James Kalicki, principal attorney of Kalicki Law Offices, and Mark Smallhouse of New Venture Attorneys to combine their strategic legal expertise and help guide you in securing your assets today before national elections affect our laws.
On National Teacher Day, meet the 2024-25 Kenan Fellows
Nevantage - Wealth Transfer Now
1. Pre-Election Planning:
Wealth Transfer Now
Presented By:
Jamie Kalicki & Mark Smallhouse
Your Advantage Is Our Expertise
2. Procrastinator’s Guide to Last-Minute
Estate Planning
Current state of the law.
Once in a lifetime opportunity to give up to $5 million/$10 million to heirs
without gift tax or generation-skipping transfer tax. Opportunity will expire
12/31/12.
Your Advantage Is Our Expertise
3. What This Means to You
Estates with assets of greater than $1 million will, after 12/31/12, be taxed
at 55% (current tax rate is 35%).
Transfer now to avoid the uncertainty generated by what the future brings.
Your Advantage Is Our Expertise
4. Sounds Great – But I Do Not Want to Give
up Control and Enjoyment of my Assets!
You do not have to. We can designate transfers of assets to the following
structures to ensure your continued control and/or ability to access and use
those assets.
Family Limited Liability Companies/LLP’s
A Nevada Asset Protection Trust
Nevantage STING™ Trust
Intentionally Defective Grantor Trusts
Your Advantage Is Our Expertise
5. Is This Really Going to Happen?
There have been previous proposals to reduce the gift/estate tax exclusion
to $3.5 million; however, the extremely partisan race concerns us.
Increases in inflation scare us more.
Even more scary is the Obama Administration’s 2013 revenue proposals
dealing with common estate planning strategies.
Your Advantage Is Our Expertise
6. Why Do I Need to Act Now?
Curing problems.
Valuation problems.
The moral - if you think you are going to take advantage of this opportunity,
you need to start now.
Your Advantage Is Our Expertise
7. Understanding the 3.8% Medicare Surtax
The Affordable Care Act imposes a 3.8% Medicare surtax.
The 3.8% Medicare surtax is set forth new IRC §1411, which is effective for
tax years after 2012.
The 3.8% surtax applies to certain passive investment income of individuals
and trusts and estates based upon a mathematical formula.
Your Advantage Is Our Expertise
8. Application of Surtax to Individuals
Threshold amounts.
Joint filers - $250,000
Married taxpayers filing separately - $125,000
Individual taxpayers - $200,000
Your Advantage Is Our Expertise
9. Types of Income the Tax Applies To
Dividends
Rents
Interest
Capital Gains
Royalty
Passive Activity Income
Your Advantage Is Our Expertise
10. Types of Income Excluded from Surtax
Self-Employment Income
Active Trader Business Income
Gain on Sale of Active Interest in partnerships or S corporations
IRA or qualified plan distributions
Trusts for charities, except Charitable Lead Trusts
Your Advantage Is Our Expertise
11. Planning to Avoid or Minimize the Impact
of the Tax
There are a number of planning techniques that to reduce your exposure to
tax. Those include:
Reduce your overall net investment income by allocating more of your
investments:
o Tax-deferred annuities
o Life Insurance
o Rental Real Estate
o Oil and Gas Investments
Sell appreciated assets now.
Your Advantage Is Our Expertise
12. Q&A
Join us next month on
WEDNESDAY, SEPTEMBER 26th
as we discuss:
“END OF THE YEAR PLANNING”
THANK YOU!
Your Advantage Is Our Expertise
13. Nevantage.com
Jamie Kalicki & Mark Smallhouse
Your Advantage Is Our Expertise