Estate Planning in the New Year #053

01/25/19 • 62 min

Guests Emily Kembell and Gretchen Cliburn recently met host Damien Martin for lunch where they got to talking about the often intimidating subject of estate planning. Listen to their follow up conversation to get practical tips on approaching the complex world of estate planning within the context of the complex emotional realities of life.

TIME STAMPS OF WHAT’S COVERED

Estate planning? @3:32
Common estate planning myths @4:34
Key definitions @5:41
Why does your financial planner need to know about your estate plan? @8:17
Working with an estate planning attorney vs. using an online service @11:05
No one wants to talk about their death @13:51
The cost of doing nothing @15:13
Why you need a team of advisors @16:38
Getting ready for an initial meeting @24:11
When and how frequently do you need an estate planning checkup @26:50
Advice for getting started @30:00
It’s not your job to know all of the answers @31:50
Get all of your advisors involved @33:52
Pay now or pay later @34:59
Ways to save money on estate planning @35:50
A lunch conversation between your financial advisor and your estate planning attorney @37:44
Asking the “what if’s” @42:14
Asset protection planning @43:56
You can change your plan @45:41
Deciding on a guardian for minor children @46:54
Dividing an estate when you have a family business @49:08
Having a multigenerational conversation @53:37
Family disharmony after you're gone @55:58
The best day to have an estate planning conversation @ 59:27

BIO FOR GUESTS

Emily Kembell is a partner in the Springfield, Missouri office of Kirkland Woods & Martinsen LLP. Emily focuses her practice on estate planning of all types, trust and probate administration, transfer tax planning, issues relating to business succession planning and adult and minor guardianships.

Connect with Emily on LinkedIn

Gretchen Cliburn is a director at BKD Wealth Advisors, LLC in Springfield, Missouri. Gretchen is a Certified Financial PlannerTM (CFP®) and a Certified Divorce Financial Analyst® (CDFATM) and coordinates investment management with tax, retirement, financial education and estate planning.

Connect with Gretchen on LinkedIn

RESOURCES MENTIONED IN THE EPISODE

Previous episodes of the “Simply Tax” podcast:

GET MORE “SIMPLY TAX”

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram

TIME STAMPS OF WHAT’S COVERED

Estate planning? @3:32
Common estate planning myths @4:34
Key definitions @5:41
Why does your financial planner need to know about your estate plan? @8:17
Working with an estate planning attorney vs. using an online service @11:05
No one wants to talk about their death @13:51
The cost of doing nothing @15:13
Why you need a team of advisors @16:38
Getting ready for an initial meeting @24:11
When and how frequently do you need an estate planning checkup @26:50
Advice for getting started @30:00
It’s not your job to know all of the answers @31:50
Get all of your advisors involved @33:52
Pay now or pay later @34:59
Ways to save money on estate planning @35:50
A lunch conversation between your financial advisor and your estate planning attorney @37:44
Asking the “what if’s” @42:14
Asset protection planning @43:56
You can change your plan @45:41
Deciding on a guardian for minor children @46:54
Dividing an estate when you have a family business @49:08
Having a multigenerational conversation @53:37
Family disharmony after you're gone @55:58
The best day to have an estate planning conversation @ 59:27

BIO FOR GUESTS

Connect with Emily on LinkedIn

Connect with Gretchen on LinkedIn

RESOURCES MENTIONED IN THE EPISODE

Previous episodes of the “Simply Tax” podcast:

GET MORE “SIMPLY TAX”

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram

Previous Episode

Choice of Entity for Family Businesses - Part II #052

Businesses, owners and their advisors have been carefully evaluating their choice of entity and wrestling with converting S corporations to C corporations after tax reform. Listen in on an insightful two-part discussion as guests Steve Gorin and Susan Jones join host Damien Martin to take a closer look at this perplexing and complicated topic.

TIME STAMPS OF WHAT’S COVERED

Irrevocable grantor trusts explained @ 1:11
“A C corporation is fundamentally incapable with a sale to an irrevocable trust or a grantor retained annuity trust (GRAT)” @ 8:32
Possible exit charges on converting a C corporation to an S corporation (and possible strategies to avoid them)
- Method of accounting considerations for choice of entity @ 12:55
- Distributing your S corporation accumulated adjustments account @ 15:06
Future of tax rates @ 20:57
What if you change your mind and you want to go back to being an S corporation @ 24:25
The Built-in gains tax considerations @ 26:34

BIO FOR GUESTS

Steve Gorin is a partner in Thompson Coburn's St. Louis, Missouri office and a nationally recognized practitioner in the areas of estate planning and the structuring of privately held businesses. Steve crafts estate plans for individuals, keeping in mind their financial security and desire to save income and estate tax. In his work for businesses, Steve helps owners plan for the eventual sale (to co-owners, employees, or third parties) or transfer (to family members), and provides a legal framework for an orderly transition while strategically saving income, transfer, and FICA taxes.

Learn more about Steve

Connect with Steve on LinkedIn

Susan Jones is the St. Louis leader for BKD's Private Client Services (PCS) tax team and a leader of BKD Family Office. She provides sophisticated income, gift and estate tax compliance, consulting and planning services to individuals, families, fiduciaries, private foundations and their related entities. She also provides proactive executive compensation planning and succession planning for high-net-worth individuals and their family owned businesses.

Connect with Susan on LinkedIn

RESOURCES MENTIONED IN THE EPSIODE

View Steve’s webinar: Effective Business Income Tax Rates in Light of 2017 Tax Law Changes

Subscribe to Steve’s blog: Business Succession Solutions

Listen to previous episodes of the Simply Tax Podcast mentioned during the episode

ADDITIONAL RESOURCES

Wealth Transfer Strategies for Families presented by Susan Jones and Holly Pantzer

Episodes of the Simply Tax Podcast included in the introduction to Part I

GET MORE “SIMPLY TAX”

A complete archive of our episodes is available on our website and YouTube playlist.

We’d love to hear from you! Email feedback and questions to [email protected].

Connect with Damien on social media!

LinkedIn | Twitter | Instagram

Next Episode

Putting the Final §199A Pieces Together #054

Did we get all the missing pieces to the §199A puzzle in the recently released final guidance? Guest Tony Nitti joins host Damien Martin to fit the pieces provided in the final regulations together and offer key takeaways for applying this complex new provision with tax filing season now officially underway.

TIME STAMPS OF WHAT’S COVERED

A big announcement from Tony @2:04
Hats off to Treasury and the IRS @3:59
Headlines from the final regs @5:00
How to digest 247 pages of final guidance @8:24
More extended tax returns this year? @10:01
The problem for rental real estate and the triple net lease under the final regs @11:43
Safe harbor for treating a rental real estate enterprise as a trade or business @13:01
Multiple trades or businesses within the same entity @18:51
Putting it all together @20:51
The incidental rule is gone @23:51
Clarification on treatment of services or property provided to a specified service trade or business (SSTB) @24:51
They narrowed down the SSTB definitions @26:08
Big clarification for consulting @27:18
Relying on the proposed regulations @33:00
What’s ahead for Tony’s Forbes articles @37:07
What’s ahead for §199A @38:24

BIO FOR GUEST

Tony Nitti is a tax partner at RubinBrown. His practice focuses primarily on corporate and partnership tax planning, with a special focus on the consolidated return regulations and the reorganization provisions, including the structuring of acquisitions, mergers, reorganizations, spin-offs and other restructuring transactions. Tony is a contributor to Forbes and his opinions and commentary on important tax issues have been quoted in Bloomberg, CNN Money and the BNA Daily Tax Report.

More about Tony:

Connect with Tony on Social Media:

RESOURCES MENTIONED IN THE EPISODE

Previous episodes of the “Simply Tax” podcast covering §199A: