This column reminds advisers of those tips that may be beneficial regardless of what tax changes are put in place in 2013.
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Topics
Personal Financial Planning
Gift and Estate Tax Planning Considerations
With thoughtful planning, taxpayers can minimize gift and estate taxes while retaining some control of transferred assets by establishing trusts or limited partnerships and using the annual gift tax exclusion.
Advising Nonresidents and Recent U.S. Residents on Estate Tax Issues
Understanding the intricacies of residency and domicile is necessary to understand what will be included in a decedent’s estate for U.S. estate tax purposes.
Formula Marital Deduction Clause Not a Guaranteed Estate Tax Shelter
The Turner cases highlight the importance of properly transferring FLP interests during life in a way that avoids the trap of creating an estate tax when the decedent planned to have none.
Recent Developments in Estate Planning: Part II
This article covers recent developments in estate tax, including the portability election, proposed regs. on the alternate valuation date, FLPs.
What Can One Line Do for You?
One area where many CPA practitioners can consider offering expanded services is in personal financial planning.
Contributing to a Child’s IRA
Establishing an IRA in a child’s name can be an effective planning technique for a child with earned income.
Lifetime Tax Planning for LLC Owners
Several steps can be taken before a LLC member’s death to reduce estate and income taxes and to plan for an orderly succession.
Key Planning Considerations for Cash Flow in Retirement
Assuring sufficient cash flow during retirement is a critical planning consideration. This column addresses various factors that affect cash flow for retirees in the current economic climate.
Estate Planning for International Clients
It is essential for clients with multiple citizenship or residency to understand that the timing and manner of cross-border wealth transfers fundamentally affect their ability to minimize tax burdens.
Assisting the Newly Widow[er]ed
This article discusses ways to aid clients who have suffered the loss of a spouse or other close loved one.
Tax Planning Opportunities for Funding an IRA
This article explores various funding choices for IRAs and provides an approach or model by which the tax adviser can optimize the funding choice, given the taxpayer’s tax-related goals.
Using a Buy/Sell Agreement to Transfer Ownership
A buy/sell agreement is a contract that restricts business owners from freely transferring their ownership interests in the business; they are a tool in providing for a planned and orderly transfer of a business interest.
The 10 Most Powerful Postmortem Planning Pointers for Trusts and Estates
Taking control of the postmortem planning process can be a powerful way to save tax dollars for the decedent’s estate and family.
Strategies for the Social Security Safety Net
For approximately the next 20 years, 10,000 people a day will become eligible for Social Security retirement benefits and will be looking to a tax practitioner to help them plan for the future.
Current Leading Practices for Structuring the Family Office
This article explores certain structural attributes of the family office in an attempt to identify some leading practices for families (and their advisers). These structural attributes are organized into four categories: (1) ownership and governance, (2) scope of services provided, (3) capital structure and funding, and (4) entity selection and taxation.
Incorporating the Statement on Responsibilities in Personal Financial Planning into a Tax Practice
This column explains the Statement on Responsibilities in Personal Financial Planning Practice, issued by the AICPA’s PFP Executive Committee, and discusses how practitioners can use it to help clients with personal financial planning.
Making Gifts to Minors
This column discusses the advantages and disadvantages of gifting under the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act and in what kinds of situations each should be used.
Generations of Wealth in Marcellus Shale
Many in the Marcellus shale areas are being faced with difficult financial decisions due to the newfound wealth associated with the sudden interest in the Marcellus formation.
Estate Tax Planning for a U.S. Citizen with a Noncitizen Spouse
Under current U.S. tax law, a U.S. citizen may transfer property to his or her U.S. citizen spouse without any tax consequence or limitation. However, a U.S. citizen married to a noncitizen can make only a limited amount of bequests to his or her spouse.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
