Category: Conference Call

Conference Call: 10 Questions to Consider When Preparing for the Passing of a Loved One

Death represents a significant and vulnerable point in time for both the individual facing it and his or her loved ones. In the medical field, it is even associated with failure; only five out of 125 medical schools (4%) in the country offer a course on death and dying. This negative stigma means that what should be accepted as a natural part of life, often becomes an uncomfortable topic.

However, it is important to talk about death with loved ones. There are emotional benefits to reflecting on a life spent together, and expressing gratitude and admiration. It is also important to ask difficult questions so that this topic receives adequate attention and preparation. While everyone would prefer to focus on life, a significant amount of stress related to death can be reduced by proper planning.

Press play to hear McManus & Associates Founding Principal John O. McManus explain his 10 recommendations below for getting the best end-of-life care:

 

1. Know your options – What is the difference between hospice and palliative care?

2. Dot your i’s and cross your t’s – Are all the necessary legal documents in order?

3. Broach the subject – Have you had a discussion with your loved one to understand what his or her wishes are?

4. Nail down the timeline – When does your loved one want end-of-life care to begin?

5. Research reputation – Have you discovered all that you can about the potential care facilities that you are considering?

6. Find out who is behind the mask – How well do you know your loved one’s care providers?

7. Do your due diligence – Have you done your own research? Have you asked care providers to tell you what you can do to help? Have you explored all of the factors that could influence your decision?

8. Learn the ins and outs – Is in-patient or out-patient care best for your loved one and family?

9. Prepare Plan B – Do you have a backup plan?

10. Ask for help – Could your loved one and family benefit from counseling?

For guidance on ensuring that your estate plan reflects your wishes for life and death, contact McManus & Associates at 908-898-0100.

Conference Call: Year-End Boot Camp

There are a limited number of days left in 2017. McManus & Associates Founding Principal John O. McManus recently discussed imperatives before year-end for the firm’s clients, in light of significant current events, concerns, and considerations, and amidst a changing tax and economic environment. Listen to the call below, as well as review the list of topics that are covered. 

 

1.Tax Reform –  How will potential estate tax repeal impact you?

2. Estate Freezes – You have exhausted much of your lifetime gift exemption; how can a GRAT aid in shifting wealth in a tax-effective manner?

3. Low Interest Rates and the Market – How does the continued low-interest rate environment support the transfer of investments to the next generation?

4. Leveraging Existing Trusts – How can you deploy previously gifted assets to participate in other estate tax minimization strategies?

5. Family Limited Partnerships – What actions should you be taking in light of the new Partnership Audit rules?

6. Estate Tax – Can estate tax be eliminated if you have taken full advantage of all wealth transfer opportunities but still have a sizable net worth?

7. Asset Protection – Are you confident in your protections against exposure to personal and professional liability?

8. Life Insurance – How does premium financing of life insurance by a family member or bank shift wealth and minimize tax?

9. Planning with Basis – Can you take advantage of upstream gifting to an older family member to minimize capital gains tax?

10. Compliance – Are you certain that you have met the IRS requirements for reporting gifts that you have made in 2016 and prior to 2016?

Conference Call: 10 Precautions for Protecting the Benefits of Your Private Foundation

Interested in protecting your estate and maximizing the impact of your charitable giving? Then establishing a Private Foundation is worth your consideration.

A Private Foundation provides the ability to retain control over the administration and investment of assets that have been recognized as important for future grant-making. By making gifts from your Foundation to charities in increments over time, you can extend your influence over the ongoing use of your gifts.

While there are many advantages of Private Foundations, there are also often-overlooked pitfalls (see below), which McManus & Associates Founding Principal John O. McManus recently discussed with clients, as part of the firm’s educational focus series. To listen, click here:

 

1. Using care when compensating family members through the foundation
2. Beware the penalties for self dealing
3. How to address office sharing with family offices
4. Promptly addressing misuse of foundation funds or income
5. Why you should avoid legally binding pledges
6. How to protect the founder’s mission
7. When to seek legal advice
8. How to exercise expenditure responsibly
9. Identifying any benefits from joint investments or co-ownership
10. Using caution with ticketing and fundraising events.

For guidance on the creation or management of a Private Foundation, contact McManus & Associates at 908-898-0100.

Conference Call: 10 Ways to Prevent Affluenza

Affluenza: “An Ounce of Prevention Is Better than a Pound of Cure”

According to American author Mignon McLaughlin, “There are a handful of people whom money won’t spoil….” Do you think your children are among them? From over 25 years working with wealthy families, we’ve learned that older generations must be intentional to guard against the development of affluenza in children of all ages. As with lottery winners and athletes who often squander significant sums of cash, children who see an influx of assets may mishandle what they have been given without proper preparation.

The term “affluenza”, also known as sudden wealth syndrome, is a portmanteau of the words “affluence” and “influenza.” It is typically characterized by a lack of motivation or a sense of entitlement among those who have inherited large amounts of money.

During a conference call with clients, McManus & Associates Founding Principal John O. McManus recently shared his thoughts on the 10 preventative measures against affluenza below.

LISTEN HERE for details: “10 Ways to Prevent Affluenza”

    1. Discipline Reality Check
    2. Better to Give than Receive
    3. Money Can’t Buy Happiness
    4. Patience Is a Virtue
    5. Knowledge Is Power
    6. No Substitute for Hard Work
    7. Word to the Wise
    8. Failing to Plan Is Planning to Fail
    9. Know when to Say No
    10. Preparation Is the Key to Success

Conference Call: 10 “Must Do” Estate Planning Strategies While We Wait for Congress to Act

The election of Donald Trump to the presidency and Republican control of both houses of Congress make estate tax reform extremely likely in the next two years.  However, given the incoming administration’s other proclaimed priorities, including the repeal of Obamacare, minimization of illegal immigration, increases in defense spending and infrastructure improvements, there are already questions about the feasibility of adopting all of the proposed tax initiatives. Furthermore, there is much uncertainty about particular aspects of the Republican tax proposal (including a replacement tax on the wealthy), and there is already concern about the likely impermanence of any new legislation. These factors highlight the importance of flexibility in preparing an estate plan and proceeding with wealth transfers suited to the current political and economic circumstances.

In a recent conference call with clients, McManus & Associates Founding Principal John O. McManus highlighted the current appealing strategies and opportunities available as part of an estate plan. Click below to hear him discuss the following list:

LISTEN HERE for details: “10 ‘Must Do’ Estate Planning Strategies While We Wait for Congress to Act”

  1. Annual exclusion gifts
  2. Lifetime exemption gifts
  3. Short-term and mid-term Grantor Retained Annuity Trusts (GRATs)
  4. Estate Freeze Installment Sales
  5. Family Limited Partnerships
  6. Upstream Gifting
  7. Community Property Trusts
  8. Charitable Remainder Trusts (CRT)
  9. Drafting Flexibility in Core Planning Documents
  10. Philanthropic Planning

Conference Call: Top 10 Ways to Solidify an Estate Plan Post-Execution

Execute and shelve is not an effective approach to estate planning. McManus & Associates, a top-rated estate planning law firm celebrating 25 years of success, today revealed the “Top 10 Ways to Solidify an Estate Plan Post-Execution,” a recent installment in its Educational Focus Series. During a conference call with clients, the firm’s Founding Principal and AV-rated Attorney John O. McManus shared tips on how to build a solid and complete Estate Plan to protect and nurture your family today and for generations to come.

“To make your estate plan solid, there are numerous issues to consider and actions to be taken that extend far beyond drafting documents,” commented McManus. “Building a foundation through strategic planning and establishing the framework for one’s legacy are important steps, but until all the core elements of the structure are in place, there’s more work to do.

“Today, in the Trump Era, with all the uncertainty about where the estate tax and income tax regimes converge and diverge, it is critical to ensure that core protection work is completed as we batten down the hatches, protecting for the storm of changes most certainly on the horizon. To ignore fully completing this core work as we await changes to more complex tax issues is not the most conservative approach. In fact, some have said that to neglect core planning is tantamount to being reckless with one’s loved ones.

McManus added, “As family dynamics and the legal environment evolve, it’s particularly important after the core work is completed to revisit and revise that portion of one’s estate plan, as needed.”

LISTEN HERE for details: “Top 10 Ways to Solidify an Estate Plan Post-Execution”

Conference Call: 9 Year-End Charitable Tips for 2016 and Philanthropic Strategies for 2017 and Beyond

Year-end giving allows you to positively impact the greater good by helping charities in need, while reducing your 2016 tax liability. During a new conference call with clients, John O. McManus shares important advice on how to give now to capture the greatest income tax deductions, and he identifies tax-efficient estate planning vehicles to consider for your ongoing philanthropic mission.

LISTEN HERE: “9 Year-End Charitable Tips for 2016 and Philanthropic Strategies for 2017 and Beyond”

“The result of this year’s election makes taking advantage of deductions in 2016 even more urgent and more important,” explained McManus. “Income tax rates will likely go down in 2017, reducing the value of deductions. Because tax deductions are more impactful when tax rates are higher, consider making your charitable gifts for 2017 before the end of 2016.”

Conference Call: Top 10 Tax Planning Tasks to Complete before the End of 2016 in Light of President-Elect Trump’s Proposals

In light of Donald Trump’s election and his pre-election platform to reduce marginal income tax rates, there are several planning strategies that should be considered as part of your year-end planning. Today, McManus & Associates Founding Principal John O. McManus held a conference call with clients to discuss the 10 items listed below.

LISTEN HERE: “Top 10 Tax Planning Tasks to Complete before the End of 2016 in Light of President-Elect Trump’s Proposals”

Conference Call: The Truth behind ‘Trumped Up, Trickle Down’ and Clinton’s ‘War on the Wealthy’

Presidential candidates Donald Trump and Hillary Clinton presented their tax plans in the first quarter of this year, but both candidates modified their proposals in September. McManus & Associates Founding Principal and AV-rated Attorney John O. McManus offered his thoughts on the impact that each proposal would have on tax planning and wealth management. To hear discussion on the salient points from each of the candidates’ tax plans, click below:

LISTEN HERE for details: “The Truth behind ‘Trumped Up, Trickle Down’ and Clinton’s ‘War on the Wealthy'”

Conference Call: Proposed Treasury Regulations and Discounting

Proposed IRS regulations were recently issued that would eliminate discounting of transfers of family business interests. Valuation discounting is now time-sensitive, as this opportunity is scheduled to be eliminated, possibly by the end of the year.

Partnerships are sophisticated vehicles for unifying family investments, providing for the orderly transfer of assets, delivering asset protection, and maintaining centralizing control. These partnerships are legitimate entities that facilitate the distribution of wealth to family members and the growth of family assets. Partnerships also afford the opportunity for discounts on asset transfer to family members; while discounting is not the number one reason for creating partnerships, the strategy is worth noting.

The Treasury Department has finally issued its dreaded proposed regulations limiting discounted transfers among family members. This means the clock is ticking until the public hearing on December 1, 2016, which will help determine the strategy’s fate. Final regulations can be issued at any time after that date and will become effective 30 days after their issuance.