Sid Kess’ Practical Alternatives to Commonly Misused and Abused

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Author/Moderator: Lance Wallach, CLU, CHFC, CIMC
Publisher: AICPA
Availability: In Stock

A perfect follow-up to “Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots,” this course was created by the renowned Sid Kess. Learn the best strategies for reducing taxes and building, conserving and passing wealth to the next generation while at the same time avoiding abusive strategies.

Objectives:
Identify practical alternatives to abusive tax shelters
Understand how to integrate financial products as part of a retirement plan
Discover how to use innovative retirement and financial programs to improve business and personal financial wealth of your clients
Optimize your value in the planning process between your clients and their financial advisors
Prerequisite: None
Accepted for CFP® credit.

Chapter 1 - Planning for Business Owners Learning Objectives
Introduction
Building the Perfect Retirement Plan
SEP IRA: The Good
SEP IRA: The Bad
SEP IRA: The Ugly
The K
The Double K
Defined Benefit Plans
Adding Survivor Benefits
412(i) Defined Benefit Plan
Cash Balance Plans
VEBAs and 419 Plans
Taxability of Trust Net Income
Taxability of Excess Benefits
Group-Term Life Insurance Plan
Post-Retirement Medical Benefit
Voluntary Employees Beneficiary Association (VEBA) - Commentary
New Development - Welfare Benefit Plans under Section 419(e)
Executive Carve Out Long-Term Care
What Is Long-Term Care?
How Much Does It Cost
Benefits of Long-Term Care Insurance to Employees
Benefits of Long-Term Care Insurance to Employers
Executive Carve Out Long-Term Care
Taxability
Long-Term Care Insurance Premium Deductibility
2007 Eligible Long-Term Care Insurance Premiums Age-Based Deduction Limits

Chapter 2 - Personal Financial PlanningLearning Objectives
Introduction
IRA Planning
RMDs
Stretch IRA
Stretch IRA Example
Stretch IRA Pitfalls
Other Beneficiary Pitfalls
Important Questions Your Client Should Ask Their IRA Custodian
When a Stretch IRA Might Not Make Sense
Taxable Estate
Company Stock
What Investments Should be In Your Client's IRA?
Estate Planning
What Makes a Good Estate Plan?
Minimizing Taxes
Gift Taxes
Generation Skipping Tax (GST)
Estate Division
Insurance Trusts
Pay Estate Taxes at a Discount
Estate Planning Mistakes of the Rich and Famous
Unintended Heirs
Estate Tax Problems
Incapacity
Leaving Money Outright to Children
Pension Plan Beneficiary Problems
Premium Financing as a Tool to Pay Life Insurance Premiums
The Benefits of Premium Financing
Type of Premium Financing Arrangements
Collateral
Interest Rate Risk
General Account Universal Life
Variable Life Insurance
Single Index Life
Multiple Index Life
Premium Financing Components
Loan Options
Process
Repaying Premium Loans
Income Tax Considerations
Gift Tax Considerations
Estate Tax Considerations
Premium Finance Due Diligence
Life Settlements
Life Settlement History
The Life Settlement Market
Life Settlement Case Studies
The Insurance Swapout Process(TM)
Reasons for Using an ISP
Why You Would Not Want to Use an ISP
Important Considerations
Annuities
Types of Annuities
Non-Qualified Funds in a Tax Deferred Annuity
Surrender Charges
Tax Rules
Sales Abuses
Risks
Annuity Checklist

Chapter 3 - Advanced PlanningLearning Objectives
Introduction
Hedge Funds
Availability
Hedge Fund Risks and Disadvantages
Hedge Fund Advantages
Hedge Fund Investing Styles
Relative Value
Event Driven
Long/Short
Tactical Trading
Due Diligence
Returns
Risks
Diversification
Hedge Fund of Funds
Mutual Funds That Follow Hedge Fund Strategies
Tax Implications
Private Placement Variable Universal Life Insurance
Why High Net Worth Investors Use Hedge Funds
Taxation of Life Insurance
PPVUL
Prospect Profile
Practitioner Beware
Conclusion
International Mortgages
How it Works
Loan Features
Other Considerations
Costs
Risks
Frequently Asked Questions

Chapter 4 - Health Insurance Planning
Learning Objectives
Introduction
Health Insurance Basics
Health Savings Accounts
Health Reimbursement Arrangements
Other Health Insurance Arrangements
Self-Funded Plans and Stop-Loss
Limited Coverage and Supplemental Plans
Conclusion
Appendix A - Qualified Medical Expenses - Distributions from an HSA
Appendix B - Health Savings Accounts - Preventive Care, Safe Harbor
Appendix C - Sample Sections of an Actual Health Reimbursement Arrangement Summary Plan Document

Chapter 5 - Ethics Focus: Taxation
Ethics Overview
Recent Developments
Spotlight on Independence in Tax Services
Key Ethical Dilemmas and Judgment Calls
Addressing Ethical Dilemmas
Available Resources

Chapter 6 - Latest Developments733730