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Issue 48 – May, 2026
NAEPC Journal of Estate & Tax Planning
Mavis N. McKenley, CTFA, AEP®, CFP®
AMG National Trust
Virginia Beach, VA 23462
Happy Spring and welcome to the 20th anniversary year of the NAEPC Journal of Estate & Tax Planning!
There is something about the fresh spring air that invites us to rethink, reset, and purge those items that have accumulated over the long cold winter months. It is time to clear away anything that is not working and make space for what we continue to find valuable and useful in our day-to-day.
In the past two decades we have accumulated so much experience and knowledge, but equally as important, wonderful relationships with you as our reader and the hundreds of authors that have contributed since the first publication. We have been here long enough to look back on what has been done well, what we can bring into the future, and what should be let go. I encourage you to share your thoughts with us in this regard. We want to hear from you, the past editors, AEP® designees, EPLS certificants, and all past and current authors on how we are doing, what makes our journal special, and what we can do better.
There is significant value in not only creating but in being within a space where all feel welcome and encouraged. The NAEPC Journal is a place for not only estate planning attorneys to provide helpful insights, but for our entire membership of wealth advisors, financial planners, insurance professionals, accountants, non-profit professionals, trust professionals, and others to also do so. We want this publication to represent all the estate planning-related disciplines, and we encourage you and your councils to submit original and previously unpublished articles that represent who you are professionally and personally.
As always, I invite you to enjoy the depth of content we have prepared for you this spring. I want to thank co-editor, Katherine Sheehan, the entire volunteer publications committee and those who have served in this role in prior years, and the wonderful authors who have shared their time and talent with us over the last 20 years. I would like to especially thank the past editors of this publication: John J. “Jeff” Scroggin, Charles V. Douglas, Susan P. Rounds, Ryan P. Laughlin, and Eido M. Walny.
Here’s to 20 more! See you in the Fall.
Publish your own original article in the NAEPC Journal!
We are always in search of original articles related to the profession of estate planning and disciplines within and are now collecting content for the next issue. Submissions are invited from estate planning professionals, estate planning council members, and Accredited Estate Planner® designees.
Click on the link above to learn more.
Features
AI and Estate Planning: Communication Tools for Family Governance
The Great Wealth Transfer represents an unprecedented movement of wealth between generations. While estimates of the total amount vary, the scale of this transition is undisputed, and the planning challenges it presents are real. Yet research consistently shows that approximately 70% of wealth transfers fail by the third generation. The cause is rarely legal. Families lose wealth because they never learned how to talk about it. This article explores how estate planning professionals can deploy artificial intelligence (AI) as a communication tool: one that helps families prepare for difficult conversations about wealth, values and legacy. It also addresses where AI must stop, and why human judgment, ethical boundaries and personal relationships remain at the center of effective planning.
Author: Lisa C. McCurdy, Esq
Psychological Risk in Complex Estate Planning: The Judgment No One Considers
Technical complications, changing tax regimes, and insufficient governance structures are frequently identified as common reasons for estate planning failures. While these factors hold relevance, the most challenging cases do not occur due to technical faults, but rather because hidden psychological factors were at play, skewing critical decisions that quietly distorted judgement. This article examines psychological risk during periods of wealth and life transition and its relevance to interdisciplinary estate planning practice. The aim is not to describe or provide therapeutic or coaching support. Rather, this paper aims to outline how psychological processing is one of the most prominent features, yet the least considered, when advising around risk during ultra-high-net-worth wealth (UHNW) transitions and succession planning. Neglecting psychological factors can risk significant consequences that are irreversible and extend across generations.
Author: Dr. Sarah Alsawy
Conflicts of Interest Impact on AEP® Teams
“Two are better than one, because they have a good return for their labor: If either of them falls down, one can help the other up ….” AEP® teams are encouraged to form to jointly serve their clients (i.e., a strategy formed by two professionals is likely better than a strategy formed by only one professional); however, conflicts of interest are ever present and each professional member of the team must be prepared to address the current and forthcoming conflicts. Depending on the severity of the conflict of interest, each AEP® team member may be limited by their credentialing body in the way they interact with fellow team members and the client.
Author: Harvey A. Hutchinson III, JD, LL.M. (taxation), CFP®, AEP®
The Power of 1031 Exchanges: A Real Estate Strategy for Investors
In real estate, effective tax planning is key to managing investments. One approach often used by investors is the 1031 exchange, named after Section 1031 of the U.S. Internal Revenue Code. This strategy allows for the deferral of capital gains taxes when selling an investment property, provided the proceeds are reinvested in a “like-kind” property. While this does not eliminate taxes, it postpones them, offering a potential advantage for real estate investors.
Author: Bronwyn L. Martin, PhD, MBA, ChFC®, CLU®, CLTC®, CRPC®, CFS®, CMFC®, AEP®, LACP
A Novel Twist on the Charitable Remainder Unitrust Rolling Contributions, Income Control, and the CRT-Owned LLC
This article examines coordinated planning strategies utilizing Charitable Remainder Unitrusts (“CRUTs”) to manage large or staged asset positions while maximizing charitable deduction utilization and controlling income recognition. It explores rolling contribution techniques, Net-Income with Makeup CRUTs (“NIMCRUTs”), and CRT-owned LLC structures within the framework of fiduciary accounting income rules, Treasury regulations, and state principal and income statutes. These approaches provide sophisticated donors with enhanced tax efficiency, flexibility, and long-term charitable impact while remaining compliant with Internal Revenue Code §664.
Authors: Scott Luhnau, JD, CTFA and James E. Hargrove, Atty, AEP®, CPA
Basis Management Through Reciprocal Spousal Powers of Appointment
The continuation of historically elevated applicable exclusion amounts under the One Big Beautiful Bill Act has sparked increased interest in planning techniques that capitalize on the larger federal exemption amounts. This article seeks to examine one such technique, the use of reciprocal spousal powers of appointment, to determine its value in invoking estate tax inclusion in first to die scenarios for complete basis adjustment in common law jurisdictions. Additionally, it outlines potential drafting techniques for implementation and addresses key considerations surrounding statutory and doctrinal limitations.
Author: Matthew Donato, CTFA, AEP®
Tax and Planning Considerations for Private Placement Insurance
Private Placement Insurance (PPI) is a broad category which consists of both Private Placement Life Insurance (PPLI) and Private Placement Variable Annuities (PPVA). These contracts have many similarities to their retail counterparts of Variable Universal Life (VUL) and Variable Annuities (VA), but there are also some key differences. Retail variable insurance products are registered with the U.S. Securities and Exchange Commission (SEC) and are regulated by the individual states. These contracts allow investors to pick from a menu of registered funds for potential growth of dollars held in a separate account from the insurance company’s general account. Retail policies may offer additional riders and features not found on PPI policies, which tend to be fundamentally basic. However, PPI policies tend to be institutionally priced and efficient from a fee perspective, while also not having “surrender periods” in which the insurance company assesses a fee for canceling the policy during the initial years of the contract. PPLI and retail VUL policies both follow the same definitions of life insurance and have a flexible premium and death benefit structure.
Author: Russell G. DeLibero, PhD, CFP®, ChFC®, CLU®, AEP®
Conservation Easements in Modern Estate Planning
As land values rise and development pressure increases, estate planners are increasingly called upon to help land-rich families navigate complex succession and tax challenges. Conservation easements, often misunderstood or overlooked, can be a powerful planning tool when used appropriately. This article provides estate planners and financial advisors with a practical, non-technical overview of conservation easements, including how they work, common misconceptions, risks to avoid, and the importance of collaboration among professional advisors.
Author: Mark Stevans
Planning for Aging and Chronic Illness
Clients are living longer, with a higher probability of cognitive decline, multimorbidity, and caregiver stress, and effective planning must reflect those realities rather than focusing solely on tax thresholds and dispositive formulas. An estimated 6.9 million Americans age sixty-five and older are living with Alzheimer’s dementia, with total dementia care costs projected at approximately $360 billion in 2024. A majority of Americans over age sixty are living with at least one chronic illness, and most are managing multiple conditions simultaneously. You should therefore frame estate, tax, and fiduciary work in a coordinated risk-management program that anticipates capacity fluctuations, aligns fiduciary governance with medical and family dynamics, and documents decisions defensibly.
Authors: Bronwyn L. Martin, PhD, MBA, ChFC®, CLU®, CLTC®, CRPC®, CFS®, CMFC®, AEP®, LACP and Martin M. Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished)
Helping Veteran Families Navigate Burial Benefits and Plan Ahead
The U.S. Department of Veterans Affairs National Cemetery Administration (NCA) honors Veterans and their families by providing dignified burial and memorial benefits and by preserving the legacy of their service. This article highlights common questions about VA burial and memorial benefits—including eligibility, burial options, and costs not covered by VA benefits—to help estate planning professionals create thoughtful end-of-life plans with their Veteran clients.
From: National Cemetery Administration
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