NAEPC Webinars:

Wednesday, June 12, 2019 at 3:00pm - 4:00pm ET - Leaving a Lasting Legacy

Source: The Robert G. Alexander Webinar Series

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Rather than simply transferring an inheritance to heirs, some people have a vision of the future to share for generations to come. Advisors play a key role in helping clients deepen a family’s values, philanthropic commitments, and to help keep the family connected. Learn to leave a legacy that matters. 

Dr. Weiner helps families have values-based conversations about money and inheritance as part of their tax and legal estate planning strategies. His passion is to help families define a legacy that preserves both physical assets and family relationships over time. His award-winning book “Words from the HEART: A Practical Guide to Writing an Ethical Will,” is a tool that assists families in defining what matters most in the inheritance preparation process.    

REGISTER HERE for the individual program. To register for the 2019 webinar series, please click HERE

Wednesday, July 10, 2019 at 3:00pm - 4:00pm ET - Attorney-Client Privilege in a Team Environment

Source: The Robert G. Alexander Webinar Series

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Clients may assume that communications about their estate plans will remain confidential regardless of who is involved; but privilege doesn’t apply to all communications and can be easily waived, putting both client and attorney at risk. This program examines privilege in the estate planning context, distinguishes the work product doctrine, and particularly focuses on communications involving multiple members of the estate planning team.

Kim Kamin is a Principal at Gresham Partners, LLC, an independent multi-family office that currently serves about 100 ultra-high net worth families nationally. At Gresham, Kim serves as Chief Wealth Strategist, leading Gresham’s development and implementation of estate, wealth transfer, philanthropic, educational and fiduciary planning activities, and advising clients.

David C. Blickenstaff leads Schiff Hardin LLP’s national trust and estate controversy practice. In addition to handling high-stakes trust, estate, and guardianship cases, he helps corporate and individual fiduciaries avoid litigation by proactively managing their risk and defusing difficult situations before they reach the courthouse.

REGISTER HERE for the individual program. To register for the 2019 webinar series, please click HERE

Wednesday, August 14, 2019 at 3:00pm - 4:00pm ET - Technology in Your Practice

Source: The Robert G. Alexander Webinar Series

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Detailed information regarding this presentation will be posted soon.

REGISTER HERE for the individual program. To register for the 2019 webinar series, please click HERE

Wednesday, September 11, 2019 at 3:00pm - 4:00pm ET - Topic TBD

Source: The Robert G. Alexander Webinar Series

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Detailed information regarding this presentation will be posted soon.

REGISTER HERE for the individual program. To register for the 2019 webinar series, please click HERE

Wednesday, October 16, 2019 at 3:00pm - 4:00pm ET - Elder Law and Special Needs Planning

Source: The Robert G. Alexander Webinar Series

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This intermediate level program will provide an update on elder law and special needs planning, including how to draft a plan that works and takes into account future incapacity of the client and benefiicaries.  Use of trusts will be discussed, as well as appropriate trust distribution standards.

Bernard A. Krooks is the founding partner of the New York law firm Littman Krooks LLP and chair of its elder law and special needs department. He is past president of the Arc of Westchester, the largest agency in Westchester County, NY serving people with intellectual and developmental disabilities and their families.

A frequent presenter at the Heckerling Institute on Estate Planning and other national estate planning conferences, Mr. Krooks is immediate-past Chair of the Elder Law Committee of the American College of Trust and Estate Counsel (ACTEC) and Chair of the Elder Law and Special Needs Planning Group of the Real Property, Trust & Estate Law (RPTE) Section of the American Bar Association. He is past president and fellow of the National Academy of Elder Law Attorneys (NAELA), past president and founding member of the New York Chapter of NAELA, past Chair of the Elder Law Section of the New York State Bar Association, and past president of the Special Needs Alliance, a national invitation-only non-profit organization dedicated to assisting individuals with special needs and their families.

Mr. Krooks, author of numerous articles on elder law and related topics, is chair of the Elder Law Committee of Trusts & Estates Magazine, and serves on the Wolters Kluwer Financial and Estate Planning Advisory Board and the Advisory Committee of the Heckerling Institute on Estate Planning.

REGISTER HERE for the individual program. To register for the 2019 webinar series, please click HERE

Wednesday, December 11, 2019 at 3:00pm - 4:00pm ET - Longevity

Source: The Robert G. Alexander Webinar Series

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Detailed information regarding this presentation will be posted soon.

REGISTER HERE for the individual program. To register for the 2019 webinar series, please click HERE.

Issue 29 – July, 2018

Editor’s Note

The SALT Work-Around: Shaken Not Stirred

Susan P. Rounds, JD, CPA, LL.M. (taxation), AEP®, TEP

The Tax Cuts and Jobs Act (“TCJA”) imposes a $10,000 cap ($5,000 if married filing separately) on the amount of state and local sales, income, or property taxes , a/k/a “SALT”, taxpayers can deduct effective January 1, 2018.  In Round One of Taxpayers vs SALT Limits, tax advisors weighed pre-paying 2018 obligations in 2017 to get around the new cap.  This was foiled by final language treating 2017 payments for 2018 obligations as having been made in 2018.

WHY IT MATTERS:  Law Makers in High Tax States Are Gearing Up For Round Two.  Clients may ask about some of the resulting proposals.

THE GOOD:

  • Legislators in states such as CA, CT, IL, NY, and NJ foresee a decline in property values and/or an exodus of wealthy taxpayers and are working to create solutions dubbed “work-arounds”.
  • Of popular interest is the concept of establishing state and local trust funds to take contributions for the support of public services.  In exchange, taxpayer receives a state tax credit against SALT obligations.
  • The upshot is then using the amount of the state trust fund contribution as a federal charitable income tax deduction to “work-around” the SALT limit.

THE BAD:

  • Despite heated resistance, the SALT limit is a central part of TCJA – a targeted policy decision poised to offset the inherent loss of federal income tax revenue built into other TCJA provisions.
  • Several states have threatened to challenge the SALT cap on constitutional grounds.

THE UGLY: 

  • Work-arounds have been described in bleak terms including “an attempt to thwart the SALT limitation” and “a mere substitute for taxes that would have to be paid anyway.”
  • The IRS is doubling down, recently staking out its intention to propose regulations addressing the federal treatment of payments made in return for a state tax credit.
  • The regs will be based on federal authority to control the characterization of payments for federal income tax purposes as informed by substance-over-form principles.  The doctrine of substance over form maintains that the “substance” rather than the “form” of a transaction is what governs the tax consequences of a transaction.

Happy Reading!

 “Knowledge is weightless, a treasure you can carry easily” – Anonymous

Email me at editor@naepcjournal.org with your comments and suggestions.


This information is provided for discussion purposes only and is not to be construed as providing legal, tax, investment or financial planning advice. Please consult all appropriate advisors prior to undertaking any of the strategies outlined in this article, many of which may involve complex legal, tax, investment and financial issues. This communication is not a Covered Opinion as defined by Circular 230 and is limited to the Federal tax issues addressed herein. Additional issues may exist that affect the Federal tax treatment of the transaction. The communication was not intended or written to be used, and cannot be used, or relied on, by the taxpayer, to avoid Federal tax penalties. MRG026830