Are You Reviewing the Pros and Cons to the POA Decision with Clients?

Posted by David Haughton, JD

October 23, 2018 at 10:00 AM

A power of attorney (POA) is a document that designates an agent or attorney-in-fact to act on your client’s behalf regarding his or her financial affairs. Without a valid financial POA, a person’s loved ones would need to seek court approval for the authority to make any decisions involving the accounts. Although it seems like an obvious solution, there are both pros and cons to the POA decision, and it’s your job, as the trusted financial advisor, to help your clients determine the best solution for them.

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Topics: Estate Planning

The ABLE Account Under the Tax Cuts and Jobs Act

Posted by Anna Hays

July 11, 2018 at 1:30 PM

In 2014, Congress created ABLE (a.k.a., 529A) accounts for qualified disability expenses. But several limitations became apparent as states started to establish their ABLE account programs. Fortunately, the ABLE account under the Tax Cuts and Jobs Act (TCJA) corrects some of these shortcomings. Here, we’ll take a look at those improvements, the differences between an ABLE account and special needs trusts, and how changes under the TCJA present a special needs planning opportunity for you and your clients.

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Topics: Estate Planning

Estate and Tax Planning Opportunities Under the Tax Cuts and Jobs Act

Posted by Justin C. Duft, JD, CFP, CLU, ChFC, CLTC

June 20, 2018 at 1:30 PM

Given recent changes to the tax code, it’s very likely your clients have questions about their existing estate planning strategies. Of course, having a thorough understanding of these changes will help you identify issues in their current plans. But perhaps more important, you’ll be able to identify unique estate and tax planning opportunities under the Tax Cuts and Jobs Act (TCJA).

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Topics: Estate Planning

Trends in Estate Planning: How Safe Are Irrevocable Trust Assets?

Posted by Justin C. Duft, JD, CFP, CLU, ChFC, CLTC

March 14, 2018 at 1:30 PM

One of the primary goals of estate planning is to minimize income and estate taxes while efficiently transferring wealth to the next generation. An oft-used means of achieving this goal is the irrevocable trust, which removes transferred property from the grantor's estate. But just how safe are irrevocable trust assets?

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Topics: Estate Planning

Trust Planning and IRAs: Helping Your Clients Safeguard Their Assets

Posted by Whitney Drechsler, JD

March 13, 2018 at 10:00 AM

The Supreme Court’s 2014 ruling in Clark v. Rameker (2014) had a rippling effect on the financial planning industry and the way advisors address IRA beneficiary designations. The ruling determined that inherited IRAs are not “retirement funds” under federal bankruptcy law, which means that, unlike with retirement accounts, these assets are accessible by potential creditors. This precedent-setting decision continues to have a meaningful effect on estate planning strategies for IRAs.

To guide you through this area of asset protection planning, I’ll discuss the impact this ruling has had on trust planning and IRAs, as well as how you can help your clients safeguard their assets and accomplish other estate planning objectives.

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Topics: Estate Planning

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