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The CPA Journal High-Net-Worth Issue
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SEPTEMBER Features
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| Charitable Planning for Tax-Favored Retirement Accumulations
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By Andrew J. Fair and
Melvin L. Maisel
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Many high-net-worth individuals intend to use some of
their retirement accumulations toward charitable purposes, but there
can be unintended consequences if the planning
is not done right. The authors present a number of
alternative techniques that will safeguard the owner's intent. (Article)
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| Hidden Benefits of
the
'Nanny Tax'
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By Jo Ann Pinto and Joseph L. LiPari
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Many taxpayers disregard (or
are ignorant of)the reporting responsibilities imposed by the "nanny
tax." In some cases, the financial burden
of compliance is not a great as one might think. (Article)
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| Designating
a QTIP as the Beneficiary of
an IRA Under Revenue Ruling
2000-2
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By Patrick L. Emerling
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Revenue Ruling 2000-2 is
consistent with the Treasury regulations that have long
governed QTIPs and allows greater flexibility in drafting trusts that
will qualify for the marital deduction, Using specific language in the trust
instruments should ensure that an IRA qualifies for QTIP
treatment. (Article)
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| Using the IRD
Deduction to Improve Wealth
Preservation
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By
Maurice R. Kassimir, Tonia Sherrod, and Melvin L. Maisel
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Taking full advantage of
the deduction for income in respect of a decedent (IRD) under
IRC section 691(c) can avoid onerous double taxation . Proper
planning of distributions can extend tax-free accumulations
and preserve a family's wealth. (Article)
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| Shielding the Family Limited Partnership
from IRS Attacks
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| By Laurence Keiser
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Recent court decisions
appear to validate the use of limited partnerships with a
valid business purpose, blunting the IRS's attacks on the
wealth transfer method. Careful management of the affairs of
the transferor and the partnership will ensure that valuation
discounts of gift transfers will be permitted. (Article)
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| Investment
Advisory
Services Under ERISA
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By Sheldon M. Geller
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The recent dramatic growth
in wealth held in retirement plans means increased risk for
the auditors, trustees, or advisors of defined contribution
pension plans. CPAs should understand their responsibilities
under the Employee Retirement Income Security Act of 1974. (Article)
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