2012
ESTATE
PLANNING
TAX PLANNING STEPS
TO TAKE NOW
Martin M. Shenkman, Esq.
Jonathan Blattmachr, Esq.
Robert S. Keebler, CPA
Foreword by Sidney Kess, CPA
To Our Wives,
Patti, Betsy, and Bonnie
© Copyright © 2012 Martin M. Shenkman, Jonathan Blattmachr, and Robert S. Keebler.
All rights reserved. This book is protected by copyright. No part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher.
Law Made Easy Press
4 Forest Avenue
Paramus, New Jersey 07652
Published in eBook format by eBookIt.com
ISBN-13: 9781456610401
Disclaimers: The discussion of any income, gift or estate tax or planning alternatives and other observations herein are not intended as legal or tax advice and do not take into account the particular estate planning objectives, financial situation or needs of individual clients. This summary is based upon information obtained from various sources that the authors believe to be reliable, but the authors make no representation or warranty with respect to the accuracy or completeness of such information. Views expressed herein are current opinions only as of the date indicated, and are subject to change without notice. Forecasts may not be realized due to a variety of factors, including changes in law, regulation, interest rates, and inflation.
Neither the publisher nor authors provide through this book any legal, tax, or other professional advice. Readers are cautioned not to take any action in reliance on the materials presented in this book without first consulting their own professional advisers. Tax situations vary significantly from individual to individual. Tax and other laws change frequently, and there are significant differences in state laws, so professional guidance is essential to implement any of the planning ideas in this book.
Cover design by LandMarcDesign.com
Layout by LandMarcDesign.com
ACKNOWLEDGMENTS
A number of people were instrumental in turning around a book in an incredibly short time, less than two months from the initial idea to publication on Amazon as an e-book.
Most importantly I want to thank my co-authors Jonathan Blattmachr and Robert S. Keebler for such quick turn around of materials and insightful comments and planning ideas.
Andrew Wolfe, Esq. of Hartman and Winnicki, Paramus, New Jersey, proofread the entire manuscript, saving us from numerous errors caused by the incredibly tight time constraints.
Nancy Land, Publications Development Company of Crockett, Texas, did an amazing job of producing and publishing a book in record time.
Amber Gatewood of Printing For Less of Livingston, Montana, produced the postcard made available to readers in the Appendix and on the website and for offering a discount and webpage exclusively to readers of our book.
Any mistakes, typographical or other errors are my own.
—Marty Shenkman
Paramus, New Jersey
September 16, 2012
FOREWORD
By Sidney Kess
2012 may be the most important year in history for tax planning. More wealth may be transferred in the waning months of 2012 than any other year. Why is planning now so vitally important? What can and should you do to take advantage of the potentially astounding planning opportunities that are available? What are the risks associated with this planning and how can you minimize those risks? With much of the planning so complicated how can you make decisions as to which of various alternatives are best fore you?
You are left to wonder no more... three of the nation’s leading tax experts have addressed all these critical issues and so much more in this timely and authoritative book. This book is written to be accessible to sophisticated taxpayers who can personally benefit from this planning. But because of the broad coverage of even esoteric topics, some discussions are a bit tough.
This book will also prove an invaluable resource for CPAs, financial planners, insurance consultants, and attorneys. The supplemental appendices for professional advisers with practical forms, sample legal provisions, and client letters practitioners can use will all prove a useful resource making this book a must read for professionals.
Blattmachr, Shenkman, and Keebler are nationally known educators as well as technicians. Their skills as educators are evident in this book. This book will educate you about the practical information you need to act quickly to take advantage of what might prove to be fleeting planning opportunities. Anyone considering planning in 2012 (and that should be anyone and everyone of means), and their advisers, should read this book and study its advice.
The book addresses and explains not only a plethora of estate, asset protection, legal and tax planning concepts, but tells you how you can apply these concepts in the unique circumstances of planning right now in 2012:
•Gifts
•Dynasty trusts
•Self-settled or domestic asset protection trusts (DAPTs)
•Note sale transactions to intentionally defective irrevocable trusts (IDITs)
•Private annuities
•Self-cancelling installment notes (SCINs)
•Applicable federal rates (AFRs) and how they affect loan and sale transactions
•Family limited partnerships (FLPs)
•Limited liability companies (LLCs)
•S corporations
•Charitable trusts
•Qualified personal residence trusts (QPRTs)
•IRAs
