FORM 5329
Major Penalty Changes Involving Failure to Take Timely Required Minimum Distributions from Retirement Accounts (Including IRAs)
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PERSONAL FINANCIAL PLANNING
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CPE Today
It’s Time to Fix the Problem of QTIPs and LLCs
Goldberg urges the IRS to address new state laws that pose a threat to the QTIP marital decuction.
By Seymour Goldberg, CPA, MBA (Taxation), JD
The Practitioner’s Guide to the IRA Distribution Rules under the SECURE Act
Lately, some clients and others have inquired about transferring their ownership in limited liability companies to trusts for estate planning and asset protection. I cautioned them that doing so could lead to complex tax and legal problems. To address this, I recently made a formal request to the IRS for guidance on a unique situation.
Read Goldberg’s Revenue Ruling Request Here (PDF, 5 pages.)
Be the Flywheel to Increase Revenue
“This will be the largest transfer of wealth the nation has ever seen in such a short period of time.”
By Rory Henry, CFP®, BFA
Rory Henry is a Director at Arrowroot Family Office and host of the Wealth Management Forward podcast. He can be reached to discuss ways to integrate financial planning into your practice through the CPA Partnership program at (310) 566-5865 or at rory@arrowrootfamilyoffice.com.
The financial advice business is undergoing significant change, particularly in the accounting and wealth management sectors. The arrival of private equity firms, combined with the rise of M&A and rapid advancements in technology, has shifted the landscape considerably. While these changes are unsettling to some practitioners, I view them as opportunities.
MORE: Four Core Principles for Elite Wealth Management | Why You Need a Team of Experts | Why a Virtual Family Office? Why Now? | Is Your Client’s Umbrella Big Enough? | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting
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In many ways, a CPA is a flywheel at the center of the financial advisory engine. All the other providers and advisors rotate around the CPA, and together they build momentum as the firm expands its offerings and as the advice engine gains speed and confidence.
Transferring Business Interests to Optimize Estate Taxes
Strategic estate planning could save your clients millions.
By Anthony Venette, CPA/ABV
We stand at the precipice of the largest wealth transfer in American history. Millions of business owners are struggling to write the next chapter of their companies and their legacies. Prudent gift and estate tax planning can be the difference between creating generational wealth and squandering it. Gifting privately held business interests to a child or children can be an effective and tax-efficient way to maximize wealth transfer and achieve legacy planning goals.
MORE: Enhance Wealth by Mitigating Taxes | Your Client’s Instincts Are Wrong | Preserving Wealth Is a Different Mindset | Three Approaches to Investment Consulting | Cashing Out: Your Business Clients’ Five Big Issues
That being said, many business owners are unaware of the benefits of gifting interests in their businesses rather than cash. Here are four important reasons why gifting business interests can be advantageous: