eLearning

Making the Most of Year-end Planning Opportunities with Checklists, Forms, and Client Letters

Price: $224 eLearning

FULFILL ALL YOUR CONTINUING EDUCATION CREDITS FOR $399

Sign up today for an entire year of unlimited access to relevant, timely professional learning courses, including webinars, eLearning courses and OnDemand offerings, and keep your professional credits up to date. All for just $399.

Learn more about the subscription!

SUBSCRIBE NOW

DESCRIPTION

This practical course from Bloomberg BNA, presented by Alan S. Gassman, Kenneth J. Crotty and Christopher J. Denicolo, concentrates on year-end planning techniques which practitioners need to consider for their clients. This includes techniques that are available to utilize the clients’ lifetime gift exemption, to structure clients’ planning to reduce or eliminate possible income tax exposure, and the potential pitfalls and traps that need to be considered.

During this course, Gassman, Crotty and Denicolo will cover:
• Stepped-up basis planning - considering the use of a JEST trust, Alaska community property trusts, and similar techniques
• Income tax planning as a result of the higher income tax rates and the 3.8% Medicare tax
• Mechanizing office correspondence client interaction and drafting systems to facilitate annual gifting to make use of annual exclusions and lifetime gift tax exemptions
• Utilizing split gifts and common mistakes related to same
• Reforming irrevocable trusts to facilitate a stepped-up basis upon the Grantor’s death
• How asset growth and savings can make a currently non-estate taxable client subject to possible estate tax in years to come
• Designing valuation adjustment and assignment; clauses to maximize the value of the gifts while using valuation discounts
• Application of the Step Transaction Doctrine to year-end gifts
• Utilizing LLCs or LLLPs when making gifts
• Establishing Dynasty Trusts for the benefit of spouses and descendants
• Using Intentionally Defective Grantor Trusts (IDGT)
• Forgiving loans or reducing debt and using Swap-Back SCINs to utilize the increased lifetime gift exemption
• Analysis of CCA 201330033, and how this may impact utilizing SCINs
• Accelerating income, and planning to “spray” income to trust beneficiaries in lieu of using Grantor Trusts
• Reconsidering the use of irrevocable life insurance trusts because of the 40% Rule
• Discussion of a planner’s checklist which can be reviewed by practitioners with their clients to help discover additional planning opportunities

Educational Objectives
• Understand the traps which may apply to year-end planning
• Facilitate a stepped-up income tax basis on assets on death to eliminate possible future capital gains
• Recognize that planning for possible estate tax is important for currently non-estate taxable clients because of future assets growth and savings
• Structure clients’ planning to plan for income tax avoidance
• Maximize the use of clients’ increased lifetime gift exemption
• Implement an annual gifting system that is easily communicated to clients
• Review a checklist of important items to review with clients

SPEAKERS

ALAN S. GASSMAN, GASSMAN LAW ASSOCIATES, P.A.

Alan S. Gassman, J.D., LL.M. practices law in Clearwater, Florida. Each year he published numerous articles in publications such as BNA Tax & Accounting, Estate Planning, Trusts and Estates, The Journal of Asset Protection, and Steve Leimberg’s Asset Protection Planning Newsletters. Mr. Gassman is a fellow of the American Bar Foundation, a member of the Executive Council of the Tax Section of the Florida Bar, and has been quoted on many occasions in publications such as The Wall Street Journal, Forbes Magazine, Medical Economics, Modern Healthcare, and Florida Trend magazine. He is an author, along Kenneth Crotty and Christopher Denicolo, of the Bloomberg BNA Tax & Accounting book Estate Tax Planning in 2011 and 2012. He is the senior partner at Gassman Law Associates, P.A. in Clearwater, Florida, which he founded in 1987.


KENNETH J. CROTTY, GASSMAN LAW ASSOCIATES, P.A.

Kenneth J. Crotty, J.D., LL.M., is a partner at the Clearwater, Florida law firm of Gassman Law Associates, P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law. Mr. Crotty has co-authored several handbooks that have been published in BNA Tax & Accounting, Estate Planning, Steve Leimberg’s Estate Planning and Asset Protection Planning Newsletters and Estate Planning magazine. He, Alan Gassman and Christopher Denicolo are the co-authors of the Bloomberg BNA book Estate Tax Planning in 2011 & 2012. 


CHRISTOPHER J. DENICOLO, GASSMAN LAW ASSOCIATES, P.A.

Christopher J. Denicolo, J.D., LL.M. is a partner at the Clearwater, Florida law firm of Gassman Law Associates, P.A., where he practices in the areas of estate tax and trust planning, taxation, physician representation, and corporate and business law. He is the author of several noted articles in The Florida Bar Journal, BNA Tax & Accounting, Estate Planning Magazine and Leimberg Information Services, Inc. He, Alan Gassman and Kenneth Crotty are the co-authors of the Bloomberg BNA book Estate Tax Planning in 2011 & 2012.