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Summary of Estate Planning After the American Taxpayer Relief Act of 2012

The American Taxpayer Relief Act of 2012 (2013) was passed by the Senate on New Year's Day and shortly thereafter by the House. The new law makes permanent the $5 million inflation adjusted estate tax exemption and portability (which permits a surviving spouse to use a prior deceased spouse's exemption). For the vast majority of Americans the federal estate tax is now irrelevant. This will change the face of estate planning (and for professionals the practice of estate planning) in dramatic ways. Planning that most clients have done needs to be evaluated and perhaps changed. The way wills are drafted will change. The use of life insurance and insurance trusts will never be the same. This OnDemand Webinar will explore the new estate planning paradigm and offer practical insights into how you can modify your documents and planning to work best in this brave new estate planning world. Practitioners will have to educate clients as to the continued importance of planning and professionally prepared documents. Many clients focus so much on the federal estate tax benefits, that they may not realize the other significant benefits that proper planning can afford: asset protection, divorce protection, minimizing state estate taxes, interplay of income and estate taxes, new uses for life insurance and life insurance trusts in the new estate planning paradigm, new uses for family partnerships and LLCs in the new estate planning regime, and more.

Also, without the perceived federal estate tax savings many clients will want simpler and less costly planning options. What are some of these options? What steps can practitioners take to be more efficient to meet these new client demands, while still delivering quality professional services and remaining profitable?


Runtime: 88 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Summary of New Tax Provisions

  • American Taxpayer Relief Act of 2012 (ATRA) - Quick Estate Summary

ATRA Is a Game Changer

Changes That Affect All Taxpayers

  • Family Limited Partnerships and Limited Liability Companies (LLCs)
  • Itemized Deductions, Residency and Domicile
  • Roth Conversions
  • Asset Protection Planning Continues
  • Divorce Protection Planning
  • Income Tax Implications to Estate Planning

Buyer's Remorse

  • Buyer's Remorse Over 2012 Plans

3 Categories of Taxpayers - New Paradigm of Estate Planning

  • 3 Categories of Taxpayers
  • New Rules Dramatically Affect Professional Advisers

Moderate Wealth (Or Lesser) Taxpayers

  • Insurance
  • ILITs
  • POA
  • QPRT

Potentially High Net Worth Taxpayers and Taxpayers in Decoupled States

  • Potentially High Net Worth Taxpayers - Defined
  • Insurance
  • Bypass Trusts
  • SLAT or Nothing
  • SLAT
  • POA/SLAT

High Net Worth Taxpayers - Overview Only

  • Top off 2012 Planning
  • Plan Before the Next Adverse Tax Change
  • Bypass Trusts and Title to Assets
  • ILITs
  • GRATs

Decanting

  • Decanting to a Better Trust
  • Alaska Decanting Statute

Practice Management in the New Estate Planning Environment

  • Using Technology to Deliver More Cost Efficient Work
  • New Pricing Structures
  • Other Practice Steps
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More Program Information

Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on February 22, 2013.

Call 1-866-352-9540 for further credit information.

No Credit Available

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Martin M. Shenkman, CPA, M.B.A., P.F.S., A.E.P., J.D.

Martin M. Shenkman, CPA, M.B.A., P.F.S., A.E.P., J.D.

Martin M. Shenkman, P.C.

  • Attorney in Paramus, New Jersey and New York City
  • Focuses on estate and tax planning, planning for closely held businesses, and estate administration
  • Named by Worth Magazine as one of the Top 100 Attorneys
  • Named by CPA Magazine as one of the Top 50 IRS Tax Practitioners
  • Source for numerous national publications, guest expert appearances on major financial and other television and radio shows
  • Editorial board member of Trusts & Estates Magazine and the Matrimonial Strategist
  • Written 42 books and more than 1,000 articles
  • CPA in New Jersey, Michigan and New York
  • J.D. degree, Fordham University School of Law; M.B.A. degree, University of Michigan; B.S. degree, Wharton School of the University of Pennsylvania
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 391917
Published 2013
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