Early Bird Fees (through 8/12)
After 8/12, add $50 to your fee.
CPE: 8 hours
Vendor: Surgent McCoy CPE, LLC
Prerequisites: Prior experience in advising clients on individual and financial planning issues
Advanced prep: None
Who should attend: CPAs who provide tax and financial advice to clients within multiple-generation family structures
Many clients overlook planning that takes into account not only their own issues but also the needs of other generations – above and below – of the extended family unit. Advisors can help achieve tax and financial planning objectives for multiple ties within the family. This course will explore various techniques for different net worth/income levels of generations.
• Identify transactions that may benefit multiple generations in a family
• Understand how the net investment income tax impacts various tax and financial planning strategies
• Understand structuring of a business and the transfer of interests in a family-owned business
• Using the trans-generational IRA to benefit lower-income parents
• How to take advantage of the Roth IRA
• Income-splitting and the creation of earned income for lower and higher generations
• Qualifying higher-generation members as dependents
• Medical expense: how younger generations can help higher-generation members • Elder care planning: reverse mortgages, Medicaid eligibility
• Checklist of documents each generation needs * Loans and gifts that may reduce or eliminate the net investment income tax
• Role of trusts in multi-generational planning
• Ownership of real estate: does the QPRT make sense?
• Succession planning: transferring a business interest; use of voting and nonvoting stock; planning for redemptions; special problems of LPs, LLCs, and partnerships; buy-sell and other restriction agreements
• Minors: using trusts, kiddie tax issues, avoiding net investment income tax; funding education and retirement through CESAs and 529 plans
• Life insurance: who needs it, and how much; use of annuities and private annuities