Estate Administration Boot Camp: Everything You Need to Know about Effectively Administering an Estate Hugh C Wood and Other Speakers 11 20 2019 and 11 21 2019 Atlanta, Georgia

Estate Administration Boot Camp:  Everything You Need to Know about Effectively Administering an Estate   Hugh C Wood and Other Speakers 11 20 2019 and 11 21 2019 Atlanta, Georgia

https://www.nbi-sems.com/ProductDetails/83869ER?ctname=SPKEM

Estate Administration Boot Camp Everything You Need to Know about Effectively Administering an Estate

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Hugh C. Wood and other Speakers

Seminar
Estate Administration Boot Camp
Everything You Need to Know about Effectively Administering an Estate
DATE
2 Day Seminar
Wednesday, November 20, 2019 -
Thursday, November 21, 2019
TIME
November 20 - 9:00 AM - 4:30 PM
November 21 - 9:00 AM - 4:30 PM
PRODUCT ID#
83869ER
LOCATION
Cobb Galleria Centre
2 Galleria Parkway Southeast
Atlanta, GA 30339

View in Google Maps

CREDIT INFORMATION
Continuing Legal Education
12.00 - GA CLE
including - Ethics: 1.00

CPE for Accountants
14.00 - CPE for Accountants/NASBA
including - Regulatory Ethics: 1.00
Specialized Knowledge: 5.00
Taxes: 8.00

Other
1.20 - IACET
Basic
ESTATE PLANNING, TRUSTS & PROBATE
SELECT A COURSE FORMAT
PRE-ORDER
OnDemand Audio
$575.00
PRE-ORDER
Audio Download
$575.00
PRE-ORDER
Audio CD
$575.00
Seminar
$575.00
 Course book included with all formats

OVERVIEW
AGENDA
CREDIT
SPEAKER
HELP
Program Description
Everything You Need to Know about Effectively Administering an Estate

Are you fully confident in your knowledge of the latest court and tax rules and the most effective transfer tools to ensure each client's estate is laid to rest according to the decedent's wishes, with minimal tax burden? This comprehensive 2-day instruction will give you all the skills you need to administer estates that include trusts and/or business interests without a hitch. Register today!


https://www.nbi-sems.com/ProductDetails/83869ER?ctname=SPKEM

Don't miss any crucial notice and filing requirements when opening the estate - learn what must be done right away.
Get helpful forms and checklists that will help you in administration.
Understand how income and estate tax deductions interact and find the most advantageous way to structure the tax returns
Learn how to use disclaimers more effectively.
Clarify what must be done when the trust becomes irrevocable.
Protect your professional reputation with a practical legal ethics guide focused on trusts and estates practice.
Prevent mistakes in final petition and ensure each estate is closed quickly and without disputes.

Who Should Attend
This two-day, basic level seminar is designed for:

Attorneys
Accountants/CPAs
Tax Professionals
Financial Planners
Trust Officers/Administrators/Managers
Paralegals

Course Content
DAY 1

Forms of Administration and When They are Used
First Steps and Notices, Executor Duties, Opening the Estate
Marshalling the Assets
Key Intestacy Laws You Must Know
Handling Debts and Claims Against the Estate
Spouse Elective Share and Disclaimers
Trusts that Affect Estate Administration
DAY 2

Income Tax Returns
Portability and Estate, Gift, GST Taxes
Handling Distributions
Business Interests in Estate Administration
Legal Ethics in Estate Administration
Closing the Estate and Final Accounting
Estate and Trust Contests, Disputes, Challenges

THE TAXMAN COMETH
Hugh Wood, Atlanta, GA

                The Era of USA low taxes is in sunset.  The tax hammer is upon us.

               Why editorialize it. 

                2013% INCREASES IN FEDERAL TAX BRACKETS

                For those of us who actually pay taxes, federal taxes in 2012, are, to wit:  “Marginal federal income-tax rates (for the four brackets)  [are]  25%  28%  33%  35.”  [1]

                After January 1, 2013, they will rise to:

                The “marginal federal income-tax rates (for the four brackets) [will jump to] …28%  31%  36%  39.6%. The child tax credit [will] fall to $500 from $1,000.   Id.

                A MEDICAL TAX ON CAPITAL GAINS AND DIVIDEND INCOME

                After January 1, 2013, individuals will see a new tax for medical care imposed on capital gains and dividend income.   “[T]he new 3.8% MedicalCare tax, and those rates on capital gains and dividends [will jump] to 23.8% and (in the top bracket) 43.4%.   Id.

                From other sources, additional relevant tax hammers are:

                A NEW SURTAX ON INVESTMENT INCOME

                The 2013 a new Surtax on Investment Income – will bring a $123 billion tax increase: This is a new, 3.8% point surtax on investment income earned will impact households making at least $250,000 ($200,000 single). This will result in the following top tax rates on investment income:

	Capital Gains	Dividends	Other*
2012	15%	15%	35%
2013+ (current law)	23.8%	43.4%	43.4%

                The table above also incorporates the scheduled hike in the capital gains rate from 15% to 20%, and the scheduled hike in dividends rate from 15% to 39.6%.  [2]

                MEDICARE PAYROLL TAX:  3.8% UP TO $250,000

                The new 2013 Medicare Payroll Tax Hike – will bring an $86.8 billion tax increase: The Medicare payroll tax is currently 2.9% on all wages and self-employment profits. Under this tax hike, wages and profits exceeding $200,000 ($250,000 in the case of married couples) will face a 3.8% rate instead. This is a direct marginal income tax hike on small business owners, who are liable for self-employment tax in most cases. The table below compares current law vs. the 2013 Medicare Payroll Tax Hike:

	First $200,000 ($250,000 Married) Employer/Employee	All Remaining Wages Employer/Employee
Current Law	1.45%/1.45% 2.9% self-employed	1.45%/1.45% 2.9% self-employed
2013 Tax Hike	1.45%/1.45% 2.9% self-employed	1.45%/2.35% 3.8% self-employed

Id.

                THE DEATH TAX RETURNS WITH A VENGEANCE (55%)

                Under federal estate tax law for 2011 and 2012, most of the wealthiest 1% of American households are not subject to estate tax liability. The large estate tax exemption is presently at $5.12 million per spouse. This means that with nominal planning households worth less than $10.24 million can avoid the estate tax.  

                Under the new January 1, 2013 Estate Tax scheme, taxable estates over $1 million will be subject to estate tax.  The maximum marginal tax rate of 55% will begin at $3 million.  [3]  So, put that  55% tax in your tax hat and smoke it.  [4]

                Why editorialize this.   The tax hammer is upon us.

Hugh Wood, Esq.

Wood & Meredith, LLP
3756 LaVista Road
Suite 250
Atlanta (Tucker), GA 30084
www.woodandmeredith.com

hwood@woodandmeredith.com

www.hughwood.blogspot.com
twitter: USALawyer_
Phone: 404-633-4100
Fax: 404-633-0068

 

[1]

Pethokoukis, James, The American Enterprise Institute, August 1, 2012.

[2]

Americans for Tax Reform, September 2012

[3]

Forbes June 2012   See also, “Top Estate Tax Rates Set To Rise To 55 Percent In 2013.”  Gladstone, Beth, ReutersMoney.  Reuters.

[4]

While perhaps a bit extreme, consider the George Steinbrenner’s (owner of the NY Yankees at death) estate.  (1930-2010).   Steinbrenner’s estate was considered to be worth $1,100,000.000.00.   Dying in 2010 his estate paid zero (0%) estate taxes.   However, if Steinbrenner had died in 2013 his estate would pay $605,000.000.00 in estate taxes (less, an exemption of 10.5M which I did not bother to calculate).

So, under 2010 law his heirs divide:  $1,100,000.000.00.

But,

Under 2013 law, his heirs would divide only:  $495,000.000.00.   And, the US Treasury has to be paid IN CASH.  Thus, the Treasury gets all the cash and the estate (mostly) gets left with all the non-liquid assets.  In many cases, this is the non-liquid real estate.