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July 2009 |  Article

This special report is published as a supplement to the July 2009 issue of The Tax Adviser. It looks at the status of estate, gift, and generationskipping transfer taxes over the next few years.1 Current State of the Law In 2001, Congress enacted the Economic Growth and Tax Relief Reconciliation Act (EGTRRA).2 This law was designed to result in the slow repeal of the estate and generationskipping transfer (GST) taxes.

June 2009 |  Article

Eighty percent of CPA financial advisers are strongly recommending a mix of growth and income securities for their clients, according to an online survey of members of the AICPA’s Personal Financial Planning Section. The survey, conducted between April 22 and June 4, showed that CPAs are reevaluating their clients’ risk tolerance and working to rebalance portfolios, reassess tax planning, and control expenses and cash flow.

January 2009 |  BY Joel A. Schoenmeyer |  Article

Premarital agreements (also known as prenuptial agreements, or “prenups” for short) involve elements of estate planning and divorce law. And because such agreements can center on finances and taxes, accountants should be aware of how they operate. WHEN A PRENUP MAY BE NEEDEDPrenups aren’t just for rich people—they are for anyone who is concerned about losing control of his or her property as a result of marriage.

January 2009 |  BY William M. Weintraub, Michael B. Allmon |  Article

A CPA is in an excellent position to help clients address the issues of estate planning. CPAs are usually aware of the scope of their clients’ assets and often know something about family relationships, recent marriages, children, grandchildren and other key facts. They see their clients annually in connection with the preparation of income tax returns.

July 2008 |  BY Adam Snyder |  Article

EXECUTIVE SUMMARY The first step in developing a wealth harvesting plan is to identify the client’s departure objectives, focusing on four categories providing for the client and the people and causes they care about ensuring a smooth and successful succession protecting assets and developing taxsmart strategies. It takes a variety of expertise to help create a wealth harvesting plan.

April 2008 |  BY Brian P. McAllister, Timothy R. Yoder |  Article

In the arsenal of estate planning, private foundations have traditionally ranked among the big guns. With their relative formality and extensive tax rules, they have been considered the province of the truly wealthy people with $1 million or more to dispose of charitably. The belief that lesser largesse could be better served by donoradvised funds and certain types of supporting organizations (see The Rich Truly Are Different, JofA, April 04, page 32) is changing.

April 2008 |  BY Don Deans, William B. Nicholson |  Article

Many CPAs recommend that their highnetworth clients use trustowned life insurance (TOLI) as the cornerstone of their estate plan. In addition, many CPAs choose to serve as trustees of such trusts. CPAs who are considering accepting a trustee designation should be well aware of the hazards inherent to the task and make sure they have the skills and knowledge to take on the challenge, which will usually involve some specific training in life insurance.

November 2007 |  BY Sebastian V. Jr Grassi |  Article

Life insurance can provide an “instant” source of liquidity to the estate of an owner of a closely held business, preferably when the policy insuring the business owner’s life is held by an irrevocable life insurance trust (ILIT). Especially when business owners face succession issues, CPAs advising them can suggest life insurance as a valuable tool in estate planning.

August 2007 |  BY Michael Hayes |  Article

by Michael Mendelsohn Wealth Management Press, 2006, 421 pp. Accountant, financial planner and outsider art collector Michael Mendelsohn has composed a pleasant read with a purpose. His premise Most people collect something, and over time many of those collections come to represent important client wealth that should be included in the estate planning process.

July 2007 |  BY David Borden |  Article

Each year, individuals and business owners should evaluate their wealth management initiatives to make sure they have the appropriate portfolio for their age and investment goals. Practitioners should emphasize the following key points to help clients maximize their saving potential. Maximize retirement plan contributions. The 401(k)403(b) maximum contribution for tax year 2007 is $15,500, plus a $5,000 catchup contribution for anyone age 50 or over.