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Issue 45 – October, 2024
NAEPC Journal of Estate & Tax Planning
Editor-in-Chief Note
Author: Mavis N. McKenley, CTFA, AEP®, CFP®
Publish your own original article in the NAEPC Journal!
We are always in search of original articles related to the profession of estate planning and disciplines within and are now collecting content for the next issue. Submissions are invited from estate planning professionals, estate planning council members, and Accredited Estate Planner® designees.
Click on the link above to learn more.
Features
Step-Transaction and Reciprocal Trust Doctrines: Planning Before 2026, or Earlier if Laws Change
The Tax Cuts and Jobs Act of 2017 is scheduled to sunset December 31, 2025, as a matter of current law, potentially resulting in significant changes to the estate and gift tax laws. One of the most relevant changes for estate planning practitioners is the reduction of the estate and gift tax exemption, which is slated to be reduced by half from $10 million inflation-adjusted ($13,610,000 in 2024 ) to $5 million inflation-adjusted, estimated to be approximately $7,000,000 in 2026. Commentators have long been suggesting that practitioners advise their clients of the need to plan for the upcoming change.
Authors: Martin M. Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished), Jonathan G. Blattmachr, Esq., AEP® (Distinguished), Joy Matak, Esq., Thomas A. Tietz, Esq., and Robert S. Keebler, CPA/PFS, MST, AEP® (Distinguished), CGMA®
Estate Tax Portability Refresher
Portability was a game-changer for estate planners, but the increase in the exemption amount in recent years has obviated the need to make a portability election in many cases. With the pending sunset of the 2017 Tax Cuts and Jobs Act (TCJA) on December 31, 2025, the estate tax exemption amount will be cut in half, subjecting a larger pool of clients to estate tax. Preparing for the sunset requires refreshing our understanding of the estate tax portability rules and how to effectively utilize them for our clients.
Author: Nathan Olansen, JD, LL.M., CPA, AEP®
Grab Some Popcorn! The 2024 Summer Blockbuster Supreme Trilogy
Although U.S. Supreme Court rulings in the trust and estate field are infrequent, this summer there was a trilogy of decisions. Let us review them chronologically and explore their potential impact.
Author: Mark R. Parthemer, JD, AEP®, ACTEC Fellow
5 Things Every Funeral Director Wishes You Knew About Funeral Planning
Funeral planning used to be fairly straightforward: go down to the local funeral home, select your casket, write the funeral home a check to pre-pay, and throw around opinions on an open or closed casket. However, like most things in life, as time has passed, the complexities have grown. Not only have the options increased, but so have the opinions and misinformation about funeral pre-planning. Here are five things funeral directors wish you knew about funeral pre-planning.
Author: Damon Wenig, CFSP
Federal Tax Update: Final Regulations Bring Clarity and Continued Questions for the SECURE Act and Estate Property Basis Consistency Reporting
On February 24, 2022, the Internal Revenue Service (the “IRS”) issued proposed regulations under the SECURE Act, leading to a flurry of professional analysis particularly with respect to the proposed regulation provisions that contradicted tax professionals’ understanding of the 2019 law. On July 19, 2024, the IRS finalized regulations under the SECURE Act. It also proposed additional regulations under SECURE 2.0. This article outlines the key highlights from the final and proposed regulations under the SECURE Act and SECURE 2.0, respectively, as well as the final basis consistency regulations.
Authors: Sarah J. Brownlow, Esq. and Scott W. Masselli, Esq.
Estate Planning for Polyamorous Families
Polyamory may be new ground for some people, but estate planners have long been aware that families come in all shapes and sizes. By working with an attentive and experienced estate planner, individuals in polyamorous relationships can provide certainty and security for their partners and loved ones and help to bridge the gap left open by current laws.
Authors: Colleen A. Noonan, Esq. and John E. Zurek, Esq.
This is Just the Beginning for Digital Assets. Are You Prepared?
Just a couple of decades ago, estate planning asset inventory encompassed a relatively small group of asset classes — bank accounts, investment accounts, retirement funds, and real estate. But now, more of your clients’ lives are taking place online. What was once a fairly straightforward gathering of assets has evolved into a complex, messy, digital scavenger hunt.
Author: Richard Zack
Safeguarding Your Client’s IRA Amid Long-Term Care
As the Baby Boomer generation ages and the U.S. population lives longer, the demand for nursing home care is skyrocketing. The median cost of a semi-private room in a U.S. nursing home is currently $8,669 per month, a figure that will only rise as the need for long-term care grows. Unfortunately, many people cannot afford these costs without depleting their life savings. By 2029, it is estimated that 54% of seniors won’t have enough financial resources to pay for long-term care, leaving families financially strained and searching for solutions.
Author: Dale Krause, JD, LL.M
Understanding Social Security Survivors Benefits
This article provides an overview of Social Security survivors benefits. The information provided is a guide to help estate planners and their clients understand who is eligible for survivors benefits after the loss of a loved one. By understanding the eligibility criteria, application process, and available resources, estate planners can help their clients get the support and benefits they are eligible to receive.
Author: Timothy Grieb
Into the Great Wide Open: Planning for Childfree Individuals
First comes love, then comes marriage, then comes…a childfree lifestyle for many individuals in today’s America. Earlier this year, the Center for Disease Control reported that the general fertility rate in the United States —the projected birth rate over a group’s lifetime—had fallen by 3% to a historic low. This trend will undoubtedly impact many sectors of American life, including estate planning. Consider the roles frequently played by a child or descendant under a client’s estate plan—beneficiary, fiduciary, and steward. How should estate and financial planning professionals prepare for this change to the planning landscape?
Author: Jennifer B. Goode, J.D.
News Nook: A Compendium of Current Affairs
NAEPC Monthly Technical Newsletter
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