Publisher's Synopsis
The 2023 Field Guide to Estate & Retirement Planning, Business Planning & Employee Benefits is an easy-to-use, practical reference that helps professionals identify and understand a broad range of key concepts and techniques used in estate, business, and employee benefit planning. Recognizing that we live in a world of visual communication, numerous drawings and charts have been included to assist readers in identifying and understanding many of the concepts which are most frequently encountered when working with clients and other professionals. It can serve as a desktop reference source, a classroom training aid, or, carried in a briefcase, as a resource to be shared with clients or other advisors.
- Organized into three sections, dealing with the subjects of estate and retirement planning, business planning, and employee benefits
- Each entry is divided into units typically consisting of a chart and accompanying text
- Cross references to 2023 editions of Tax Facts on Insurance & Employee Benefits and Social Security & Medicare Facts
- "Information Required For Analysis & Proposal" is the minimum information needed to prepare an analysis and proposal for your client, and extensive footnotes support further research needs
- Terms & Concepts contains expanded discussions of the materials previously referred to in the text and footnotes.
New in the 2023 Edition:
- An update on key provisions of the 2022 Inflation Reduction Act including the 15% corporate AMT (on businesses with book income over $1 billion) and energy efficient home and electric vehicle credits
- A new section Life Insurance and Redemption Buy-Sell Agreements, discussing Connelly v. United States, which opens up the possibility that courts could include life insurance death benefits in the valuation of business interests
- A new section, Leveraged Bonus Arrangement, describing the plan for the purchase of life insurance that is owned by the employee and paid for with compensation bonuses paid by the employer
- A new section on inherited IRAs and IRA Max Strategy under the SECURE Act
- A new section on Restricted Property Trusts, a strategy designed to provide small businesses with a large deduction currently while owners or top executives pay tax on a much lower amount
- Analysis of the 2022 decision in Estate of Marion Levine v. Commissioner, a taxpayer friendly opinion where the taxpayer pursued an aggressive split-dollar life insurance plan to minimize estate taxes
- Updates to Required Minimum Distribution tables
- The latest on the Department of Labor's fiduciary rules
Topics Covered:
- Estate, gift, and income tax planning strategies
- Business valuations and transfers
- Employee compensation and benefit planning
- Asset protection strategies
- Insurance products and risk management techniques
- Social Security, Medicare, and Medicaid eligibility and benefits
- Fringe benefits
- Trust structures and trust planning
- Corporations and pass-through entities
