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    PFP News

     

    Member-Exclusive News, Resources and Events

     

    June 24, 2015

    In This Issue

    Podcast: Kellerman - IRAs and Prohibited Transactions

    Podcast: Advising Clients on When and How to Update Estate Planning Documents

    Asset Protection Strategies: Charging Order Protected Entities, Dynasty Trusts, DAPTs, Hybrid DAPTs and More

    Leg/Reg Update: Proposed Regulations for ABLE Accounts

    Leg/Reg Update: Change to IRS Procedures on Issuing Estate Tax Closing Letters

    Leg/Reg Update: SEC Announces ReTIRE Initiative

    CPA/PFS Corner: PFP Learning Opportunities to Prepare for the Fall PFS Exam

    Other News: Podcasts on Gift Tax Planning, Final Portability Regs, and IRA Business Ownership Resulting in Prohibited Transaction

     

     

    PFP News & Resources

     

    Podcast: Kellerman - IRAs and Prohibited Transactions

     

    While it is possible for a "self-directed" IRA to invest in real estate, CPA financial planners should work closely with clients to avoid potential tax law traps that would be considered a "prohibited transaction" rendering the IRA non-exempt. In this podcast, Bob Keebler addresses the case of In re: Kellerman, describing the series of prohibited transactions that led to the US Bankruptcy Court ruling that an IRA was not exempt from taxation.

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    Podcast: Advising Clients on When and How to Update Estate Planning Documents

     

    In this podcast, Susan Bruno identifies the most important estate planning documents beyond the most obvious document, the will; as well as the specific timeframe, frequency, and triggering events for updating each. Learn about the importance of advising your clients about this and useful resources to assist you and your clients.

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    Asset Protection Strategies: Charging Order Protected Entities, Dynasty Trusts, DAPTs, Hybrid DAPTs and More

     

    In this webcast on July 8, 1-2:45pm ET, Bob Keebler and Steve Oshins will discuss many of the most popular and effective asset protection strategies that planners are using. Specifically, they will describe the uses and limitations of third-party discretionary trusts, charging order protected entities, dynasty trusts, domestic asset protection trusts, Hybrid DAPTs and combinations of these strategies that should frustrate a creditor in order to put the client in a better negotiating position in a settlement and a better position if the dispute goes to court. It is important for every planner to have a basic understanding of why and how asset protection works.  In this session, you will: 

     

    Learn why asset protection is so important for our clients

    Discover which techniques work well to protect assets and the limitations of those techniques

    Find out how to enhance your practice by adding asset protection advice

    Increase your knowledge about how best to design a trust for maximum asset protection)

     

    Register to attend with discounted CPE. PFP/PFS members not interested in purchasing discounted CPE for the live webcast can access the recording and presentation materials shortly after the event. PFP Section-sponsored webcast recordings and materials are available as part of your PFP/PFS membership and are posted to aicpa.org/pfp/library,

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    Leg/Reg Update: Proposed Regulations for ABLE Accounts

     

    On Friday, the IRS issued proposed regulations implementing Sec. 529A, which authorizes states to offer specially designed tax-favored accounts for the disabled (ABLE accounts). Sec. 529A was added by the Achieving a Better Life Experience (ABLE) Act of 2014, which was part of the Tax Increase Prevention Act of 2014. Contributions made to an individual's ABLE account can be used to meet the individual's qualified disability expenses. Read more about the proposed regulations from the Journal of Accountancy.

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    Leg/Reg Update: Change to IRS Procedures on Issuing Estate Tax Closing Letters

     

    The IRS has indicated that for all estate tax returns filed on or after June 1, 2015, estate tax closing letters will be issued only upon request by the taxpayer. Further, the IRS requests that you wait at least four months after filing the return to make the closing letter request to allow time for processing. Questions about estate tax closing letter requests should be directed to (866) 699-4083.

    For estate tax returns filed before June 1, 2015, there can be some variation, but for returns that are accepted as filed and contain no other errors or special circumstances, closing letters can be expected about 4 to 6 months after the return is filed. Returns that are selected for examination or reviewed for statistical purposes will take longer.

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    Leg/Reg Update: SEC Announces ReTIRE Initiative

     

    On Monday, the SEC announced the launch of a multi-year Retirement-Targeted Industry Review and Examination (ReTIRE) initiative. The SEC's Office of Compliance Inspections and Examinations (OCIE), through the National Examination Program (NEP), will focus on retirement-based savings and conduct examinations of certain registered investment advisers and broker-dealers that provide services or sell investment products to retail investors. Examination focus areas include: reasonable basis for recommendations; conflicts of interest; supervision and compliance controls; and marketing and disclosure. Read the June 22nd risk alert from the SEC.

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    CPA/PFS Corner

     

     

    PFP Learning Opportunities: Prepare for the Fall PFS Exam
    Now is the perfect time to refresh your skills and learn some new ones with the in-depth learning courses designed to help you deepen your PFP knowledge and prepare for the CPA/PFS credential. With six courses totaling 131 hours of CPE, you can learn about the planning process or choose income tax, estate, retirement, investment, and insurance planning courses. The CPA/PFS credential emphasizes the CPA's expertise, objectivity and high standard of care with the specialized knowledge and experience in personal financial planning your clients need. Discounts are available for PFP/PFS members; visit aicpa.org/pfp/cpe to learn more.

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    Other News

     

     

    Podcast: Court Case Impact on the Annual Gift Tax Exclusion Planning
    In this podcast, Bob Keebler discusses the strategies to consider when advising clients on the annual gift tax exclusion in light of a recent court case, Mikel vs. the Commissioner, where the Tax Court held a married couple's gift to a trust were gifts of present interest in property, qualifying for the annual exclusion. He stresses the importance of due diligence and what to do when verifying the availability of the gift tax exclusion amount and preparing the gift tax return

    Podcast: IRS Issues Final Portability Regulations
    In this podcast, Bob Keebler discusses the new portability regulations and the importance of the CPA or estate planning attorney taking on the responsibility to file the Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, to protect the client's eligibility of the portability election. Read an article from the Journal of Accountancy describing the changes in the final regulations.

    Podcast: IRA's Business Ownership Results in Prohibited Transaction
    In this "60 Second Planner" audio clip, courtesy of Leimberg Information Services, Inc. (LISI), Bob Keebler reports on a recent court determination that an IRA's business ownership resulted in a prohibited transaction. In Ellis v. Commissioner, the Eighth Circuit Court of Appeals affirmed a Tax Court determination that a business's payment of compensation to the owner of an IRA was a prohibited transaction, causing disqualification of the IRA.

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    Events

     

    PFP Section-sponsored webcast recordings and materials are available as part of your PFP/PFS membership and are posted to aicpa.org/pfp/library if you would like to listen again or if you are not able to attend the live event.
    Conference recordings are available at no charge to conference attendees or for purchase to those who weren't able to attend. Recordings from past conferences are available at aicpaconference
    materials.com
    .

    PFP Section-Sponsored Webcasts:


    Asset Protection Strategies: Charging Order Protected Entities, Dynasty Trusts, DAPTs, Hybrid DAPTs and More
    July 8, 1-2:45pm ET
    Discounted CPE.

    The CPA Financial Planning Firm of the Future
    July 20, 1-2:15pm ET
    Free without CPE.

    Practical Planning for Cash-Flows and Withdrawal Strategies in Retirement
    August 5, 1-2:30 ET
    Free without CPE.

    Navigating Medicare and the Affordable Care Act
    August 19, 1-2:45pm ET
    Registration coming soon.
    Free with CPE for PFP/PFS members.

    Planning for Spending in Retirement
    Consumer Series: Take Charge: Your Money. Your Life. 
    August 27, 1-2pm ET
    Registration coming soon.
    Free. No CPE available. Invite your clients to this consumer-oriented webcast.

    Aging & Incompetence: When Your Client Has Crossed the Line and What Next?
    September 16, 11-12:45pm ET
    Registration coming soon.
    Free with CPE for PFP/PFS members.

    How to Know Wills, Trusts and Other Legal Documents Meet Your Clients' Goals
    October 21, 1-2:45pm ET
    Registration coming soon.
    Discounted CPE.

    Upcoming Conferences:

    Advanced Estate Planning
    July 20-22
    Salt Lake City, UT
    Live | Virtual
    PFP/PFS members save an additional $100 on the AICPA member price.

    2016 Advanced Personal Financial Planning
    January 18-20
    Bellagio, Las Vegas
    Live | Virtual
    PFP/PFS members save an additional $100 on the early bird AICPA member price.

    Implementing PFP Services: Step-by-Step Plans for Success
    January 16-17
    Bellagio, Las Vegas
    PFP/PFS members save an additional $100 on the AICPA member price.
    Watch PFP News for registration information.

     

    Contact Us

     

    Email the PFP Team: financialplanning@aicpa.org Visit our home page: aicpa.org/pfp

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