September Features:

The Eight Imperatives of Global Investing
By Thomas S. Hexner  (Article)
    High-net-worth individuals will want to maximize their investments, and our author presents eight keys to invest successfully in the global market. With U.S. markets performing on the blah side, it is time to take a careful look.

Irrevocable Life Insurance Trusts
By Lawrence M. Lipoff  (Article)
    An irrevocable life insurance trusts can keep the proceeds of a policy out of an estate--and safe from estate taxes. The author discusses incidents of ownership of policies, and covers the gift, generation-skipping transfer, and income tax ramifications of irrevocable life insurance trusts.

Transfer Tax Relief Under TRA '97
By Laurence I. Foster and Michael A. Kilgallen  (Article)
    The Taxpayer Relief Act of 1997made a number of changes affecting estate, gift, and generation-skipping taxes. These changes have opened up new opportunities, and presented new challenges, for the adviser to the high-net-worth individual. This article reviews those changes and explores the opportunities they create.

More on Income in Respect of a Decedent
By Stephen D. Lassar and Mark W. McGorry  (Article)
    Retirement plans are the preferred vehicles to build nest eggs, but at death, the tax deferral comes home to roost. The savings can be subject to both estate and income taxes. The authors of last September's article on avoiding this double whammy explore some additional ways to maximize the savings of high-net-worth individuals.

Answers to 20 Questions on the Use of Trusts
By Peter A. Karl III  (Article)
    This primer on trusts covers their formation, benefits, filing requirements, and tax considerations. Various kinds of trusts, such as grantor trusts, testamentary trusts, and charitable remainder trusts are also covered in the answers.

The CPA as Investment Adviser
By James F. Reeves
    CPAs are uniquely positioned to take advantage of the increasing demand for financial planning and investment services. The author examines the various forms that an advisory service can take, discusses the change in relationships with clients and third-party advisers, and weighs the plusses and minuses of fees vs. commissions.

   September Departments:

Accounting
Revenue recognition and the Bausch and Lomb case

The CPA in Industry
Arthur Andersen makes best practices easier

Estates and Trusts
What every CPA should know about Estate of Hubert

Federal Taxation
Tax deficiency interest not deductible--Tax Court reversed
Three steps towards improved IRS collections procedures

IRA Planning
Using trusts as IRA beneficiaries

The SEC Advisor
Subchapter S corporation going public

The CPA in Mediation and Arbitration
The CPA as arbitrator
In case you asked ...