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2023 Field Guide to Estate Planning

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This practical reference provides a ready means of identifying and understanding key concepts and techniques used in estate, business, and employee benefit planning – updated with the latest on the Inflation Reduction Act and Secure Act changes, as well as new sections on Leveraged Bonus Arrangements, Life Insurance and Redemption Buy-Sell Agreements and IRA strategies under the SECURE Act.

The 2023 Field Guide to Estate & Retirement Planning, Business Planning & Employee Benefits is an easy-to-use, practical reference that helps professionals identify and understand a broad range of key concepts and techniques used in estate, business, and employee benefit planning. Recognizing that we live in a world of visual communication, numerous drawings and charts have been included to assist readers in identifying and understanding many of the concepts which are most frequently encountered when working with clients and other professionals. It can serve as a desktop reference source, a classroom training aid, or, carried in a briefcase, as a resource to be shared with clients or other advisors.

  • Organized into three sections, dealing with the subjects of estate and retirement planning, business planning, and employee benefits
  • Each entry is divided into units typically consisting of a chart and accompanying text
  • Cross references to 2023 editions of Tax Facts on Insurance & Employee Benefits and Social Security & Medicare Facts
  • “Information Required For Analysis & Proposal” is the minimum information needed to prepare an analysis and proposal for your client, and extensive footnotes support further research needs
  • Terms & Concepts contains expanded discussions of the materials previously referred to in the text and footnotes.

New in the 2023 Edition:

  • An update on key provisions of the 2022 Inflation Reduction Act including the 15% corporate AMT (on businesses with book income over $1 billion) and energy efficient home and electric vehicle credits
  • A new section Life Insurance and Redemption Buy-Sell Agreements, discussing Connelly v. United States, which opens up the possibility that courts could include life insurance death benefits in the valuation of business interests
  • A new section, Leveraged Bonus Arrangement, describing the plan for the purchase of life insurance that is owned by the employee and paid for with compensation bonuses paid by the employer
  • A new section on inherited IRAs and IRA Max Strategy under the SECURE Act
  • A new section on Restricted Property Trusts, a strategy designed to provide small businesses with a large deduction currently while owners or top executives pay tax on a much lower amount
  • Analysis of the 2022 decision in Estate of Marion Levine v. Commissioner, a taxpayer friendly opinion where the taxpayer pursued an aggressive split-dollar life insurance plan to minimize estate taxes
  • Updates to Required Minimum Distribution tables
  • The latest on the Department of Labor’s fiduciary rules

Topics Covered:

  • Estate, gift, and income tax planning strategies
  • Business valuations and transfers
  • Employee compensation and benefit planning
  • Asset protection strategies
  • Insurance products and risk management techniques
  • Social Security, Medicare, and Medicaid eligibility and benefits
  • Fringe benefits
  • Trust structures and trust planning
  • Corporations and pass-through entities
Additional Information
SKU 1790023B
Publication Date November 11, 2022
ISBN 978-1-954096-82-0
Page Count 794
Author Randy L. Zipse, J.D., AEP® and Donald F. Cady, J.D., LL.M., CLU®
Edition 2023
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Randy L. Zipse, J.D., AEP

Randy L. Zipse, J.D., AEP (Distinguished) is currently Vice President, Advanced Markets for Global Atlantic Financial Group and has worked in the life insurance industry for the past twenty years where he has managed advanced markets departments for major life insurance carriers and independent distribution organizations.

Mr. Zipse has written numerous articles on trust taxation, estate planning, and business succession planning which have appeared in the Journal of Financial Service Professionals, Broker World, Estate Planning, Life Insurance Selling, and National Underwriter. He is the author of National Underwriter’s Field Guide. He is also a co-author with Stephan R. Leimberg of Tools and Techniques of Charitable Planning and a member of the Tax Facts Editorial Advisory Board. Mr. Zipse is a frequent lecturer at industry meetings, including such major events as the AALU, Forum 400, Million Dollar Round Table, New York University Tax Institute, University of Miami Heckerling Tax Institute, Hawaii Tax Institute, and the Annual Harris M. Plaisted Conference.

Prior to entering the life insurance industry, he worked as an attorney in private practice. Mr. Zipse has been associated with several large firms, including Jones Day Reavis & Pogue and Gardere & Wynne – both in Dallas, Texas. As a private practice attorney, Mr. Zipse concentrated on estate planning, deferred compensation, business succession planning, and charitable planning. Prior to becoming an attorney, Mr. Zipse worked as a CPA with Deloitte Haskins & Sells.

An honors graduate of the University of Northern Iowa (B.A. in accounting), Mr. Zipse subsequently received his J.D. from Drake University College of Law (Order of the Coif, class rank number one), and is a member of the Iowa, Texas and Missouri Bars.

Donald F. Cady

Donald F. Cady conceived and developed the Field Guide to Estate Planning, Business Planning & Employee Benefits in 1989 and updated it annually for twenty-five years, when Randy L. Zipse was named the successor author. Mr. Cady continues as author of the Field Guide to Financial Planning, which is cowritten with Michael Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL.

 Mr. Cady is an attorney and a Chartered Life Underwriter. He is a graduate of St. Lawrence University with a B.A. in Economics, where he received the Wall Street Journal Award for excellence in that subject. He received his J.D. degree from Columbia University School of Law, holds the degree of LL.M. (Taxation) from Emory University School of Law, and is a member of the New York Bar.

He is an independent consultant working with The National Underwriter Company in providing support materials and services to the financial planning industry. In addition to this publication, he is the author of Field Guide Online[1], the web version of this book.

For twenty years Mr. Cady was with the Aetna Life Insurance & Annuity Company in various advanced underwriting positions. Prior to this, he was a member of the U.S. Army Judge Advocate Generals Corps, with tours of duty in both Vietnam and Europe. He and his wife live in Fort Myers Beach, Florida.

Mr. Cady has been a frequent speaker on the subjects of estate planning, business planning, and employee benefits, before business and professional organizations, estate planning associations, life underwriter's meetings and various civic groups. Through these appearances, together with his work with agents, their clients, and advisers, Mr. Cady has shared the frustrations of trying to effectively explain and communicate planning concepts and techniques to both student and laymen. The two Field Guide publications represent his response to that challenge.

 

 

[1] Field Guide Online is a trademark of The National Underwriter Company.