Creative Estate Planning for Clients Under $10 million (Not Subject to Federal Estate Tax)
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While practitioners are familiar with the changes made by the American Taxpayer Relief Act of 2012 (ATRA) the ripple effects of the changes are profound and will dramatically affect the services professional advisers (attorneys, accountants, financial planners, insurance consultants, appraisers and others) can and should render. With the demise of the federal estate tax the tax driver that pushed clients to plan has disappeared for most clients. Even for those living in decoupled states the state estate or inheritance taxes, while well worth planning for, are not the motivator the federal estate tax had been. Also, planning for state estate taxes can be quite nettlesome. What steps can practitioners take to advise clients and help their practices thrive in this new tax environment?
Speaker: Martin M. Shenkman
Course Content
| Educating Clients |
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- Absent the Estate Tax Driver What Will Motivate Clients to Plan?
- How Can Practitioners Educate Clients as to the Continued Importance of Estate Planning Even Absent an Estate Tax?
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Planning for Nontax or Human Factors |
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- What Nontax and Other Factors Will Assume a More Important Role in the Planning Process?
- Human Aspects of Planning, Asset Protection, Divorce Protection, Business Succession Planning and Other Issues Will Now Come to the Fore?
- What Planning and Advice Should Be Addressed?
- The Aging Population Brings a New Emphasis to Planning
- How Can Practitioners Best Help Their Client by Expanding the Scope of What Is Considered Estate Planning?
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Repurposing Existing Planning |
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- What Can Be Done With Existing Planning to Repurpose It Under the New Law?
- What Can Be Done With – QPRTs, FLPs, ILITs, Bypass Trusts, Other Trusts and Entities?
- How Can Old Techniques Be Made Useful in the New Environment?
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Decoupled States |
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- What Issues Must Planners Address Concerning Estate Tax in Decoupled States?
- States With State Only QTIP Election (e.g. Massachusetts)
- States With No State Only QTIP Election (e.g., New York and New Jersey)
- States With Gift Tax (e.g., Minnesota and Connecticut)
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Planning and Drafting |
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- How Can Planning and Drafting Change to Address the New Planning Environment?
- What Provisions Might Be Added to State Bypass Trusts to Address the Quest for Basis Step Up?
- How Can Existing and Future Bypass Trusts Be Administered in a More Tax Efficient Manner?
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Professional Roles |
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- How Will the Roles of the Attorney, CPA and Wealth Manager Change in the New Estate Planning Environment?
- How Can Those in Each Discipline Coordinate Better With Others on the Advisory Team?
- CPAs and Wealth Managers Will Have a More Important Role as Catalysts for the Estate Planning Process
- What Will This Mean to All Practitioners?
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