This session will address how persons not likely to be federal transfer taxpayers should address their income tax and estate planning issues. We will address basis planning, key decisions to be made with existing planning and why and how it may need to be changed. We will address whether existing trusts and wills should be modified, and consider what should be done with a client's life insurance and retirement plans.
1) Gain a general understanding of the best planning considerations and decisions for persons not likely to be federal transfer taxpayers.
2) Review a variety of planning techniques highlighting the importance of income tax planning in today's environment.
3) Address specific suggestions to be addressed with clients to update and improve their planning decisions.
4) Focus on techniques to develop income tax basis enhancement strategies.