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Key Income Tax Planning Ideas for 2012 Jul 04, 2012

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This year presents an unprecedented opportunity for you to differentiate your firm and services and show that you provide significant value to your clients by having all of their financial planning needs in mind, including retirement, estate, tax, investment and insurance planning. With so many unknowns in 2013 compounded by an election year, your clients need to take advantage of many financial planning avenues now to avoid missing crucial opportunities to protect their nest egg and increase their net worth.

Proactive Planning with Your Individual Clients during Tax Season Mar 12, 2012

Show notes

In this audio stream, Lyle, Ted and Scott discuss why 2012 is a critical year to proactively plan with your clients. Hear about planning techniques that need to be considered now given the many unknowns in 2013. Learn about planning opportunities that can be uncovered while you’re preparing your clients 2011 tax returns. Find out tips to communicate the value of financial planning with clients, and how you can get paid for the work you are providing and increase your bottom line by adding or expanding Personal Financial Planning services.

Estate Planning Impact of the President’s Budget Proposals Mar 07, 2012

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A 20 minute podcast on the estate planning and financial planning impact of the estate tax provisions in the recently released President’s fiscal year 2013 budget proposal covers various provisions, including those affecting intentionally defective grantor trusts, valuation discounts and grantor retained annuity trusts. Even though these provisions may not be enacted this year, it will help you have intelligent conversations with your clients, know what the President’s legislative agenda for this year is, and be prepared for some of the estate tax provisions that may eventually be enacted.

Michael Kitces on Cost Basis Reporting Rules Jan 16, 2012

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In this audio stream, Michael Kitces covers the new cost basis reporting rules enacted under the Emergency Economic Stabilization Act of 2008. Note that the new tracking rules will require any financial intermediaries (i.e., generally all brokers and custodians, as well as certain other types of financial institutions) that currently issue Form 1099-B to report using an updated version, which tracks not only the gross proceeds from sales of securities, but the cost basis, acquisition date, amount of gain/loss, and character of the gain/loss (i.e., short-term or longterm). Actual reporting on cost basis will be phased in over time, with equities in 2011, mutual funds and dividend reinvestment plans in 2012, and bonds and other securities in 2013.

Bob Keebler on Refining the Roth Strategy Jan 02, 2012

Show notes

In this audio stream, Bob Keebler covers the new thinking as it relates to Roth planning given market volatility. Key considerations include: Opportunistic conversions (i.e., optimizing Roth segregation strategies, which focus on the volatility of the stock market); Hedging against increased tax rates; Tactical planning (i.e., net operating losses); and the annual Roth conversion strategy. Important to note is that conversions to Roth 401(k)s cannot be recharacterized.

New Estate Planning Guidance for Decedents Who Passed in 2010 Dec 30, 2011

Show notes

Notice 2011-66 provides guidance for executors of estates of decedents who died in 2010 regarding the time and manner of choosing to opt out of the estate tax have the carryover basis rules apply. Revenue Procedure 2011-41 provides safe harbor guidance regarding property acquired from estates of decedents who died in 2010. This audio stream provides an overview of the guidance and strategies to assist advisers and clients in making decisions.

Impact of the Debt Ceiling Fallout Dec 26, 2011

Show notes

Have your clients been asking you tough questions about the current U.S. fiscal situation in this time of uncertainty? "Should I change my asset allocation? Should I put money in gold? Should I get out of the stock market as a whole?" This audio stream provides an overview of where the U.S. is right now from a market, economic and fiscal standpoint and also suggests various tax-motivated strategies that you might want to pursue with your clients. Note: This was recorded prior to Standard and Poor’s lowering of the U.S. credit rating.

2011 Deaths and Form 706 and Portability - 11/15/2011 Dec 16, 2011

Show notes

The IRS on Sept. 29 issued Notice 2011-82 to alert executors of 2011 estates of the need to file a Form 706 to make the election to transfer a decedent's unused $5 million estate and gift tax exclusion to the surviving spouse. In particular, for the executor of a 2011 estate to make a portability (i.e., deceased spouse unused exclusion amount) election, the executor is required to file a timely Form 706 for the decedent's estate, even if the estate is not otherwise obligated to file a Form 706. If a timely return is not filed, any excess exclusion amount is lost forever and is unavailable at the death of the surviving spouse. To avoid falling into this trap, practitioners should discuss with their clients the benefit of filing the federal estate tax return for the first spouse, even if no tax is due. Over the next few weeks and months, it is very important to file extensions (Form 4768) or Form 706 for early 2011 deaths within the nine-month deadline (starting Oct. 3, 2011).

Recent Estate Tax Developments - 9/13/2011 Oct 20, 2011

Show notes

The final Form 706 and instructions were issued early September by the Internal Revenue Service for decedents who died in 2010. For most people who died in 2010, the form and estate tax payment were due Sept. 19. The AICPA requested a 90-day postponement of the due date, and on Sept. 12 the IRS announced filing and penalty relief for 2010 estates. In light of recent estate tax developments, listen to Bob Keebler’s thoughts on critical issues to think through for 2010 and 2011 estate planning and filings.

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