Category: Conference Call

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

September 10, 2015 - Conference Call

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”

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

August 10, 2015 - Conference Call

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”

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

July 1, 2015 - Conference Call, Press Releases

“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”

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

February 3, 2015 - Conference Call

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

December 17, 2014 - Conference Call

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.

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

September 11, 2014 - Conference Call, Press Releases

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.

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

March 12, 2014 - Conference Call, Press Releases

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.

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

November 22, 2013 - Conference Call

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.

Conference Call: Top 10 Considerations for Estate Planning with Life Insurance

October 9, 2013 - Conference Call

Whether as a wealth replacement strategy combined with philanthropic giving or as a safeguard to cover expenses and taxes, use of life insurance in your estate plan can provide significant protection to your loved ones. This useful planning tool has several unique benefits, which should be considered in every wealth transfer plan. John O. McManus, founding principal of McManus & Associates, recently held a conference call with clients to review the most important considerations when planning with Life Insurance.

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

Find answers to the questions below and more by listening to the free recording.

1. If a life insurance policy is owned by a trust, what is the ongoing maintenance required for the strategy to succeed most effectively?
2. What are Cristofani beneficiaries and how can they make a life insurance trust even more gift tax efficient?
3. How can insurance be utilized to facilitate a business succession plan?
4. Term, whole life, 2nd to die, from a layman’s standpoint, what are the unique benefits of each?
5. How can ownership and beneficiary designations for a life insurance policy affect the taxable assets of the estate?
6. How do non-citizens avoid qualified domestic trust requirements with a life insurance trust?
7. What are some strategies to avoid the 3-year look back period when existing insurance is transferred to a trust?
8. Annual exemption gifts can fund a life insurance trust gift tax free, but what about generation skipping tax issues? How is the trust affected?
9. When the terms of an irrevocable trust do not reflect the wishes of the parties, what options are available?
10. How to use life insurance as a wealth replacement strategy with charitable giving.

McManus & Associates would be happy to discuss how these strategies apply to you and yours. Give us a call at (908) 898-0100.

Conference Call: Top 10 Considerations for Domestic Asset Protection Dynasty Trusts

August 20, 2013 - Conference Call

State laws vary rather widely regarding the jurisdiction of trusts and trust assets. Certain jurisdictions have laws that are generally more favorable in their treatment of trusts for purposes of asset protection, access to trust-owned assets and creditor protection. As part of McManus & Associates’ Educational Focus Series, Founding Principal John O. McManus shares expert guidance on the top 10 things to consider when deciding where to site your trust.

LISTEN HERE: “Top 10 Considerations for Domestic Asset Protection Dynasty Trusts”

Top 10 Considerations for Domestic Asset Protection Dynasty Trusts

 During the discussion, you’ll find answers to the 10 questions below:

  1. What is a self-settled trust? When can the grantor list himself or herself as a beneficiary?
  2. How do state income taxes affect the choice of situs for my trust?
  3. What variation is there in state legislation regarding creditors and Statute of Limitations?
  4. Are certain exemptions made for specific types of creditors?
  5.  What are the standards for proving fraudulent transfers?
  6.  What role do the courts play regarding actions involving a Trust?
  7. Does the state require an Affidavit of Solvency upon the transfer of assets?
  8. How does the rule against perpetuities affect choice of situs?
  9. Discussing observations of trustee fees in each of the most favorable states.
  10. What are some of the other miscellaneous trust enhancements in the most favorable states?

We would love to learn more about your asset protection needs. Send us an email at reception@mcmanuslegal.com or give us a call at 908.898.0100.