1/28/2021 Issue 36 – January, 2021 – NAEPC Journal of Estate & Tax Planning Issue 36 – January, 2021 NAEPC Journal of Estate & Tax Planning New! Download the entire issue as one PDF file for offline reading. Welcome Letter from the NAEPC Incoming President Author: William D. Kirchick, Esq., AEP® Editor’s Note: Estate Planning in the Face of Uncertainty An introduction from the new editor of the NAEPC Journal of Estate & Tax Planning. Author: Ryan P. Laughlin, CPA, JD, MST, AEP® Growing Your Business and Network in a Virtual World: A Multidisciplinary Panel Discussion (Video) This 90-minute multi-disciplinary panel discussion teaches back-to-basics strategies for interacting with clients in the rapidly growing virtual space from experts in the technology, legal, trust, insurance and financial planning, philanthropic, and accounting practice areas. Learn more about the Robert G. Alexander Webinar Series. Moderator: Martin M. Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished) Features Estate Planning for the 99 Percent: With No Estate Tax, Consider Income Tax, Financial and Personal Objectives (PDF) An overview of the new reality in financial and estate planning for the vast majority of clients Author: Steven Siegel, JD, LL.M. (taxation) After the Georgia Runoff, What Tax Planning Should You Do NOW! (PDF) Timely and important commentary that examines the estate and income tax planning considerations advisors should be discussing with clients. Reproduced courtesy of Leimberg Information Services, Inc. (LISI) Authors: Robert S. Keebler, CPA/PFS, MST, AEP® (Distinguished), CGMA; Jonathan Blattmachr, JD, AEP® (Distinguished); and Martin Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished) Situs Your Trust in a First-Tier Trust Jurisdiction (PDF) A brief overview and important reminder that not all trust jurisdictions are created equal. Reproduced courtesy of The Ultimate Estate Planner, Inc. Authors: Steven J. Oshins, JD, AEP® (Distinguished) and Mark Dreschler https://www.naepcjournal.org/issue/36/ 1/3 1/28/2021 Issue 36 – January, 2021 – NAEPC Journal of Estate & Tax Planning How COVID-19 and Interest Rates Affect Life Insurance (PDF) An industry expert discussess two major developments in 2020 that you should be aware of now. Reproduced courtesy of Trusts and Estates Author: Richard L. Harris, CLU®, AEP® Thirty-two Core Beliefs (PDF) Holistic ways for practitioners to achieve a good estate-planning result. Author: L. Paul Hood, Jr., JD, LL.M. (taxation), CFRE, FCEP The Human Side of Estate Planning: Part 1 (PDF) The first installment of an important three-part series. The second and third installments will appear in our next issue. Author: L. Paul Hood, Jr., JD, LL.M. (taxation), CFRE, FCEP Spirit of Holiday Giving Can Infuse Your Estate Plan (PDF) Marty gives an important reminder that estate planning is not just about transmitting wealth but also transmitting values. Initially published in Forbes.com Author: Martin Shenkman, CPA/PFS, MBA, JD, AEP® (Distinguished) Understanding Grantor Trusts (PDF) An in-depth history and review of grantor trust rules, history, and tips on identifying a grantor trust. Author: Steven Siegel, JD, LL.M. (taxation) Planning for the Personal Injury Attorney’s Client (PDF) Considerations when planning for a client’s settlement and how to protect any benefits being received. Author: Karen Dunivan Konvicka, JD 4 Reasons Why Right Now Is The Best Time To Gift A Closely Held Business (PDF) Author: Audra M. Moncur, CPA/ABV News Nook: A Compendium of Current Affairs The Improved Power to Plan: NY Amends Its Power of Attorney Forms and Laws (PDF) An overview of planning considerations under new law in 2021 in New York. Authors: Brian M. Balduzzi, Esq., LL.M. (taxation), MBA, CFP® and Alan D. Kroll, Esq. Key Business Valuations Addressed by Tax Court (PDF) Summary of a recent key valuation case that validates a valuator ’s https://www.naepcjournal.org/issue/36/ 2/3 1/28/2021 Issue 36 – January, 2021 – NAEPC Journal of Estate & Tax Planning approach and method of valuation. Reproduced courtesy of Leimberg Information Services, Inc. (LISI) Authors: Evan Levine, ChFC® and Nainesh Shah, CFA New Actuarial Tables are Coming (PDF) Commentary regarding pending release of new actuarial tables by the IRS. Reproduced courtesy of Leimberg Information Services, Inc. (LISI) Author: Lawrence P. Katzenstein, JD, AEP® (Distinguished) Steve Oshins Releases 9th Annual Dynasty Trust State Rankings Chart (PDF) An easy-to-use summary of leading Dynasty Trust states, along with expert commentary on additional benefits identified in the chart. Reproduced courtesy of Leimberg Information Services, Inc. (LISI) Author: Steven J. Oshins, JD, AEP® (Distinguished) Notes from the NYU Advanced Trusts and Estates Conference (PDF) Reproduced courtesy of Leimberg Information Services, Inc. (LISI) Author: Mary E. Vandenack, JD, CAP® NAEPC Monthly Technical Newsletter Reproduced courtesy of Leimberg Information Services, Inc. (LISI) https://www.naepcjournal.org/issue/36/ 3/3 William D. Kirchick, Esq., AEP® Nutter McClennen & Fish LLP Boston, Massachusetts Happy New Year! Welcome to another issue of the NAEPC Journal of Estate & Tax Planning! NAEPC is pleased to provide its designees, certificants, affiliated local estate planning councils, and their members with this forum, a centralized and convenient location for best-in-class thought leadership for the estate planning professional. The scholarly articles within allow a professional to stay current on planning ideas and to strengthen his/her awareness of continually changing planning opportunities, while enhancing communication and cultivating a common language between all of the disciplines within the membership. As the nation’s premier, multi-disciplinary estate planning organization, NAEPC is committed to providing members and friends with timely, pertinent education materials and I believe the NAEPC Journal of Estate & Tax Planning truly supports that pledge. I trust you will find it a compelling read and hope that you will find it useful in gaining knowledge about the latest ideas in sophisticated estate planning techniques to enable you to provide the highest quality of service available to your clients – excellence in estate planning. Being in the midst of a pandemic, NAEPC has endeavored to provide practitioners with advice on how to engage in practice management remotely. Therefore, you will find a wealth of information and articles in our COVID-19 Resource Library. We hope to display timely articles on the topic in the Journal, as well. If you have missed any of the past issues, you can find them archived right here on the Journal’s website. If you are not receiving notice of new issues directly, please be sure to subscribe. While you are with us, please take a moment to take a look at information n about upcoming educational conferences and webinars, the Accredited Estate Planner® (AEP®) designation, and Estate Planning Law Specialist certification. Best wishes for a happy and prosperous new year. Editor’s column: Early last March, our family cancelled a weekend getaway at the very last moment – the car was already packed, and the kids were in their seats. Our plans suddenly changed due to some worrisome news spreading across the country – something called COVID-19. Later that same day, our Governor issued a stay-at-home order. Little did we know that life would never be the same. The virus was clearly not the only historical or memorable event in 2020, a year that no one will ever forget. Change came fast and furious, whether you were prepared or not. As estate planners, we face constant change and uncertainty. For example, what will the Democrats do in Washington? Will the tax laws change now, next year, after the next election or via legislative “sunset” in 2026? How will government stimulus and relief packages impact our clients’ families, businesses, communities, and non-profits? What will our own industries and organizations look like in the future as a result of all the change? If I listed all the uncertainties, this column would never end! Fortunately, our profession is no stranger to change. For example, many of us have actually witnessed and can explain a “sunset” to our clients who think it’s new or not real. Although specific estate planning tools and strategies change each year, many core values and principles of estate planning do not. The content in this issue of the NAEPC Journal of Estate and Tax Planning shows that while some things always change and require adaptation, some never do and require adherence. The material includes timely and hard-hitting content about current topics and possible changes ahead. The material also includes timeless reminders that our client’s goals and objectives always come first, regardless of their net worth or tax picture. I wish to close by expressing my sincere thanks and gratitude to Susan P. Rounds, JD, CPA, LL.M. (taxation), AEP®, TEP for her significant contributions to this publication as Editor and Chair of the Publications committee; and for her service to NAEPC as a member of the Board of Directors. In March 2016, Susan authored a column that referenced the “Masters Among Us.” The Masters she referred to included NAEPC Hall of Fame members, our wonderful AEPs, and the industry members that contribute to this Journal. Many of these individuals still contribute to the Journal, including this issue. Susan truly elevated the practice of estate planning through her career and tenure with NAEPC. She must be considered a Master herself. On behalf of NAEPC and its leadership, we wish Susan the best in her future endeavors and thank her again for her tireless leadership over the years. Happy Reading! Ryan P. Laughlin, CPA, MST, JD, AEP® Editor - NAEPC Publications Committee Estate Planning for the 99 Percent: With No Estate Tax, Consider Income Tax, Financial and Personal Objectives Prepared by: Steven Siegel, JD, LLM (Taxation) © 2020 I. Overview The estate planner has new challenges—the majority of our clients’ estates will not be subject to the federal estate tax when death occurs.