Educational Focus Series: Top 10 Possibilities of Portability

A significant opportunity presented by Uncle Sam, portability was first introduced as part of Tax Relief Unemployment Reauthorization and the Job Creation Act of 2010. It was scheduled to sunset on December 31, 2012 but was made permanent with passage of the American Taxpayer Relief Act of 2012. McManus & Associates, a top-rated estate planning law firm with offices in New York and New Jersey, today released the “Top 10 Possibilities of Portability.” Part of the firm’s Educational Focus Series, the discussion was led by Founding Principal and AV-rated Attorney John O. McManus, who shared guidance on transferring unused federal estate tax exemption amounts and the critical steps that must be taken to utilize this important estate and income tax tool.

LISTEN HERE: “Top 10 Possibilities of Portability”

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CAPITAL GAINS TAX: The Top 10 Current Issues and Planning Opportunities

The rise in capital gains tax rates and the higher federal estate tax exemption have shifted the estate planning paradigm. Across the nation, long-term capital gains tax rates now range from 25% to 33%, with the combination of the top federal, state and local rates, along with the Medicare surtax. This demands a fresh look at current planning strategies.

When assets are included in an estate, they are subject to estate tax, but the assets enjoy a step-up in basis for income-tax purposes. Gains tax can then be avoided. However, if there is no estate tax because the gross estate assets are below the estate tax exemption amount, then it may make sense to keep assets inside the estate.

Many estate planning attorneys have spent the first half of their careers getting assets out of their clients’ estates, but now they might spend the second half of their careers getting assets back into their clients’ estates (for those individual estates under $5.43MM or joint estates under about $11MM).

As part of McManus & Associates’ Educational Conference Call series, John O. McManus this month examined how to shift gears in light of new, unique opportunities. We invite you to listen to the recording to find detailed information on the Top 10 issues and planning opportunities related to capital gains tax.

LISTEN HERE: “Top 10 Current Issues and Planning Opportunities with Capital Gains Tax”

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The Art of Gifting: Top 10 Issues with Owning and Gifting Artwork

Owning artwork is not only a cultural indulgence, but the sophisticated (and the lucky) possess artwork as an investment that can provide a handsome return. Auction houses, most recently Christie’s, have seen record-setting bids as fine art wrestles to take its position as an asset class equal to equities, commodities, and other hard assets. In light of the increase in capital gains tax combined with the collector’s desire to reduce the imposition of income tax and estate tax, the field is ripe for sophisticated planning.

As part of it Educational Conference Call series, John O. McManus this month discussed strategies to addresses the hard and soft issues surrounding the ownership and transfer of art. We invite you to listen to the recording to find detailed information on the Top 10 issues with owning and gifting artwork that follows, whether you’re an artist, dealer, investor or collector.

LISTEN HERE: “Top 10 Issues with Owning and Gifting Artwork”

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Top 10 “Non-Run-of-the-Mill” Ideas as You Prepare to See Your Child Off to College

“YIKES! My child is leaving for college in two months.”

The summer before a child enters his or her freshman year of college is filled with excitement and consternation, happiness and remorse, confidence and concern. McGraw Hill Education notes that 25 percent of college students drop out of their first year due to not being academically, emotionally, or financially prepared for college life and adulthood. Now is your chance to help your child in his or her final preparation.

Because Family Mission Planning is a cornerstone of McManus & Associates’ approach to estate planning, the firm has compiled a list of ideas and research that can help families stay on track with their individual mission statements as college-bound children leave the nest. Here are 10 pieces of advice that you may not have gathered from your high school guidance office, selected universities or friends with adult children, but that we think might hold an equal amount of wisdom:

LISTEN HERE: “Top 10 ‘Non-Run-of-the-Mill’ Ideas as You Prepare to See Your Child Off to College”

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Firm’s Tax Experts Hold Conference Call on Income Tax Preparation

McManus & Associates can prepare your Income Tax Returns. For many years, the firm has been completing tax returns for clients and has learned that keeping income tax planning under the same roof enables a more refined level of specificity in estate planning for your family. Want to hear more about how you can benefit from McManus & Associates’ Income Tax Planning Practice? Listen to the firm’s recent conference call with clients (link below) and contact us at 908-898-0100/212-753-9000.

LISTEN HERE: “Preparing Your Tax Returns”

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Top 9 Estate Planning Tasks to Complete before Year-End

The holiday season represents a window of opportunity for growing and preserving wealth. McManus & Associates today outlined the “Top 9 Estate Planning Tasks to Complete before Year-End”. As part of the firm’s educational focus series, Founding Principal and top AV-rated Attorney John O. McManus recently discussed time-sensitive recommendations for building your nest egg and reducing your check to Uncle Sam for Tax Year 2014.

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Top 10 Ways to Protect Children Under 18 and Over 18, Stateside and Abroad

Even for children who have newly become legal adults, parents need to be empowered to make decisions to help protect them in times of need. Laying out important considerations for families to discuss before and after children turn 18, McManus & Associates – top-rated, Tri-State-Area-based trusts and estates law firm – today released the newest edition of its educational focus series. The discussion, “Top 10 Ways to Protect Children Under 18 and Over 18, Stateside and Abroad,” identifies questions parents should evaluate, from who should be named as local representatives on a health care proxy for minors to whether a prenuptial agreement is appropriate if an adult child is soon getting married.

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Conference Call: “Top 10 Signposts to Guide Planning for Estates under $10MM”

The American Taxpayer Relief Act of 2012 (ATRA) delivered transfer tax certainty, large indexed transfer tax exemptions, and portability. Taking into account new norms, McManus & Associates, an estate planning law firm based in the Tri-State Area, today released a new installment in its free Educational Focus Series, “Top 10 Signposts to Guide Planning for Estates under $10MM.” During a conference call for clients, the firm’s Founding Principal and top AV-rated Attorney John O. McManus shed light on estate planning strategies that should be considered today following recent changes to federal and state laws.

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Conference Call: “Top 10 Estate Planning Considerations to Complete Before Year-End”

Yesterday, McManus & Associates held a client conference call reviewing several immediate strategies that clients should consider employing before year-end. With the proposed tax reforms listed in President Obama’s budget, certain planning strategies are in the crosshairs and may not be around for long. Although legislation next year could be made retroactive to January 1, 2014, if you act before the end of 2013 such changes will not affect your planning. Get inside the castle walls now.

During the half-hour call, the firm shares effective strategies and highlights maintenance items required to ensure one’s family wealth remains protected. Below are the 10 questions that will be answered by listening to the recording.

LISTEN HERE: “Top 10 Considerations for Estate Planning with Life Insurance”

  1. Laws could change with new revenue debates. Have you made lifetime gifts in trust? Created a grantor trust?
  2. Have you made sure to operate your family LLC/Limited partnership as a legitimate business? What should you do before year-end?
  3. What should you give away? Are you planning to make annual exclusion gifts, gift appreciated securities etc? Have you prepared Crummey notices?
  4. Should you create lifetime trusts for your children? Have you given your trustees a limited power of appointment?
  5. What can you prepay? What should you prepay? Home, deductibles, medical expenses, major year-end purchases?
  6. Have you crossed any major milestones this year? Do you have children who turned 18 this year? Do the fiduciaries and guardians named in your documents still reflect your current wishes? Are your powers of attorney up to date?
  7. Have you made contributions to your family foundation and/or donated to charity?
  8. Are you over 70 ½? How to use Required Minimum Distribution to your advantage.
  9. Create GRATs or QPRTs. Given the current interest rates what should you consider?
  10. How should you consider harvesting capital gains, timing long-term losses?

Give us a call at 908-898-0100. We can help you identify which strategies you should implement now before the calendar rolls over to 2014.

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