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Issue 34 – May, 2020

NAEPC Journal of Estate & Tax Planning

Editor’s Note: Strategic Estate Planning: The Perfect Storm
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.
Author: Susan P. Rounds, JD, CPA, LL.M., AEP®, TEP

Complimentary Video: Hartman Axley: The Heart of NAEPC
This month we are offering NAEPC members a very special treat in this section of the Journal. Watch this November 2018 interview with Hartman Axley, past president and board member emeritus of NAEPC, to learn more about the history of the association and his exceptional life. Hart is often noted as the “heart of NAEPC” for his many contributions to the association and profession, historical knowledge and perspective, and ongoing contributions. We thank Kit Mac Nee, Paul Viren, and Susan Austin-Carney for their time and talent creating this video and for sharing Hart’s incredible life and service with all members of NAEPC. We welcome all members of NAEPC to subscribe to the association’s YouTube channel.

Top Pick

The authors detail provisions of the new act that are pertinent to small businesses and individuals.
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)
Authors: Robert S. Keebler, CPA/PFS, MST, AEP® (Distinguished); Michael Geeraerts, CPA, JD, CGMA®, CLU®; and, Jim Magner, JD


Investment Location Planning: Tax, Estate and Asset Protection Considerations (PDF)
Learn how investment location planning coordinated through a collaborative estate planning team can maximize client goals. Written by members of the NAEPC Publications Committee especially for Journal readers.
Authors: Ryan Laughlin, CPA, MST, JD, AEP®; Heather Welsh, CFP®, AEP®, MSFS; Susan Rounds, JD, CPA, LL.M., AEP®, TEP; Harvey Hutchinson, LL.M., JD, CFP®, AEP®; Brian Balduzzi, JD, LL.M., MBA, CFP®; and, Martin Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished)

Heckerling Musings 2020 and Estate Planning Current Developments (PDF)
An annual “must read” from two NAEPC Estate Planning Hall of Fame® members and one trusty associate.
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)
Authors: Steve Akers, JD, AEP® (Distinguished), ACTEC Fellow; Ronald D. Aucutt, JD, AEP® (Distinguished), ACTEC Fellow; and, Kerri G. Nipp, JD

Don’t Leave It All on the Field: Why Athletes Require Special Planning (PDF)
Understand the special circumstances and risks faced by athletes and others with “star” power and what it takes to design a comprehensive wealth plan that will protect and preserve their hard earned wealth and secure a financially stable future.
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)
Authors: K. Eli Akhavan, JD; Evan Bloom, JD; Jonathan Shenkman, MBA; Martin Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished); Ben Utecht, 2006 Super Bowl Champion; and, Eido M. Walny, JD, AEP®, EPLS

11th Annual Domestic Asset Protection Trust State Rankings Chart (PDF)
As of April 2020. Understand the how and why behind the rankings. Link directly to statutes and review the weighted criteria.
Author: Steven J. Oshins, JD, AEP® (Distinguished)

Managing The Remote Law Practice (PDF)
Technical and practical tips on developing effective remote practice strategies in this trying time.
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)
Authors: Mary E. Vandenack, JD, CAP®; Martin Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished); and, Jonathan Blattmachr, JD, AEP® (Distinguished)

IRS Issues Relief to Foreigners Stranded in the United States due to Coronavirus (PDF)
For the foreigner stuck in the United States, there is a potential risk of US tax residency being created as a result of the unplanned extension of their US stay.
Authors: Paul Sczudlo, JD, TEP and Megan Lisa Jones, JD, LL.M., TEP

A Noteworthy Dichotomy:  Valuation of Intrafamily for Transfer Tax Purposes (PDF)
If a promissory note bears interest at the AFR upon issuance and is later disposed of by gift or bequest and is valued at a discount, can the IRS argue that the note was not issued for adequate and full consideration?
Reproduced courtesy of Tax Management Estates, Gifts and Trusts Journal.
Authors: Jerry Hesch, JD, AEP® (Distinguished), and Michael S. Strauss, MBA, JD

Federal and Ontario COVID-19 Relief Measures for Businesses and Individuals (PDF)
The Government of Canada has announced an economic stimulus package that will result in important tax consequences for Canadian taxpayers.
Reproduced courtesy of Blaney McMurtry LLP
Authors: Sunita Doobay, JD, LL.M. (taxation), TEP, AEP®; and, Antoine Killin, JD

News Nook: A Compendium of Current Affairs

How the Hybrid Domestic Asset Protection Trust Has Changed the Entire Asset Protection Industry (PDF)
The more uncertain the times, the more certain the need for asset protection planning. The author describes the 3 main asset protection trust options and ranks them according to his assessment of the relative effectiveness of each.
Reproduced courtesy of The Ultimate Estate Planner, Inc.
Author: Steven J. Oshins, JD, AEP® (Distinguished)

Emergency Remote Notarization and Witnessing Orders by State (PDF)
Cool Tool providing information on emergency Executive Orders by state.
Reproduced courtesy of ACTEC
Authors: Lauren J. Wolven, JD, ACTEC Fellow and Erin M. Mayer, JD

COVID-19: Canadian Federal and Provincial Government Relief Measures – Remote Signing of Wills and Powers of Attorney (PDF)
Current orders allowing remote signing of Wills and POAs in Canada
Reproduced courtesy of Blaney McMurtry LLP
Authors: Sunita Doobay, JD, LL.M. (taxation), TEP, AEP®; and, Antoine Killin, JD

NAEPC Monthly Technical Newsletter
Reproduced courtesy of Leimberg Information Services, Inc. (LISI)