Issue 4 – May, 2008

NAEPC Journal of Estate & Tax Planning

Editor’s Note: This “dinner menu” summary is designed to help you with the flavor of the article before you read more. If you are interested in the article, click its title to access a copy.

Regular Columns and Reports

Letter from the President of NAEPC

Editor’s Column (PDF file) Unexpected Consequences for the Baby Boomers

Helpful Information Information to help your Practice and Life

List of Conferences 2008-2009 Conferences on Estate, Financial and Tax Planning

Estate and Tax Planning Articles

McCord V. Commissioner: Defined Value Clauses Redefined? (PDF file) This excellent article was written by a University of Florida LLM student and won the 2007 Mary Moers Wenig Student Writing Competition sponsored by the American College of Trust and Estate Counsel. It provides an detailed discussion of how defined value clauses should be addressed in an estate plan. Author: Scott Andrew Bowman, J.D.

Heckerling Musings 2008 (PDF file) The thoughts and insights of Steve Akers after attending the 2008 Heckerling Institute on Estate Planning, sponsored by the University of Miami School of Law. Author: Steve R. Akers, J.D.

The Truth About Frivolous Tax Arguments (PDF file) This annual report from the IRS is perhaps the most detailed discussion of both the arguments people make on why they should not pay taxes and the reasons the IRS will come after them when they don’t pay.

Insurance in Retirement (PDF file) In this article (which was previously published in CCH’s Journal of Retirement Planning), Ben Baldwin discusses the use of Variable Universal Life Insurance as a retirement income vehicle. Author: Ben Baldwin, Jr., CLU, ChFC, CFP�

Conditional Love: Incentive Trusts and the Inflexibility Problem (PDF file) In this article (which was previously published in the ABA Real Property, Trust and Estate Law Journal), Professor Tate discusses the use of incentive trusts in estate planning. Author: Joshua C. Tate, Professor of Law, Southern Methodist University

Presentations and Outlines

The Uniform Principal and Income Act – Never Confuse “Uniform” with Simplified (PowerPoint file) In this Power Point presentation, Joe Falanga provides a detailed discussion of the complexities of the Uniform Principal and Income Act. Author: Joseph V. Falanga, CPA, AEP

Property Law – A Survey of Transfer and Ownership Law for Trustees (PDF file) This comprehensive review of property ownership laws and rules was made by Leslie Amann for a presentation to the Texas Bankers Association in June 2007. Author: Leslie Kiefer Amann JD., Senior Vice President, Sentinel Trust Company

Tax Complexity (PDF file) The Journal provides its readers a humorous slide show on tax complexity. Author: John J. Scroggin, J.D., LL.M. AEP

Practice Aids

Partial Checklist for Use in a Divorce (PDF file) This checklist provides a practical list of items clients should consider changing as a part of a divorce.

Studies and Reports

Taxation of Wealth Transfers Within A Family. A Discussion Of Selected Areas For Possible Reform (PDF file) This April 2008 Senate Finance Committee report analyzes some of the options for reforming the taxation of transfers of family wealth.

The 2008 Social Security Trustees’ Report (PDF file) This March 2008 annual report of the United States Board of Trustees of the Federal Old Age and Survivors Insurance and Federal Disability Insurance Trust Funds paints a dismal picture for the future of federal entitlement programs.

The Deductibility of State and Local Taxes (PDF file) This February 2008 report from the Congressional Budget Office examines the arguments for and against the state and local tax deduction; how the benefits from the deduction are distributed among different groups of taxpayers and different governments; how the deduction and the AMT interact; and how modifying or eliminating the deduction would affect the federal budget, the finances of state and local governments, and federal taxpayers.

The Budget and Economic Outlook: Fiscal Years 2008 to 2018 (PDF file) This January 2008 report from the Congressional Budget office provides detailed projections on the federal budget and economy for the next ten years.

List Of Expiring Federal Tax Provisions 2007-2020 (PDF file) This January 2008 report from Congress’s Joint Committee on Taxation provides a master list of all of the tax provisions which will be expiring in the next 12 years.