NAEPC Webinars:

Wednesday, June 10, 2020 at 3:00pm - 4:00pm ET - Planning Team Revenue Opportunities Generated by New Tax Law

Source: The Robert G. Alexander Webinar Series

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Listen to this program if you are interested in how an insurance professional has used the recent tax legislation to help clients plan by including several members of the planning team. This intermediate level program will include multiple case examples.

Terri Getman is a nationally recognized lecturer, author and advisor to financial representatives who provide advice to families and privately-held business owners across the U.S. For more than 30 years Terri has specialized in the appropriate use of life insurance in client’s estate, business and executive benefit plans. Terri currently works for Diversified Brokerage Services, one of the largest life insurance brokerage general agencies, but for most of her career she held positions in advanced marketing at several large insurance carriers.  

REGISTER HERE for the individual program. To purchase the 2020 webinar series, please click HERE.

Wednesday, July 8, 2020 at 3:00pm - 4:00pm ET - 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 purchase the 2020 webinar series, please click HERE.

Wednesday, August 12, 2020 at 3:00pm - 4:00pm ET - 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 purchase the 2020 webinar series, please click HERE.

Wednesday, September 9, 2020 at 3:00pm - 4:00pm ET - Zen and the Art of Trust Modification

Source: The Robert G. Alexander Webinar Series

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Step back from the mind-numbing distinctions and details of particular decanting and nonjudicial modification statutes to focus on the universal issues that should be addressed when taking a trust into the shop and the nuts and bolts of getting your trust on the road again.

Susan T. Bart is a partner in the Private Clients, Trusts & Estates Group of the Chicago office of Schiff Hardin LLP. She is a Fellow of The American College of Trust and Estate Counsel (ACTEC) and Chair of its Estate and Gift Tax Committee. She was the Reporter for the Uniform Law Commission Trust Decanting Act.

REGISTER HERE for the individual program. To purchase the 2020 webinar series, please click HERE.

Wednesday, October 14, 2020 at 3:00pm - 4:00pm ET - International Planning

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 purchase the 2020 webinar series, please click HERE.

Wednesday, December 9, 2020 at 3:00pm - 4:00pm ET - 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 purchase the 2020 webinar series, please click HERE.

Issue 34 – May, 2020

Editor’s Note

Strategic Estate Planning: The Perfect Storm

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

The Perfect Time for Estate Planning

A confluence of more time on our hands, an urgent reminder of the important things in life, depressed asset levels and a reduction in interest rates have created the perfect storm for estate planning.  To ease the process of executing necessary legal documents, more and more states are allowing virtual notarization. Twenty-three states have implemented this and you can see the list at: www.nationalnotary.org.

Depressed Valuations:  Transfer the Potential Upside
Low valuations provide a tremendous opportunity to transfer assets out and “freeze” your estate.  There can be minimal exposure to estate, gift and generation-skipping transfer tax due to the low value of the assets and any subsequent increase in value can occur outside your estate.

Leveraging Low Interest Rates
Interest rates published monthly by the IRS set the “hurdle” for Trusts such as Grantor Retained Annuity Trusts (“GRATs”) and Intentionally Defective Grantor Trusts (“IDGTs”).  For May those rates are well under 1%! The benefit of this is that earnings on assets transferred to these trusts in excess of the hurdle rate may create a tax-free transfer of wealth to the Trust beneficiaries.

Increased Exemption:  Use It or Lose It
The increased Estate Tax Exemption is set to expire in 2025 and revert to a $5MM base per person, from the current inflation adjusted $11.58MM per person/$23.16MM per married couple.  Depending on 2020 election results, we may see an end to this benefit even sooner.   The IRS recently provided that you won’t be penalized for using the higher Exemption now even if it is later reduced.  Specially drafted Trusts such as a Spousal Lifetime Access Trust (“SLAT”) may provide a solution, allowing you to take advantage of the Exemption, while providing a potential safety net because the beneficiary-spouse may still access those assets if needed.

Documenting Medical Treatment Preferences and Appointing Trusted Agents

Advanced Medical Directives, such as a Living Will, outline your preferences with respect to medical treatments and interventions when you can’t speak for yourself.  You can also appoint a health-care proxy or agent to make medical decisions if you are incapable of doing so.  For business and personal financial matters, a Durable Power of Attorney is used to appoint one or more trusted persons to act as your agent if you become mentally incapacitated.

Income Tax Day Has Been Moved to July 15th

For individuals and businesses with federal income tax returns or payments originally due on April 15th, the deadline for filing and payment has been postponed until July 15th. There is no limit on the amount of federal income tax that may be deferred from April 15th to July 15th.  State filing and payment deadlines may vary.

Next Steps:  Document Review and Discovery

Clients need us to help them navigate these uncertain times and to identify strategic estate planning solutions.  Let them know you can start the process by reviewing their current documents and/or setting up a call to discuss their estate planning goals and objectives.

Happy Reading!

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

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


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