The Thursday Report 7.24.14 – Spot the Grammar Errors Edition!
Spot the Typos Answers! There were 38 typos in last week’s edition, as described below.
Special Thanks
More on Qualified Longevity Contracts – Having Life Insurance Carriers Take the Risk of People Living Beyond Their Life Expectancy, with Tax Benefits for IRA Owners – Zero Rate of Return if the Person Dies at or Before Their Life Expectance as a Trade-Of, an article by Brandon Ketron and Travis Arango, Part 1
What Estate Planning and Other Lawyers Need to Know About Bankruptcy, an article by Alberto F. Gomez and Alan S. Gassman, Part 3
Quote of the Week
We welcome contributions for future Thursday Report topics. If you are interested in making a contribution as a guest writer, please email Janine Gunyan at Janine@gassmanpa.com.
This report and other Thursday Reports can be found on our website at www.gassmanlaw.com.
Spot the Typos Answers!
We thank all of the many people who responded to our challenge to spot the number of typos we included in last week’s Thursday Report. In total, there were 38 typos in the report. No one guessed correctly but some came close. Click here to see last week’s report with the changes circled.
We are sending Kentucky Fried Chicken gift certificates to the closest three contestants, and thank you for your support.
It is a little known fact that your brain can process misspellings without you even knowing. If the first letter of a word and the last letter of a word are correct then it does not matter what order the rest of the letters are in. Perhaps that is why no one correctly guessed that there were 38 typos in last week’s Thursday Report. Thanks for playing along!
Special Thanks
We thank Jay Adkisson for his expressive praise for a recent Leimberg article that we published:
“Alan,
Another great article!
Of all the LISI articles, yours are the ones that I’ll pull over to the side of the road to read immediately.
– Jay”
To which Steve Leimberg responded:
“Jay,
That’s very nice of you but we are not responsible for any road accidents you may have.
Seriously, nothing nicer than a brilliant guy taking the time to be thoughtful and complimentary!
Warmest,
Steve”
We thank both Jay and Steve for their kind words and look forward to publishing future articles with Leimberg Information Services.
Jay Adkisson and his partner Chris Riser are the authors of the best-selling book, Asset Protection: Concepts & Strategies for Protecting Your Wealth, that can be purchased by clicking here.
They also have the best website available for reviewing the creditor protection laws of all 50 states, which can be viewed by clicking here.
Also, Jay’s nationally recognized website, Quatloos, which details scams and frauds, can be viewed by clicking here.
Hats off to Jay and Chris for everything they have done for the creditor protection and wealth preservation industries.
More on Qualified Longevity Contracts – Having Life Insurance Carriers Take the Risk of People Living Beyond Their Life Expectancy, with Tax Benefits for IRA Owners – Zero Rate of Return if the Person Dies at or Before Their Life Expectance as a Trade-Of, an article by Brandon Ketron and Travis Arango, Part 1
We are very pleased that summer law clerks Brandon Ketron, CPA && Travis Arango are writing and analyzing law, financial products, and general situations so well that we have turned them loose this week to create the following article on the new July 1 regulations that permit insurance companies to issue annuity contracts under IRAs that will not count as assets under the minimum distribution rules until payments begin (or age 85 if earlier) and will provide lifetime payments for the IRA holder (and spouse if chosen as an option).
Take it away Brandon and Travis!
The $125,000 question:
Should your clients over age 70 ½ reduce their IRA minimum distributions by investing in specially designed annuity products?
Introduction:
The insurance industry received a July 4th gift from the Internal Revenue Service in the form of a new regulation released on July 1, 2014 that makes it possible to place IRA and pension plan investments into fixed annuities that will enable the IRA holder or plan participant to avoid the minimum distribution rules that apply after age 70 ½ to the extent that IRA or plan assets are held under such vehicles. The maximum amount that can be contributed into such fixed annuities under an IRA or pension will be the lesser of $125,000 or 25% of the value of the pension or IRA account as of the time of the investment. Basically, the value of such contracts will not be considered to be assets of the IRA or pension for purposes of the minimum distribution rules until the owner is age 85.
None of the life insurance or annuity companies have released their products as of yet.
These rules will also allow QLAC’s to be held under 403(b), and 457(b) plans, but not under defined benefit plans or Roth IRA’s.
Under the regulations these annuity contracts will not be variable or equity indexed annuities, even if they offer a guaranteed minimum rate of return, unless or until explicitly approved by the Internal Revenue Service. Instead, the products available will be ones with a fixed rate of return, life payment, or other similar contract that can be expected to guarantee a minimum rate of return, and to actually credit a slightly higher rate of return in the same manner that many whole life insurance products now offer. The preamble to the new regulation points out that variable and equity indexed annuities with contractual guarantees provide an unpredictable level of income to the holder and are therefore inconsistent with the purpose of the new regulation.
A typical arrangement would be that a taxpayer could invest $125,000 (the maximum amount that can be invested is the lesser of 25% of the value of the qualified account at the time of the investment or $125,000) into a deferred income annuity contract that would pay-out monthly income at an elected age (not to exceed 85) to the account holder or plan participant.
One very knowledgeable advisor, Michael Morrissey of Vanguard’s annuity division gave us the following example of how a hypothetical QLAC might perform.
A 65 year old male who wants to receive a monthly income of $1,000 per month for life beginning at age 80 can pay $47,920 for a life annuity right now. The annuity contract would include not only the above payments, but also a refund on death to the extent that the total payments received before death did not amount to $47,920. The value of this contract would not be subject to the minimum distribution rules until the gentleman reaches age 80.
The new regulations require that payments from a QLAC must begin to be made by age 85. A 65 year old male who wants to receive $1,000 a month for life beginning at age 85 would only have to pay $26,634 for a Vanguard life annuity contract, which would also provide a refund to the extent that total payments are less than $26,634 upon death.
In both of the above arrangements there is a death benefit feature, as is permitted under the new regulations, which will provide that if the account holder dies before receiving payments equal to the amount invested, then the deficit amount will be paid to the account holder’s beneficiaries (typically without interest) shortly after death. In the alternative, payments might continue for the lifetime of a surviving spouse who could roll the annuity over to his or her own IRA and continue to have the benefit of payment rights. If the account holder dies before the elected age to begin distributions, the new regulations allow a contract to return only the principal amount invested ($125,000).
Definition of a QLAC According to the New Regulation
A QLAC’s premiums paid for the contract cannot exceed the lesser of $125,000 or 25% of the account balance as of the last valuation date preceding the date of a premium payment. This is increased for contributions added to the account and decreased for distributions made from the account after the valuation date but before the premium payment date. The QLAC’s value is excluded from the account balance that is used to figure out the required minimum distributions. However, the value of the QLAC is included for applying the 25% limit. The IRS kept the dollar and percentage limit to “constrain undue deferral of distribution of an employee’s interest.”
If an annuity contract is not a QLAC simply because the premiums for the contract are over the premium limits then the contract will still be a QLAC if the excess premium is returned to the non-QLAC part of the account by the end of the year following the year the excess was paid. This excess can be returned to the account by cash or in an annuity contract that is not intended to be a QLAC. If at any time the QLAC or intended QLAC contract fails for reasons other than exceeding premium limits, the contract will not be treated as a QLAC from the date of the first premium payment.
This dollar limitation will be adjusted in the same time and manner as under section 415(d) except: (1) The base period will be the quarter beginning six months before the effective date of the regulation and (2) Any increase that is not a multiple of $10,000 will be rounded down to the next multiple of $10,000.
The contract must provide for distributions to be made no later than a specific annuity starting date. This date cannot be later than the first day of the month following the employee’s age of 85. An employee can elect to have an earlier annuity starting date but the contract is not required to have an option to start distributions before the annuity starting date. The maximum age may be adjusted based on changes in mortality. However, the IRS believes that these changes will not occur more often than the dollar limit adjustment.
A variable contract under section 817, an indexed contract or, a similar contract do not count as a QLAC but the Commissioner may create an exception to this rule. However, a participating annuity contract is not similar to a variable contract or indexed contract just because it has payments of dividends shown in A-14(c)(3) of section 1.401(a)(9)-6. The regulation also noted that a contract that has a cost-of-living adjustment, discussed in A-14(b) of section 1.401(a)(9)-6, is not considered similar to a contract that is variable or indexed.
Other QLAC requirements will be covered in next week’s issue, which should be reviewed carefully.
Hypothetical Example and Chart
We have prepared a spread sheet that illustrates the use of a QLAC in an IRA. This example assumes that a male age 65 has $500,000 in an IRA that is growing at 3.5%. The male invests the maximum amount of $125,000 into a QLAC, that will provide yearly payments of $51,948 beginning at age 85. When required minimum distributions kick in at the age of 70, the QLAC will not count as part of the IRA balance, resulting in a tax savings of $2,220.73. At the age of 85 when the QLAC will begin to make payments, the individual will have a total tax savings of $40,916.31.
From an investment standpoint, the benefit of investing in a QLAC depends on how long the individual survives. We assumed the same individual did not invest the $125,000 in the QLAC and left the money in the IRA growing at 3.5% in order to compare the two options. For the investment in the QLAC to provide a greater rate of return, the individual would have to live to the age of 88. The longer the individual lives, the greater the rate of return. Below is a chart comparing the two options, and a detailed spreadsheet of the options is available upon request.
What Estate Planning and Other Lawyers Need to Know About Bankruptcy, an article by Alberto F. Gomez and Alan S. Gassman, Part 3
We left off describing cases, and, situations, where, courts, have, allowed, planning actions finalized shortly before a bankruptcy to stand, and not be considered as “fraudulent transfers” when clearly performed for business or planning purposes, notwithstanding prejudice to creditors.
For example, in In re Agnew,[1] a farmer owned an undivided 1/5 interest in farmland along with some farming equipment; his mother, in trust, owned the remaining 4/5 undivided interest in the land. The farmer leased the 4/5 parcel from his mother for farming purposes and to live on. Before filing bankruptcy, the farmer transferred his 1/5 interest in the land and his farm equipment to his mother’s trust, in exchange for the parcel of land on which he lived. Years before the transfer, the farmer and his mother had discussed making this transfer to ensure that his siblings would not evict him after his mother died.
At issue was whether this transfer should be defeated by Bankruptcy Code Section 522(o)(4), which authorizes the reduction of the amount claimed by a bankruptcy debtor as to homestead property in the amount of any such property that was disposed of in a 10-year period prior to the filing of the bankruptcy petition, if the transfer was made with the intent to hinder, delay, or defraud creditors. Fortunately for the debtor/farmer, the court found there was no intent to defraud creditors; the anticipated bankruptcy filing was not the reason for this transfer even though it was admitted to have been recommended by a bankruptcy consultant shortly before the bankruptcy filing.
In contrast, In re Lacounte,[2] the court found that a husband and wife debtor did violate Bankruptcy Code Section 522(o) by selling assets to intentionally divert funds away from creditors. Anticipating bankruptcy, the debtor’s daughter sought counsel of an attorney who advised the husband and wife to sell off what they did not need, and use the proceeds to pay down their home mortgage. The Debtors sold 3 family cars and the husband’s future interest in his mother’s 680 acre farm. They used the proceeds from these sales to pay down the mortgage on their home even though debtors had incurred more than $180,000 in gambling debts on their credit cards. The debtors also transferred the wife’s future interest in her mother’s home back to her mother because they understood that in bankruptcy proceedings she would most likely lose this family asset to creditors.
The court held that selling the assets and utilizing the proceeds to pay down the home mortgage was done solely to keep the assets out of reach of creditors. The court found this violated 522(o) and the debtor’s homestead exemption was reduced by the amount they received as proceeds from sales of their assets.
Keep in mind that in each of the cited cases, the debtors chose to file voluntarily. In most cases, the debtor may very well be judgment proof and would not have to defend against a creditor with strong-arm powers, such as a trustee. If a debtor has implemented an estate plan with creditor protection features, it is logical to ask, why voluntarily file a bankruptcy?
The point: Often it will be best to “hunker down,” live with a judgment and occasional depositions in aid of execution and continually attempt to settle as the years roll on. Keep in mind that as the years roll on, the statutes of limitation continue to click away.
If a planning or asset protection plan is implemented aftera demand for payment by a creditor and/or entry of a judgment, a bankruptcy court will be more inclined to find that the plan was a fraudulent transfer.
Planners should advise clients that the risk of a bankruptcy court setting aside or disregarding an asset protection plan increases exponentially based upon the timing of the plan and the existence of a creditor claim. While the burden is on the trustee in bankruptcy to prove that a transfer can be set aside as fraudulent, evidence other than the debtor’s testimony, such as communication with third parties, and lack of non creditor planning reasons may be used to determine if sufficient proof exists.
A court evaluating whether sufficient “badges of fraud” exist to demonstrate a fraudulent transfer may consider whether:
1) the transfer is to an insider;
2) the debtor has retained control of the asset;
3) the transfer was concealed;
4) before the transfer, the debtor was sued or demand was made;
5) the transfer was of substantially all of the debtor’s assets;
6) the debtor absconded;
7) the debtor removed or concealed assets; and
8) there was no reasonable equivalent value or consideration for the transfer.
Ideally, the Plan should be implemented before any creditor claim arises. Many times, the timing of the Plan cannot be controlled, but will be a significant factor.
Under the 2005 Bankruptcy Act, a debtor must maintain a domicile within a certain state for the two years (730 days) prior to filing a petition in order to have that state’s exemption laws apply in the bankruptcy.[3] If the debtor’s domicile was not located in a single state for that 730-day period, then it is necessary to determine where the debtor resided for the 180 days before those 730 days (days 731 through 910).[4] In those situations the exemption laws of the state where the debtor was domiciled the greatest number of days between day 910 before filing and day 730 before filing will be the state law to apply in the bankruptcy.[5]
Further, as discussed below, a 1,215 day rule applies to qualify a “non-fraudulent transfer into a homestead” for full protection in bankruptcy, even where the state fraudulent transfer rules would not cause a set aside to occur (such as in Florida).[6] A ten-year statute, as described below, will provide for loss of equity in homestead attributable to fraudulent transfers made into the homestead within ten years of filing bankruptcy.
LIMITING RISK:
As a threshold matter, the first decision is whether to file a voluntary bankruptcy petition.
Our discussion on limiting risk and deciding if and when to ever file a bankruptcy will be provided next week.
________________________________
[1]In re Agnew, 355 B.R. 276 (Bankr. D. Kans. 2006).
[2]In re Lacounte, 342 B.R. 809 (Bankr. D. Mont. 2005).
[3]11 U.S.C. Section 522(b)(3)(A) (2007).
[4]Ibid.
[5]Ibid.
[6]Fla. Const. Art. X § 4 providing, in general, that Florida homestead shall be exempt from forced sale; see Fla. Stat. § 222.20 excluding the availability of federal exemptions to Florida residents.
Quote of the Week
“[T]he pursuit of greatness…is as much or more about flair, grotesque mistakes, eccentricity, and passion as it is about ‘failproof’ systems. In short, reduce to zero the odds of nothing going wrong and you’ll also reduce to zero the odds of anything interesting happening.”
– Tom Peters
While we need to get client work exactly right, and there is no substitution for accuracy, the development of our practices, the way we do things, and the way we communicate has to change in order to keep up with the times. Try something new this week, it might just knock your socks off!
Tom Peters is the author of In Search of Excellence, Thriving on Chaos, The Little Big Things: 163 Ways to Pursue Excellence and many other books. More information on Tom Peters can be found by clicking here.
Upcoming Seminars and Webinars
FREE LIVE WEBINAR:
GAUGING AND HANDLING ENTITLEMENT TENDENCIES OF BENEFICIARIES, EMPLOYEES AND OTHERS – A FASCINATING AND EXTREMELY PRACTICAL GUIDE ON SOCIETY’S NEWEST ISSUE
Date: Tuesday, July 29, 2014 | 12:30 p.m. (30 Minute Webinar)
Speakers: Stephanie Thomason, Ph.D. and Alan S. Gassman, Esq.
Location: Online webinar
Additional Information: To register for the webinar please click here.
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CLEARWATER WORKSHOP FOR YOUNG LAWYERS:
Alan Gassman will be joined by several experienced attorneys and other well respected industry experts during a full day workshop for young lawyers who wish to enhance their practice and personal lives.
Date: Sunday, August 3, 2014 | 9am – 3pm
Location: Clarion Hotel, 20967 US 19 N., Clearwater
Additional Information: To register for this program please email agassman@gassmanpa.com
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FREE LIVE WEBINAR:
HIPAA MEDICAL OFFICE DISASTER AVOIDANCE CHECKLIST
This 20-25 minute webinar includes valuable forms and important strategies that every medical office should know about. Join us for an interactive and innovative discussion of how medical practices can be decimated by HIPAA, including a number of survival techniques, tips, and tools.
Date: Tuesday, August 5, 2014 | 12:00 p.m. and 7:00 p.m.
Speakers: Alan S. Gassman, Lester Perling, and Jeff Howard
Location: Online Webinar
Additional Information: To register for the 12 p.m. webinar, click here. To register for the 7 p.m. webinar, please click here.
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FREE LIVE WEBINAR:
SOFTWARE UPDATE WEBINAR: NEW FEATURES FOR ATTENDING CREATURES
Alan Gassman will be joined by Kenneth J. Crotty and software designer Dave Archer to discuss the new features of our EstateView software. Additionally, there will be a session for new users to become familiar with the program.
Date: Wednesday, August 6, 2014 | 12:30 pm (30 minutes)
Location: Online webinar
Additional Information: To register for the webinar please click here.
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FREE LIVE WEBINAR:
A POWERFUL 40 MINUTE DOUBLE HEADER WITH JONATHAN BLATTMACHR
Topics:
- Foreign vs. Domestic Asset Protection Trusts: More Than Just Creditor Protection Considerations
- Empowering Your Powers of Appointment: Don’t Leave Out Important Tax and Practical Provisions or Ignore Important Considerations. With Sample Provisions
Date: Tuesday, August 12, 2014 | 12:00 p.m.
Location: Online webinar
Additional Information: To register for the webinar please click here.
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LIVE ISLE OF MAN PRESENTATION:
Alan S. Gassman will be speaking on US TRUST AND TAX LAWS FOR INTERNATIONAL INVESTORS at Cayman National Bank and Trust Company on the Isle of Man
Sign up now and you will receive a free lunch! Transportation not included.
“Half-way between England
And Ireland in the Irish Sea.”
Is a great place to discuss trusts with glee.”
Date: Wednesday, September 3, 2014
Additional Information: If you would like to receive a copy of the materials that will be presented please email Janine Gunyan at janine@gassmanpa.com and we will send them to you once they are ready.
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FREE LIVE WEBINAR:
Kenneth J. Crotty will be presenting a free live webinar entitled AVOIDING DISASTER ON HIGHWAY 709. The 50 minute guide to disaster avoidance with respect to gift tax returns. This webinar will qualify for 1 hour of CLE and CPE credit.
Date: Wednesday, September 3, 2014 | 12:30 p.m. (50 minutes)
Location:Onlinewebinar
Additional Information: To register for the webinar please click here.
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LIVE FT. LAUDERDALE PRESENTATION:
FICPA ANNUAL ACCOUNTING SHOW
Alan S. Gassman will be speaking at the FICPA Annual Accounting Show on Thursday, September 18, 2014 on the topic of ESSENTIAL GUIDE TO BASIC TRUST PLANNING for 50 minutes.
This presentation will introduce basic and intermediate trust planning background and provide attendees with an orderly list of the most commonly used trusts, practical features and traps for the unwary, including revocable, irrevocable and hybrid. The discussion will include tax, creditor protection and probate and guardian considerations.
Date: Wednesday, September 17 through Friday, September 19, 2014
Location: Fort Lauderdale, Florida
Additional Information: For more information about this program please contact Stephanie Thomas at ThomasS@ficpa.org
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LIVE CLEARWATER PRESENTATION:
Board Certified Tax Attorney Michael O’Leary from the Trenam Kemker firm in Tampa, Florida and Christopher Denicolo from Gassman Law Associates will be speaking at the Ruth Eckerd Hall Planned Giving Advisory Council event on Tuesday, September 23, 2014.
Mr. O’Leary’s topic is HOT TOPICS IN CHARITABLE PLANNING AND MORE.
Mr. Denicolo’s topic is PLANNING FOR INHERITED IRAS.
Date: Tuesday, September 23, 2014 | 5:00 p.m.
This presentation is free to members of the Ruth Eckerd Hall Planned Giving Advisory Council, Ruth Eckerd Hall members, and professionals who are attending a Ruth Eckerd Hall Planned Giving Advisory Council event for the first time.
Additional Information: You can contact Suzanne Ruley at sruley@rutheckerdhall.net or via phone at 727-791-7400, David Abelson at david.abelson@morganstanley.com or via phone at 727-773-4626, Alan S. Gassman at agassman@gassmanpa.com or via phone at 727-442-1200 or the Kentucky Fried Chicken located at 1960 Gulf to Bay Blvd, which is close in proximity to this location and available to provide you with crisp, spicy or even crispier chicken, mashed potatoes and gravy, rolls, and slaw! Bring your 32 oz. Kentucky Fried Chicken drink container to the presentation and we will fill it with your choice of club soda or seltzer water, but no sharing permitted.
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LIVE NEW JERSEY PRESENTATION – WHAT NEW JERSEY LAWYERS NEED TO KNOW ABOUT FLORIDA LAW TO REPRESENT SNOWBIRDS AND FLORIDA BASED BUSINESSES:
NEW JERSEY INSTITUTE FOR CONTINUING LEGAL EDUCATION (ICLE)_SPECIAL 3 HOUR SESSION
New Jersey song trivia: What song includes the words “Counting the cars on the New Jersey Turnpike, they’ve all gone to look for America”? What year was it recorded and who wrote it?
Alan S. Gassman will be the sole speaker for this informative 3 hour program entitled WHAT NEW JERSEY LAWYERS NEED TO KNOW ABOUT FLORIDA LAW
Here is some of what the New Jersey Bar Invitation for this program provides:
New Jersey residents have always had a strong connection to Florida. We vacation there (it’s our second shore), own Florida property (or have favored relatives that do) and have family and friends living there. Sometimes our wealthiest clients move to Florida and need guidance, and you need background in order to continue representation.
There are real and significant differences between the two states that every lawyer should be cognizant of. For example, holographic wills are perfectly legitimate in New Jersey and anyone can serve as an executor of an estate, which is not the case in Florida. Also, Florida’s new rules regarding LLCs are different, and if you are handling estates of New Jersey decedents who owned Florida property, there are Florida law issues that must be addressed. Asset protection differs significantly in Florida too.
Gain the knowledge you need to assist your clients with Florida matters including:
- Florida specific laws involving businesses, trusts, and estates
- Florida tax planning
- Elective share and homestead rules
- Liability Insulation and Planning
- Creditor Protection and Strategies
- Medical Practice Laws
- Staying within Florida Bar Guidelines that allow representation of Florida clients
Comments from past attendees of this program:
- Excellent seminar and materials!!!
- This was one of the best ICLE seminars yet!
- One of the best seminars I have attended.
- Better than mashed potatoes and gravy. Glad he didn’t serve grits!
Date: Saturday, October 4, 2014
Location: TBD
Additional Information: This is a repeat of the same program that we gave last year, but our book is now updated for the new Florida LLC law and changes in estate and trust law. Please tell all of your friends, neighbors, and enemies in New Jersey to come out to support this important presentation for the New Jersey Bar Association. We will include discussions of airboats, how to get an alligator off of your driveway, how to peel a navel orange and what collard greens and grits are. For additional information, please email agassman@gassmanpa.com
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LIVE NEW PORT RICHEY PRESENTATION:
Alan S. Gassman, Kenneth J. Crotty and Christopher J. Denicolo will address the North FICPA Group on Financial Analysis and Tax Planning for Investment Products, Including Variable Annuities, Fixed Annuities, Life Insurance Contracts, and Mutual Funds – What Should the Tax and Financial Advisor Know and Advise?
Be there or be an equilateral triangle!
Date: Wednesday, October 15, 2014 | 4:30 p.m.
Location: Chili’s Port Richey, 9600 US 19 N, Port Richey, Florida
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LIVE CLEARWATER PRESENTATION
Alan Gassman will be speaking at the Pinellas County Estate Planning Council Fall Seminar on PLANNING FOR SAME GENDER COUPLES
Date: Thursday, October 23, 2014 | 8:00 am
Location: Ruth Eckerd Hall, 1111 N. McMullen Booth Road, Clearwater, Fl
Additional Information: To register for this event please email agassman@gassmanpa.com
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LIVE PASCO COUNTY PLANNED GIVING (AND DRINKING!) COCKTAIL HOUR AND PRESENTATION:
Alan S. Gassman and Christopher J. Denicolo will be speaking at the Pasco-Hernando State College’s Planned Giving Consortium Luncheon on Planning for Inherited IRA’s in View of the Recent Supreme Court Case – and Demystifing the “Stretch in Trust” Ira and Pension Rules
Date: Thursday, October 23, 2014 | 4:30 p.m.
Location: Spartan Manor, 6121 Massachusetts Avenue, Port Richey, Florida
Additional Information: For more information, please contact Maria Hixon at hixonm@phsc.edu
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LIVE SARASOTA PRESENTATION:
2014 MOTE VASCULAR SURGERY FELLOWS – FACTS OF LIFE TALK SEMINAR FOR FIRST YEAR SURGEONS
Alan Gassman will be speaking on the topic of ESTATE, MEDICAL PRACTICE, RETIREMENT, TAX, INSURANCE, AND BUY/SELL PLANNING – THE EARLIER YOU START THE SOONER YOU WILL BE SECURE
Date: October 25 – 26, 2014 | Alan Gassman is speaking on Sunday, October 26, 2014
Location: TBD
Additional Information: Please contact agassman@gassmanpa.com for additional information.
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LIVE CLEARWATER PRESENTATION:
TAMPA BAY CPA GROUP
Alan S. Gassman, Kenneth J. Crotty and Christopher J. Denicolo will be presenting THE MATHEMATICS OF ESTATE PLANNING in a 2 hour session at the Tampa Bay CPA Group Fall 2014 Seminar.
Date: November 7, 2014
Location: Marriott Hotel, 12600 Roosevelt Blvd North, St. Petersburg, FL 33716
Additional Information: For more information please contact Richard Fuller at richardf@fullercpa.com.
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LIVE UNIVERSITY OF NOTRE DAME PRESENTATION:
40th ANNUAL NOTRE DAME TAX & ESTATE PLANNING INSTITUTE
Topic #1: PLANNING WITH VARIABLE ANNUITIES AND ANALYZING REVERSE MORTGAGES
This presentation will cover the unique income tax and financial planning characteristics of fixed and variable annuities.
Topic #2: THE MATHEMATICS OF ESTATE AND ESTATE TAX PLANNING
Christopher J. Denicolo, Kenneth J. Crotty and Alan S. Gassman will also be presenting a special Wednesday late p.m. two hour dive into math concepts that are used or sometimes missed by estate and estate tax planners. This will be an A to Z review of important concepts, intended for estate planners of all levels, sizes and ages. Donald Duck has rated this program A+.
Date:November 13 and 14, 2014
Location: Century Center, South Bend, Indiana
We welcome questions, comments and suggestions on variable annuities, which will be Alan Gassman’s topic for this conference.
Additional Information: The focus of this year’s institute will be on “Business Succession Planning: An Income Tax, Estate Tax and Financial Analysis.” As in past years, several sessions are designed to evaluate certain financial products and tax planning techniques so that the audience can better understand and evaluate these proposals in determining not only the tax and financial advantages they offer, but also evaluate limitations and problems they may cause in the future. Given that fewer clients will need high-end estate tax planning with the $5 million exemptions, other sessions will address concerns that all clients have. For example, a session will describe scams that target elderly individuals and how to protect the elderly from these scams. As part of the objective on refreshing or introducing the audience to areas that can expand their practice, other sessions will review the income tax consequences of debt cancellation, foreclosures, short sales, the special concerns that arise in bankruptcy and various planning available to eliminate the cancellation of debt income or at least defer it with a possible step-up basis at death. The Institute will also continue to have sessions devoted to income tax planning techniques that clients can use immediately instead of waiting to save estate taxes far in the future.
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LIVE FORT LAUDERDALE PRESENTATION:
Alan Gassman will be speaking at the 2015 Representing the Physician Seminar on the topic of DISASTER AVOIDANCE FOR THE DOCTOR’S ESTATE PLAN.
Speakers will include Radha Bachman, J.D. who will speak on items that need to be handled on the purchase or sale of a medical practice, with a comprehensive checklist; Cynthia Mikos, J.D. on the dangers of physician recruiting agreements; Michael O’Leary, J.D. will be speaking on Really Hot Tax Topics, and there will be many other amazing speakers and topics, not to mention a very pleasant happy hour the evening before at the beautiful Ft. Lauderdale Renaissance Hotel.
Date: January 16, 2015
Location: Renaissance Fort Lauderdale Cruise Port Hotel, 1617 SE 17th Street, Ft. Lauderdale, FL.
Additional Information:For more information, please email Alan Gassman at agassman@gassmanpa.com
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LIVE NAPLES PRESENTATION:
2nd ANNUAL AVE MARIA SCHOOL OF LAW ESTATE PLANNING CONFERENCE
Date: Friday, May 1, 2015
Location: Ave Maria School of Law, 1025 Commons Circle, Naples, Florida
Additional Information: Jerry Hesch and Alan Gassman will present The Mathematics of Estate Planning. If you liked Donald Duck in Mathematics Land, you will love The Mathematics of Estate Planning. This will not be a Mickey Mouse presentation.
Other speakers include Jonathan Gopman, Bill Snyder, Elizabeth Morgan, Greg Holtz, and others.
Please let us know any questions, comments, or suggestions you might have for this amazing conference, which features dual session selection opportunities in one of the most beautiful conference facilities that we have ever seen.
And don’t forget to have a great weekend in Naples with your significant other or anyone who your significant other doesn’t know! Domino’s Pizza is extra.
NOTABLE SEMINARS BY OTHERS
(We aren’t speaking but don’t tell our mothers!)
LIVE ORLANDO PRESENTATION
49th ANNUAL HECKERLING INSTITUTE ON ESTATE PLANNING
Date: January 12 – 16, 2015
Location: Orlando World Center Marriott 8701 World Center Drive, Orlando, Florida
Additional Information: For more information please visit: https://www.law.miami.edu/heckerling/?op=0
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LIVE ST. PETERSBURG PRESENTATION:
ALL CHILDREN’S HOSPITAL FOUNDATION
Date: Thursday, February 12, 2015
Location: St. Petersburg, FL
Additional Information: Please contact Lydia Bennett Bailey at Lydia.Bailey@allkids.org for more information.
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LIVE PRESENTATION:
2015 FLORIDA TAX INSTITUTE
Date: Wednesday through Friday, April 22 – 24, 2015
Location: TBD
Additional Information: Please contact Bruce Bokor at bruceb@jpfirm.com for more information.
Applicable Federal Rates
