Marketing Tips for Professional Service Professionals Marc Kohler, an estate planning expert, may offer other professional services professionals a template to follow to secure additional engagement. The article describes how Marc Kohler has marketed his services. In the field of tax law and estate planning (where online engagement can be difficult, if not impossible to obtain), Mark J. Kohler (”Kohler”) has built a following that exceeds 500,000 followers; these followers come from various platforms. This reach is something that many in the professional service industries have only dreamed of. As an attorney and CPA, Kohler has taken what could easily…
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Valuation Discounts Considered in Gift and Estate Planning With a look forward to December 31, 2025, when the current lifetime exclusion levels for estate taxes are slated to sunset, wealth planners and their clients have much to discuss. Valuation and estate planning professionals have a key opportunity to strategize and develop the best plans for family businesses and high-net-worth individuals. With a look forward to December 31, 2025, when the current lifetime exclusion levels for estate taxes are slated to sunset, wealth planners and their clients have much to discuss. They have a key opportunity to strategize and develop the…
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Consider the SLAT and GRAT in Gift Planning Understanding gift tax regulations is crucial for individuals and their advisors because it impacts estate planning strategies and can significantly affect the overall tax liability. Properly utilizing exemptions and understanding the rules surrounding gift taxation can help individuals minimize their tax burden and ensure a smooth transfer of assets to their intended beneficiaries. This article discusses the availability of the SLAT and GRAT gifting techniques. Understanding gift tax regulations is crucial for individuals and their advisors because it impacts estate planning strategies and can significantly affect the overall tax liability. Properly utilizing…
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In this video, Martin Shenkman, CPA, PFS, and Hugh Magill of Northern Trust, discuss issues that may arise as a result of longer life expectancies and an aging client base. Among other things, they discuss healthcare spending and the changing nature of estate planning. To read the full article in Wealth Management, click: What to Focus on When You Have Older Clients.
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Still, time is limited. Tell clients they’d better take advantage of the current exemption before it expires. To read the full article in Financial Planning, click: Thanks to New IRS Decree, Clients Can Relax When Making Large Gifts—For Now.
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If your clients are super wealthy and want to avoid a big tax bill, they’re better off retiring in Michigan than in Maryland. The IRS collects around $18 billion in estate taxes annually, according to the agency. To read the full article in Financial Planning, click: Where Should Rich Clients Retire?
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As a trusted adviser, a CPA is often the first resource clients turn to for many financial issues. While often these questions are in the context of a service the CPA may already be engaged to provide (tax compliance, estate planning, etc.), it is not uncommon to receive other requests that seem simple but can carry unique challenges. To read the full article in The Tax Adviser, click: Third-Party Verification Requests.
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The new tax law could affect existing estate plans, so now is a good time to review documents with clients. Clients may need guidance in five areas, including the impact of the law on state-level estate taxes. To read the full article in Next Avenue, click: Five Questions to Ask Your Estate Planner After the New Tax Law.
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Some planners are adding language to grantor trusts that allows trustees to pay taxes directly or to reimburse grantors. This can dissuade grantors from turning off grantor trust status entirely, but there are certain IRS rules to consider. To read the full article in WealthManagement, click: Where are all the Grantor Trust Reimbursement Statutes?
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Illiquid assets may constitute a sizeable chunk of the assets owned by ultra-high-net-worth clients, who often have different needs than other clients in areas such as data aggregation. In many cases, these clients are especially focused on cash flow and philanthropic issues. To read the full article in FinancialPlanning, click: Managing the Unique Needs of Ultra-High-Net-Worth Clients.
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Estate Planning Missteps Create a Burden for Beneficiaries Mistakes such as failing to create an inventory of assets, having too many accounts or not including a see-through provision in a trust can complicate matters for beneficiaries who are left behind after a client dies. Proactive planning can help simplify the situation for a client’s loved ones. To read the full article in Kiplinger, click: Some of the Biggest Estate-Planning Mistakes People Make.
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Try this Tactic to Minimize Generation-Skipping Taxes Generation-skipping taxes and other issues can complicate the process of transferring wealth from one generation to another. William Kriesel, CPA, PFS, explains how giving relatives a partnership interest in a family business can overcome some of these challenges. To read the full article in The CPA Journal, click: Accomplishing Estate Planning Goals through the Use of Partnership Income Tax Rules.
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Affluent Americans aren’t Getting Inheritance Help, Survey Finds Even the richest Americans aren’t getting professional help and creating plans to pass wealth on to the next generation, according to a survey by RBC Wealth Management. Less than a third have a comprehensive plan, the survey found. To read the full article in InvestmentNews, click: Many Wealthy Americans haven’t Planned for the Transfer of their Assets.
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FLPs Remain a Viable Intra-Family Transfer Option, But Act Now The Internal Revenue Service has floated the idea of making regulatory changes to the implementation of section 2704, in this article the author gives us an update on the subject and underscores the need to facilitate intra-family transfers of businesses.
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Estate Planning When the Federal Estate Tax Doesn’t Apply Even when your clients have estates that will not be subject to the federal estate tax when they die, helping them plan for the future can be complicated. Steven G. Siegel, JD, LLM, Siegel Group, suggests ways you can help them best manage their assets To read the full article in AICPA Insights, click: Estate Planning for the 99 Percent.
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Use of Synthetic Credit Ratings to Determine the Appropriate Market Yield for the Preferred Equity Interest Among the estate tax planning methods that include grants of “carried” or profit interests, grantor retained annuity trusts, outright gifts, etc., entity freeze is a less known, or perhaps, less utilized tool. Yet, in certain circumstances, a freeze entity can be a compelling wealth transfer mechanism. This article presents an overview of a freeze entity structure, its economics, and a valuation framework specific to freeze entities. The article also offers an example of how practitioners can deal with an important element of the freeze…
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Making decisions when faced with a difficult situation is not an effective estate planning strategy. Encourage clients to plan before a stressful life change occurs. It is important to help them set up health care proxies, consider nominating guardians or conservators, and revise estate plans when they make changes to their wills or trust. Patricia M. Annino, from Estate Planning practice at Prince Lobel Tye LLP, provides some excellent points to help get a proper estate plan in place. To find out more on this Journal of Accountancy article, click: Don’t Let Client’s Overlook These Key Estate Planning Issues.
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Push past estate planning fatigue and build a better relationship with your clients and their descendants. Many advisors find difficulty and obstacles when guiding their clients through this process. Kimberly Bernatz, Senior Vice President and Director, Wealth Management Advisory Services, First American Trust, FSB, walks you through some important steps to keep in mind when developing an estate plan. To find out more on this Wealth Management article, click: Breaking the Barriers of Estate Planning Fatigue.
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It was a shock to most people when the news hit that actor and comedian, Robin Williams, had suddenly passed away earlier this month at the age of 63. While most were aware of Mr. Williams’ hard-won 20-year sobriety milestone, what they didn’t know was the financial struggle he was facing in recent years. Forbes.com takes a respectful and detailed look at the estate planning of Mr. Williams, and shows how taking the right steps early on can secure the future of loved ones, even in the face of financial hardship and unexpected sudden loss. [button color=”blue” link=”http://www.forbes.com/sites/trialandheirs/2014/08/12/whats-next-for-robin-williams-family-and-estate/” target=”_blank”…
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In early 2009, Carl Pohlad, investor and principle owner of the Minnesota Twins, passed away, leaving controlling ownership of the team to his sons. In settling the estate, the new owners now find themselves embroiled in a tax tangle with the IRS. The primary point of contention exists with what Pohlad’s share in the team was actually worth at the time of death. According to the IRS, Pohlad’s ownership is valued at $293 million and is demanding $121 million in additional estate taxes. The estate contests that upon Pohlad’s death, which was shortly after the economic crisis of 2008, the…