There is still time to help your clients prepare to lower their 2015 income tax liability! Many strategies exist in today' environment, some common and some unique, all of which can help your clients reduce 2015 income and get out of the gate running for 2016 and beyond! These opportunites will be analyzed to help your clients implement these creative ideas and help make a difference in reducing their 2015 tax liability. This interactive session is for the advanced adviser who wants to identify critical tax exposures and assist with practical tax reduction solutions when dealing with these unique client challenges.
Learning Objectives:
Distinguish among specific business strategies, including Section 179 deductions, little used business entity strategies, tax deferral, like kind exchanges, deferral of capital gain, tax credits, deferrals, AMT, and general planning ideas
Discuss the use of expense acceleration, basis adjustment, individual investment issues pertaining to kiddie tax, ISOs, and capital loss carryovers, understand itemized deduction write-offs including charitable deductions, property taxes, accelerated estimated tax payments, refinancing, casualty losses, bunching expenses, home office and prepaid medical.
Explore real estate transaction options, and gain an understanding of retirement issues including Roth conversions, deductible IRA losses, and RMD situations.
Discusses reviewing an estate plan upon divorce, income tax consequences of the sale of a personal residence, income and gift tax issues of property settlements, dividing a charitable remainder trust in divorce, liability for joint income tax returns, tax consequences of dividing stock options, deferred compensation and retirement benefits and naming beneficiaries after divorce. Also discusses how assets held in an irrevocable trust for the benefit of one of the spouses is effected by the divorce.
Learning Objectives
Attendees will learn the income, estate and gift tax aspects of divorce, more specifically, pre-marital considerations, the tax aspects of property settlements, traps when dividing IRAs and qualified plans, the tax rules governing alimony and the use of alimony trusts
Tax Form 1040 reveals much information beyond the numbers about the client. In this session the financial planning implications of each line of the Form 1040 will be reviewed to help advisors identify specific strategies that need to be addressed with their clients.
Learning Objectives
Discover why the Form 1040 is the best tool to meet with potential clients by allowing you to uncover client exposures and weaknesses
Learn how to apply specific financial planning strategies to various disciplines in financial planning in performing modular or comprehensive financial plans
Explain what the financial planning ramifications of each line item on the Form 1040 represent and the existing and future tax benefits
Learn how to navigate the Form 1040 to ensure that client objectives are being met
Identify red flags and potential future problems that may arise if not corrected
Income tax planning often aligns with stage of life. Those accumulating assets may wish to favor the deferral of income taxes while those in retirement will look to access assets tax efficiently. This session will review planning considerations, strategies, and techniques potentially unique to each stage and taxpayer, and will serve to remind professionals and their clients of the ongoing integration of tax and financial planning.
Learning Objectives
Recognize opportunities to engage clients in tax planning
Observe and assemble client data to perform income tax projections.
Describe tax planning situations at various life stages.
Love, Sex, Money, Marriage and Death: Estate Planning Aspects of Divorce discusses reviewing an estate plan upon divorce, sale of a personal residence, income and gift tax issues of property settlements, dividing a charitable remainder trust in divorce, liability for joint income tax returns, tax consequences of dividing stock options, deferred compensation and retirement benefits and naming beneficiaries after divorce. Also discusses how assets held in an irrevocable trust for the benefit of one of the spouses is effected by the divorce.
Learning Objectives:
Learn how to transfer IRAs, deferred compensation and stock options income tax-free as part of a divorce settlement
Learn what parts of an estate plan need to be changed as part of a divorce
Discover how to advise clients how trusts are handled in a divorce
Be able to advise clients what filing status to use during the divorce process
Learn the income and gift tax issues of property settlements.
We consider an individual investor who holds a financial portfolio with funds in at least two of the following accounts: a taxable account, a tax-deferred account like a traditional IRA, and a tax-exempt account like a Roth IRA. We examine various strategies for withdrawing these funds in retirement. Conventional wisdom suggests that the investor should first withdraw funds from the taxable account, then the tax-deferred account, and finally the tax-exempt account. We provide the underlying intuition for more tax-efficient withdrawal strategies and demonstrate that these strategies can add more than four years to the longevity to the investors financial portfolio relative to the strategy espoused by the conventional wisdom.
Learning Objectives:
Describe how to help clients withdraw funds in retirement from taxable accounts, tax-deferred accounts like a 401(k), and Roth accounts in a manner that will extend the longevity of their financial portfolio.
Understand that tax-deferred accounts like a 401(k) are best viewed as partnerships with the government effectively owning t of the partnership, where t is the marginal tax rate in the withdrawal year.
Design Roth conversion/re-characterization strategies that will allow clients to manage their tax bracket, while maximizing the option-like value provided by this conversion/re-characterization strategy.
