by Robert S. Keebler, CPA, MST, AEP

On April 13, the Treasury Department issued its annual Revenue Raising Proposals, commonly referred to as the "Green Book". In this column we will summarize the key income tax proposals and suggest some planning ideas. These proposals include:

1. Implementing the Buffett Rule by imposing a new "Fair Share Tax;"
2. Reducing the value of certain income tax deductions and exclusions;
3. Limiting the total amount a taxpayer can accrue in tax favored retirement plans;
4. Shortening the deferral period for inherited IRAs; and
5. Taxing carried interests as ordinary income.

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Context is everything, and an important component of a financial advisor's job is to contextualize the decision-making process to enable clients to make more effective decisions with a greater likelihood of long-term success.

When planning for a couple's retirement, I frequently begin by reviewing a life expectancy chart, emphasizing two components: (1) the potential gap between the first and second deaths and (2) the potential length of time before the second death is likely to occur. Assuming a healthy 40-something couple, the gap can be 10, 15, or 20 years, if not more, and the second death isn't likely to occur until the second spouse is 90-something. Typically, this is the first time my clients are exposed to this reality, and more often than not they are stunned by what they learn.  

These two components demonstrate that retirement could... >>READ MORE 

by Philip J. Kavesh, J.D., LL.M. (Tax), CFP®, ChFC, CA State Bar Certified Specialist in Estate Planning, Trust & Probate Law 

The estate planning profession, and in particular the basic Living Trust-centered practice, has been hammered by new challenges. There's the proliferation of Internet "zoom" document providers and do-it-yourself trust kits (Suze Orman and the like). There are non-attorney trust mills increasingly grabbing market share (often in violation of the state statutes prohibiting the unauthorized practice of law). And there are bargain-priced, low-end attorneys (many of whom have jumped aboard the Living Trust craze from other areas of the law) who now compete for your business. How do you meet all these challenges?

by Kristina Schneider & Megan DeLaGarza, Executive Assistants

Being an organized assistant is important when supporting a busy professional advisor or attorney, especially one that may be meeting with multiple clients and managing multiple projects and priorities (like most professionals are doing). Organization isn't just about how your office looks, but it is also how you manage yourself and ultimately what can become your thoughts and actions. However, sometimes just the act of organizing your surrounding environment is enough to help organize some of the rest of your chaos. Staying organized with your paperwork, your desk or office space and your to-do list is probably half or more of what's involved to completely stay organized throughout your day.

We've learned that one of the biggest time-wasters for people in the workplace is... >>READ MORE