Consistent Basis Reporting Between Estates and Beneficiaries (PDF file)
Pursuant to I.R.C. Section 1014(f) enacted in 2015, consistent basis reporting between estate tax returns and income tax returns is now generally required. The law places a burden on executors and potentially on beneficiaries as well. Learn how to advise your clients on navigating the inner workings of these rules and how to avoid the potential impact of the Zero-Basis Rule.
Originally appeared in The Tax Advisor, © 2016, AICPA. Reprinted by permission.
Author: Jordon Rosen, CPA, MST, AEP®, past president of NAEPC |
Steve Oshins on the Kloiber Case: Delaware Dynasty Trust Broken into Pieces by Beneficiary’s Divorcing Spouse (PDF file)
Kloiber is a fascinating walk through many issues we deal with as planners. Is a divorcing spouse on equal footing with a creditor when it comes to claiming assets held in trust? Does the trust distribution standard make a difference? Does trust situs affect the interpretation of the rights of a divorcing spouse? This in-depth analysis demonstrates the critical importance of choosing the right trust distribution standard and we see just how wrong things can go depending on the existing law in the chosen jurisdiction.
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)
Author: Steven J. Oshins, JD, AEP® (Distinguished) |
Steve Oshins on Kloiber: The Aftermath (PDF file)
Read the original piece by Steve and then learn about the $30,000,000 whimsy in its wake.
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)
Author: Steven J. Oshins, JD, AEP® (Distinguished) |
Recent Trust State Rankings Charts
Oshins 5th Annual Dynasty Trust State Rankings (PDF file)
Oshins 7th Annual DAPT State Rankings (PDF file)
Author: Steven J. Oshins, JD, AEP® (Distinguished) |
Basis Consistency Reporting for Unmatured Life Insurance Contracts: Does Basis Step-Up and How Do Executors and Beneficiaries Deal with Reporting? (PDF file)
Now that basis consistency and Form 8971 reporting are required, this may no longer be just a theoretical question. Bonus: A higher basis in the policy means more cash value can be accessed income tax-free.
Authors: Vincent M. D’Addona CLU®, ChFC®, AEP® (Distinguished) nominee RICP, CExP®, MSFS, Michael Geeraerts, CPA, JD, CGMA®, CLU®, and Jim Magner, JD, CLU®, ChFC® |
Little Things Mean A Lot: Tips for Dividing Art and Collectibles in Divorce or Death(PDF file)
Written especially for NAEPC Journal readers! Ms. Rigaud provides tips to avoid the potential minefield of family disputes over cherished artwork, antiques and collectibles during times of transition – be it estate settlement or even divorce. She cautions against relying on do-it-yourself lists and reminds us that these objects carry a significant emotional attachment that can damage family relationships during stressful times.
Author: Morgan Rigaud, Qualified IRS Appraiser |
Try to Avoid Using the ‘R’ Word (PDF file)
The author posits a more positive vision for the time when clients are no longer in the workforce. He proposes creating a financial plan with purpose – one based on a life mission statement that contemplates the personal life pyramid.
Originally appeared in Insurance News Net Magazine. Reprinted with permission.
Authors: Shane Westhoelter AEP®, CLU, LUTCF, LTCP and Member of NAEPC Board of Directors |
Marty Shenkman’s Notes From 42nd Annual Notre Dame Estate Planning Institute: Day One and Day Two (PDF file)
Marty Shenkman’s detailed and in-depth notes from Days One and Two. Don’t miss this invaluable resource consisting of 90 pages of wisdom and practical insight from one of our “Masters Among Us.”
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)
Author: Martin M. Shenkman, CPA, MBA, PFS, AEP® (Distinguished), JD |
Getting “Buy-In” to Develop a Collaborative Team (PDF file)
Dave Holaday and John Warnick reveal that true team work is rare because most advisors work in a silo as their default style. The authors identify the three prevailing models of collaboration and identify the ultimate – The Trusted Team Model. They outline protocols and steps to achieve buy-in from a client’s advisors and create the magic that transforms individual expertise into collective excellence.
Originally published in the February 2013 issue of Trusts & Estates. Reprinted by permission.
Author: David W. Holaday, ChFC and John A. Warnick, Esq. |
Client Professional Advisor Communication Authorization Letter Jul 28 2016 (PDF file)
A strong proponent of Interdisciplinary Collaboration, Marty Shenkman drafted this sample letter from a client to members of his or her prospective interdisciplinary estate planning team to encourage collaboration and cultivate coordination and efficiency in the process. Marty is generously sharing it with our NAEPC readers to adapt for use in your respective practices.
Author: Martin M. Shenkman, CPA, MBA, PFS, AEP® (Distinguished), JD |
