Year-End Planning in 2020: Including Planning for a Potential Biden Administration

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Recording and Slides are Available Here

The first-half of 2020 was an unbelievable time we will long remember.  The SECURE and the CARE Acts by themselves will make year-end planning far more complex.  However, the second-half of the year will likely hold even more significance. The 2020 election has tremendous financial implications for our clients, given the wide and growing gap in tax policy between the two parties.
Whether you’re a financial advisor, life insurance agent, CPA or attorney, you need to advise your clients as to the best course of action for the time remaining in 2020 and into 2021.
This session will provide ideas, tips and tools to act before year-end to minimize your clients’ tax liabilities.   We are busy designing year-end planning and implementation steps depending upon the election results.    The issue is that if Vice President Biden is elected and the Senate is controlled by the Democratic Party, there simply will not be enough time and advisors to design and implement plans.   The goal between now and the election is to position your clients so that the “heavy lifting” is done prior to the election and executing the implementation of your advice is easy.
Bob will cover the following and much more:

  • A detailed review of Vice President Biden’s tax policy proposals and potential planning ideas – including a checklist of ideas
    • Estate tax changes
    • Income tax increases
    • A Capital gain tax increase to 39.6% for taxpayers with income greater than $1,000,000
    • Substantial changes to itemized deductions
  • Bracket management considering historically low rates, the scheduled sunset, and the potential change under a Biden Administration
  • Gain harvesting to capture a 19.6%  tax rate advantage
  • The mathematics of loss harvesting
  • Advanced Roth conversions including the estate tax implications
  • Rethinking itemized deductions
  • Funding tax-preferenced accounts
  • Using 529 Plans for elementary and high school tuition
  • Charitable contributions and the 100% deduction
  • Opportunity zone investments
  • Section 199A Deduction planning
  • Using trusts to create additional income taxpayers
  • Estate and Gift tax exemption changes
  • Year-end estate and gift planning and why gift trusts should be drafted now and not in November or December
  • Proper design of SLATs, SLANTs and Dynasty Trusts
  • Designing IDGT and SCIN sales
  • Proper use of private annuities
  • Danger of gifting low basis property
  • Is it wise to incur 40% gift tax versus a future estate tax

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Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished) is a partner with Keebler & Associates, LLP and is a 2007 recipient of the prestigious Accredited Estate Planners (Distinguished) award from the National Association of Estate Planners & Councils. He has been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. Mr. Keebler is the past Editor-in-Chief of CCH's magazine, Journal of Retirement Planning, and a member of CCH's Financial and Estate Planning Advisory Board. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals. In the past 20 years, he has received over 250 favorable private letter rulings including several key rulings of"first impression." Mr. Keebler is nationally recognized as an expert in estate and retirement planning and works collaboratively with other experts on academic reviews and papers, and client matters. Mr. Keebler is the author of over 75 articles and columns and editor, author, or co-author of many books and treatises on wealth transfer and taxation, including the Warren, Gorham & Lamont of RIA treatise Esperti, Peterson and Keebler/Irrevocable Trusts: Analysis with Forms. Mr. Keebler is the Chair of the AICPA's Advanced Estate Planning Conference. He is a featured columnist for CCH's Taxes Magazine - "Family Tax Planning Forum," Bob is also a contributing author to the American Bar Association's The ABA Practical Guide to Estate Planning. Robert.Keebler@KeeblerandAssociates.com

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