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Issue 42 – July, 2023

NAEPC Journal of Estate & Tax Planning

Editor-in-Chief Note
Author: Eido M. Walny, Atty, AEP®, EPLS

Foreword From the NAEPC President Elect
Author: Kit Mac Nee, CFP® CRPC® QPFC® CSPG® AEP®


More Harm Than Good
Grantor Retained Annuity Trusts (GRATs) offer a good way to move part of the future appreciation of assets outside of the estate. However, there are a number of downsides of using a GRAT.
Author: Rajiv Rebello, FSA, CERA

New RMD and QCD Planning Opportunities with Secure ACT 2.0 with Flowcharts
In late December of 2022, President Biden signed into law H.R. 2617, the Consolidated Appropriations Act 2023. The Act includes the provisions of the so-called “Secure 2.0 legislation,” which made many significant changes to the retirement savings landscape in the United States.
Author: Paul M. Caspersen, CFP®, MS (Financial Planning & Taxation), AEP®

The 23 D’s of Buy Sell Agreements
When a business has multiple owners, it is critical to have a well thought out, comprehensive buy/sell agreement. Such an agreement protects the owners, their families, and the business itself. In fact, the lack of an agreement or omission of any of the following “D’s” could result in legal disputes, estate issues, financial challenges and even failure of the business.
Author: Dan Prisciotta, CFP®, CPA, PFS, ChFC®, CBEC®

IRS Issues Proposed Regulations for the Present Value of Estate Tax Deductions, Estate Administration
On June 28, 2022, the IRS published Proposed Regulations pursuant to Internal Revenue Code Section 2053. If the Proposed Regulations are enacted, they will make probate administration and completion of federal estate tax returns for some estates more complex, more costly to address, and more costly to the estate in terms of non-deductible interest charges.
Author: Martin M. Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished)

Importance of Qualified Appraisals
A valuation report from a “qualified appraiser” is required by the Internal Revenue Service (IRS) in various situations, including in some donations of property, certain estate tax filings and gift tax returns as well as other transactions between related parties. Even where a qualified valuation is not required under applicable tax law, it is highly recommended to obtain one in order to limit unnecessary exposure to audits and deficiency proceedings.
Authors: Michael J. Borger, JD, LL.M. (taxation), Steven L. Kay, JD, Evan M. Levine, ChFC®, and Nainesh Shah, CFA

Business Owner Transition and Charitable Planning
For many business owners, a business sale is more than a transaction; it’s a major life transition. A failure to fully align the sale of a company with their personal plans could potentially undermine the long-term wealth preservation and family engagement opportunities afforded by the business deal. This is especially true for owners with charitable components to their plans.
Author: Thomas M. Griffith, ChFC®, CAP®, AEP®

Evolve or Dissolve – How Charitable Organizations Address Change
This Article examines the law and procedural considerations that apply when a charitable organization needs to make significant changes to its purposes or operations. Ultimately, if there are good reasons and a sound basis for the changes, and a well crafted plan to implement them, the organization is likely to be successful in obtaining any required approvals and prevailing over any challenges by the public or state Attorney General.
Author: David Kamer, JD, LL.M. (taxation)

How State Partnership LTCI Policies Protect Your Clients
Social Security is the primary source of income for 66% of retirees.[1] Therein lies a huge problem. Social Security was not designed to be the primary source of income but rather a supplement to retirement income.
Author: Donald L. Levin, CPA

What Does the Silicon Valley Bank Collapse Have to Do with Estate Planning?
Wealth strategists are yielding a variety of important questions from their clients as a result of the Silicon Valley Bank collapse. Among the questions, two stand out as appearing most frequently: How does this affect me, and what can we learn?
Author: Brady R. Marlow, CFP®, CAP®, CPWA®, CExP™, AEP®

News Nook: A Compendium of Current Affairs

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