, Hodgson Russ LLP There have been many changes in New York State Tax laws that tax practitioners should be prepared to understand and use. Mr. Comeau will outline these changes in addition to discussing recent court decisions which affect planning for New York State residents and nonresidents. 10:15 a.m. Break 10:30 a.m. Federal Tax Update Jeffrey Jacobs, Vice President & Publisher, SmartPros This session will provide an overview of tax planning opportunities presented by recent legislative, judicial, and regulatory developments as they affect individual 11:30 a.m. Elder Law and Estate Planning Oil and Vinegar? Bernard A. Krooks, Esq., Founding Partner, Littman Krooks LLP It is estimated that over 40 million Americans have disabilities. As our population ages, it is anticipated that an even higher percentage of our population will have disabilities. In this climate, planning for seniors and individuals with disabilities takes on increased importance in our estate planning practice. Government healthcare benefits are more difficult to access, and insurance companies are getting tougher in their willingness to pay claims. Utilizing a variety of elder law planning techniques, Mr. Krooks will show you how to access government-financed healthcare while preserving the family nest egg. Pertinent tax considerations including how to balance long-term care planning with traditional tax planning for the highnet-worth client will also be discussed. 12:30 p.m. Luncheon Luncheon Address: The Latest from the Taxpayer Advocate on High-Income Individuals James W. Spisak, Local Taxpayer Advocate, IRS 1:45 p.m. Multigenerational Wealth Management David L. Weinreb, J.D., Director, Bernstein Wealth Management Group

3 Daniel Sharkey, Vice President, Bernstein Global Wealth Management In your practice, you ve no doubt counseled wealthy families with complex wealth-transfer goals, often encompassing their children, their grandchildren, and even charities. But what are the most effective wealth-transfer strategies available to them? How much should they transfer to each of the younger generations, or charity, and when? This session will provide a clear framework for answering these questions and more. 2:45 p.m. Real Estate Tax Strategies Using Section 1031 to Accumulate and Preserve Wealth Pamela A. Michaels, Esq., Vice President, Asset Preservation, Inc. This presentation is designed to assist high-networth investors preserve and maximize their wealth and purchasing power through strategic real estate investments. Essential to doing so is an understanding of the current capital gain tax structure applicable to real estate investments and the powerful advantages of using 1031 to buy and sell real estate. Investors will learn how to best structure real estate deals to maximize 1031 s benefits and to avoid its pitfalls. 3:45 p.m. Break 3:55 p.m. A Practitioner s Guide to Trust and Estate Elections and Terminations: Tools of the Trade Karen L. Goldberg, Managing Director, RSM McGladrey This presentation will cover important elections for trusts and estates including the 65-day election and 645 election, as well as whether to deduct estate administration expenses on the income tax return rather than the estate tax return. It also will address the issues that the practitioner faces when a trust or estate terminates, including the tax implications of funding a pecuniary bequest and what happens to any carryover items (e.g., PALs, capital losses, deductions, or credits). 4:45 p.m. Closing Remarks Committee Chair: Amy M. Vega, CPA, Grant Thornton LLP About the Committee Chair Amy M. Vega, CPA is a Tax Manager with Grant Thornton LLP. She has been in public accounting for 13 years providing tax compliance and planning services primarily to high-net-worth individuals, their families, and fiduciaries. Amy is a member of both the AICPA and the NYSSCPA. Since June 2008, she has been chair of the NYSSCPA s Taxation of Individuals Committee. Amy is a native of New Orleans, which is where, upon receiving her BS in Accounting from the University of New Orleans, her career began. About the Planning Committee Peter Alizio, CPA is the founder of Alizio Tax & Consulting Services LLC. He graduated from Boston University School of Management. Peter also holds a Masters Degree in Taxation from Long Island University. Henry A. Garris, CPA, is a full-time member of the accounting faculty at Touro College. He has been teaching accounting courses at Touro since Prior to joining the college, he had extensive experience in public accounting with various firms, including the tax department at Eisner LLP, where he was a Tax Manager, and Laventhol & Horwath, where he was a Tax Supervisor. He earned a bachelor s degree at the Wharton School of the University of Pennsylvania and an MS in Taxation from Pace University. He has written a number of tax articles that have appeared in the CPA Journal. William Henry Jones, CPA, MST, is a Senior Tax Manager at the firm of Marks Paneth & Shron LLP in New York City, and has spent over 15 years working in public accounting, while specializing in individual and fiduciary taxation. He is the former chair of the Taxation of Individuals Committee at the NYSSCPA. Mr. Jones was the Cochair of the 2004 and 2005 Strategic Planning for Your High-Net-Worth Clients Conference and was Cochair of the 2004 and 2005 Program Details: Time: 8:45 a.m. 5:00 p.m. (Check in begins at 8:15 a.m.) Sponsoring Committee: NYSSCPA Taxation of Individuals Sponsoring Committee Chair: Amy M. Vega, CPA, Grant Thornton LLP Conference Planning Committee: Peter Alizio, CPA, Alizio Tax & Consulting Services, LLC; Henry A. Garris, CPA, Touro College;William Henry Jones, CPA, MST, Senior Tax Manager, Marks Paneth & Shron LLP; Israel Keller, CPA, Tax Director, RSM McGladrey; Barry S. Kleiman, CPA, Principal, Untracht Early LLC Course Level: Update Prerequisite: Experience in personal financial planning Method of Presentation: Lecture, question-and-answer sessions Field of Study: Taxation Recommended CPE Credit Hours: 8 Developer: Foundation for Accounting Education Course Code: Member Fee: $375 Nonmember Fee: $475

4 Tax Planning for Individuals Conference. He earned his BA from Queens College and his MS in Taxation from Baruch College. Israel Keller, CPA, is a Tax Director at RSM McGladrey, Inc., where he provides tax planning and compliance services to individuals, corporations, partnerships, and fiduciaries. He is a member of the NYSSCPA and its Taxation of Individuals Committee. He was the Cochair of the 2005, 2006, and 2007 Strategic Planning for Your High-Net-Worth Clients and Tax Planning for Individuals Conferences and has presented evening technical sessions on year-end tax planning. He holds a BS in Accounting and Economics from Brooklyn College. Barry S. Kleiman, CPA, is a Principal at Untracht Early LLC, and has been associated with the firm since its inception in With a focus on individual taxation, he manages the firm s tax compliance practice and provides representation to clients during federal and state tax audits. He is a member of the NJSCPA serving as group leader of its Cooperation with IRS Interest Group and is a member of the NYSSCPA and its Taxation of Individuals Committee. He holds a BS in Accounting from the University of Delaware and an MS in Taxation from Seton Hall University. About the Speakers Paul R. Comeau has practiced Florida law since 1975 and New York law since He focuses on high net worth clients, tax planning, and multistate tax issues. Mr. Comeau serves as co-editor of New York Tax Service and co-editor of New York Tax Cases. He is also Cochair of the Multistate Tax Committee of the New York State Bar Association Tax Section where he has also served as chair or Cochair of the New York Tax Matters Committee, Interstate Taxation and Sales Tax Committee and served as chair of the Tax Appeals Tribunal Subcommittee. Jeffrey Jacobs is Vice President & Publisher of SmartPros. Since the Tax Reform Act of 1986, Jeffrey Jacobs has provided accountants and financial executives with an understanding of recent tax and regulatory developments. He is best known to accountants as the writer of two popular monthly video update programs: Financial Management Network (aimed at corporate financial executives) and the CPA Report (geared for accountants in public practice). Jacobs, who resides in Westport, Connecticut, serves as an Adjunct Professor at the Dyson School of Business of Pace University and the Lender School of Business at Quinnipiac University. Bernard A. Krooks, Esq., is a founding partner of the law firm Littman Krooks LLP with offices in New York City, White Plains, NY, and Fishkill, NY. He is past President of the National Academy of Elder Law Attorneys, a Fellow of NAELA, past Chair of the NAELA Tax Special Interest Group, and former Editor-in-Chief of the NAELA News. He co-authored the NYSBA publication Elder Law and Will Drafting and is an Adjunct Asst. Professor at NYU Center for Finance, Law, and Taxation. An expert on elder law, special needs planning and estate planning matters, Mr. Krooks has been quoted in many national publications. James W. Spisak is in his third year as the Local Taxpayer Advocate for Manhattan. He heads an office that provides advocacy services for Manhattan, Staten Island, and the Bronx, as well as Westchester and Rockland counties. He came to the TAS organization from the IRS Small Business/Self-Employed Division, where he was a team leader in Research. He has been with the IRS for 22 years and in the New York area for 16 years, holding positions in Examination and Information Systems before moving to Research in the Brooklyn office in David L. Weinreb, J.D. is a Director at Bernstein Wealth Management Group, having joined in He works with the firm s private clients on strategies to enable them to achieve their estate planning objectives, including the tax-efficient transfer of wealth to family members and charities. Before joining Bernstein, Mr. Weinreb was a partner in the Family Wealth Management group of the law firm of Ballard Spahr Andrews & Ingersoll, LLP in Philadelphia. Mr. Weinreb received his B.A. from Vassar College and his J.D., magna cum laude, from Brooklyn Law School, where he was Notes Editor of the Brooklyn Law Review. Daniel Sharkey is a Vice President at Bernstein Global Wealth Management. Mr. Sharkey joined Bernstein Global Wealth Management as a Financial Advisor in He works closely with clients and professional advisors to craft comprehensive strategies that address all aspects of wealth management. Prior to Bernstein, Daniel served in senior operational and financial roles with several VC-backed software/high-tech ventures in New York and California. Mr. Sharkey earned a BA in Political Science from SUNY Geneseo and an MBA in Finance from the Marshall School of Business at the University of Southern California. Pamela A. Michaels, Esq. is an attorney and has acted as Vice President of Asset Preservation, Inc. since Prior to joining Asset Preservation, she served as an executive and general counsel to diverse financial organizations and real estate companies. Pamela is known for her work-out strategies in the commercial sector and was successful in assisting a number of financial institutions resolve their non-performing real estate portfolios during the S&L crisis. Currently, she specializes in all aspects of IRC 1031 tax deferred exchanges and related tax deferral strategies and works with investors and their advisors to structure exchanges to maximize the tax benefits. Karen L. Goldberg is a Managing Director in the New York office of RSM McGladrey where she leads the Estate and Trust Group. For almost 20 years, Ms. Goldberg has specialized in estate planning for closely held business owners, senior corporate executives and other high-net-worth individuals. She also advises on post-mortem planning and fiduciary and individual income tax issues. Ms. Goldberg is the Treasurer of the Estate Planning Council of New York City and graduated from Boston University School of Law where she received her J.D. and LL.M. in Taxation. She also received her B.A. from Boston University.

5 REGISTRATION FORM a Important! Please use one registration form per person. This form may be photocopied. a To register, fill in the registration information in the space provided. Be sure to include your certificate number and your full payment. Mail your payment and registration form to: a a Foundation for Accounting Education P.O. Box Newark, NJ Or Register online at Or fax it to: (212) Or phone (212) or (800) Credit card information must accompany all fax, phone, and online registrations. Please be sure to type or print clearly when faxing. STRATEGIC PLANNING FOR YOUR HIGH-NET-WORTH CLIENTS Course Code: Today s Date Are you a CPA? Yes No Member NYSSCPA? Yes No Membership ID No. Member AICPA? Yes No Member ID No. Name (Print) Title (Print) Firm Firm Address City State Zip Telephone Fax I am a FAE POP Pass holder. (Please present photo ID on the day of the event.) Individual POP Pass holder ( Member Nonmember ) Firm POP Pass holder [ ] POP Pass number(s) _ POP Pass Holders who are no-shows at an event will be billed $50. All registrations accepted are subject to the POP Administrative Guidelines covering the POP Program. Total Amount Enclosed [ ] attendee(s) at Member Fee: $375 Total Amount: $ [ ] attendee(s) at Nonmember Fee: $475 Total Amount: $ Method of Payment Check payable to FAE American Express MasterCard Visa Credit Card No. Exp. Date Cardholder s Name Cardholder s Signature Registration Information How to Register: Simply complete the attached registration form in full and return it with full payment by mail or fax. Or phone or register online at Registration forms may be photocopied, but please use a separate form for each registrant. Payment may be made by check or may be charged to American Express, MasterCard, or Visa. All registrations must be received 14 days prior to the event in order to guarantee a seat and course materials. Allow approximately 14 days for your return confirmation. Registrants who do not receive a confirmation card before the conference must call FAE Registration to confirm registration status. Individuals who have not registered before the 14-day cutoff must call to determine space availability. Advance paid registrants will be seated first. For space availability and registration information, call FAE Registration at or from 8:30 a.m. to 5:30 p.m., Monday through Friday. Participants with special requirements should notify FAE staff at least 14 days in advance of the event. Refunds: No refund will be given for cancellations received less than two weeks prior to the program date. A $50 processing fee will be deducted from refunds for cancellations received more than 14 days prior to program date. POP Pass: Take advantage of the savings. If you are a POP Pass holder, simply return the completed registration form with a POP Pass number, call FAE Registration at , or register online at Each registrant requires a POP Pass number. Registrations must be received by FAE 14 days prior to any CPE conference or seminar. POP participants will not be admitted as walk-ins. Some restrictions apply. For more information on the POP (Pay-One-Price) Program, call FAE Registration at or visit our website at Transfers: FAE allows a registrant to transfer to another program or substitute another person without a penalty more than 14 days prior to the program date. Transfers and substitutions requested less than 14 days prior will be charged a $25 processing fee. Walk-ins: All individuals who register on the date of the program will be charged an additional $25 fee. Program Hours: Check-in begins at 8:15 a.m. Program begins at 8:45 a.m. and ends at 5:00 p.m. Mandatory Continuing Education Requirement: This program complies with the standards set forth by the New York State Education Department for mandatory continuing education for CPAs. FAE s New York State CPE sponsor number is Foundation for Accounting Education

6 foundation for accounting FAE education 3 park avenue, at 34th street, new york, ny NYSSCPA STRATEGICPLANNING FOR YOUR HIGH-NET-WORTHCLIENTS Learn tactics that will guard your clients wealth Course Code: