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 seminar will explore various techniques for different net worth/income levels of generations.
DESIGNED FOR
CPAs who provide tax and financial advice to clients within multiple-generation family structures.
BENEFITS
- 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
HIGHLIGHTS
- 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
- Elder care planning
- 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
- 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
PREREQUISITES
Prior experience in advising clients on individual and financial planning issues.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- This seminar qualifies for CFP credit.