Many people want to leave the substantial wealth they have accumulated in retirement accounts in trust for their beneficiaries, rather than having the retirement accounts pass outright to them. However, the IRS has established extremely complicated rules governing when retirement plan, IRA and Section 403(b) annuity contracts payable to a trust can be distributed over the life expectancy of one of the trust beneficiaries, rather than under the general five year distribution time limit.
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There are not enough words to express our gratitude for those of you who sent emails and made calls to us after the training webinar titled “The Best Tax Webinar of The Year.” We opened up your eyes about the importance of gaining credibility, trust and authority for your tax expertise by getting featured in the media. Your tax reputation is built by executing a very deliberate plan to establish you as an authority in the eyes of the media.
Many of you requested more information about positioning yourself as a Media-Recognized Tax Professional. Getting featured in media powerhouses like ABC, NBC, FOX and CBS is the wisest investment you can make in yourself. Our encore presentation held yesterday afternoon pulled the curtain back on how any tax professional can leverage media exposure to position themselves as the “go-to” expert. Read More
For those of us navigating the treacherous seas of estate planning, we have to deal with the monstrous GSTT aka Generation Skipping Transfer Tax at some point or the other. Swimming through all the complications, we can many a time whittle it all down to a simple set of circumstances to watch for when your clients would be subject to GSTT. But before we can do that, we need to know the following:
What is GSTT?: If some or all of your estate bypasses your children and goes directly to a grandchild, there is another tax on your estate called the generation skipping transfer tax.
Although it wouldn’t serve to pay this tax intentionally, in some circumstances, this could be unintentional. If the inheritance is in a trust, the heir dies after the client but before Read More
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