Articles and Publications
Newly published book entitled “Can You Trust Your Trust? What you need to know about the Advantages and Disadvantages of Trusts and Trust Compliance Issues”
Can You Trust Your Trust? is the first book of its kind to present this information in an accessible and practical manner, easily understood by you – the trustee – and your trust advisors. It advises you on the benefits — as well as the pitfalls — of acting as a trustee, written in language that one doesn’t need a law degree to understand.
To purchase this book or for additional information, visit the American Bar Association Online book store at http://www.ShopABA.org and search for product code 1620626. It is also available in E-book format. See also Amazon.com
Title: IRA Guide to IRS Compliance Issues Including IRA Trust Violations.
Based on government reports from the Treasury Inspector General for Tax Administration and the GAO , there is a significant amount of noncompliance from taxpayers who make excess contributions to IRA accounts, and from taxpayers who fail to receive timely required minimum distributions. The IRS is developing a long-term compliance initiative to reduce the growing noncompliance involving retirement accounts. This strategy will include the development of techniques to identify individuals who are not in compliance. It will include, according to a government report, education, outreach programs, and other guidance.
This essential guide outlines many of the mistakes that are made by IRA account holders from an IRS compliance point of view, understanding that is quite easy for a taxpayer who has an IRA or inherits an IRA to fall into a tax trap and violate the IRA rules. The IRA Guide to IRS Compliance Issues will help you be aware of the potential IRA violations that may be triggered and how to be proactive and not reactive when it comes to IRA issues. Issues covered in the book include:
IRA Trust Checklist with Practitioner Tips
Statute of Limitations Involving IRA Penalties
IRS Levy on IRA to Satisfy Federal Tax Debts
Early Distribution Penalty Violation
Required Minimum Distribution Penalties
Important IRA Distribution Tax Traps to Know About
Violations of the Rollover Rules Non-Spouse Beneficiaries
Disclosure Issues and IRA Trusts
Circular 230 Violations
Loss of Creditor Rights Protection of Decedent’s IRA in State Court
Asset Protection for Inherited IRAs
And much more
Discover the potential legal pitfalls that may befall your clients who may inadvertently have violated complex IRS IRA rules, and have the information you need to help you deal with your clients’ fear of pending audit with this valuable addition to your resource material.
To purchase this guide or for additional information, visit the American Bar Association online book store at www.ShopABA.org and search for it using Product Code 1620533 or Product Code 1620533EBK for the ebook edition. See also Amazon.com
Title: Inherited IRAs: What Every Practitioner Must Know
The rules and regulations surrounding estate planning and retirement asset distributions can be very confusing. One seemingly tiny mistake or oversight could result in a morass of legal issues and penalties, about which a less-informed practitioner may be completely unaware. It is your responsibility as a practitioner to be familiar with these retirement distribution rules and know how to implement an estate plan that includes retirement-type assets, such as IRAs.
Inherited IRA’s: What Every Practitioner Must Know is your complete guide to effectively implementing an estate plan that includes retirement-type assets, written especially for the practitioner. This important book serves as a guide to alert you, as a practitioner, to many of the retirement distribution rules that you must know in order to effectively safeguard your client and their retirement assets.
Within this concise guide, you’ll find more than 100 scenarios, questions, and answers that you will most likely encounter as a practitioner dealing with often complex retirement asset distribution. In addition, checklists, sample forms, and summaries of court rulings on inherited IRA cases will provide you with additional tools and resources that will help you serve your clients through what is often a very difficult time in their lives.
This essential resource can help any retirement and estate practitioner be more responsive to questions about retirement distribution planning, and be more successful at their craft.
On April 23, 2013, a major court case just came out from the US Court of Appeals for the 7th Circuit, Rameker v. Clark that held that an IRA payable to a nonspouse beneficiary is not creditor proof.
The U.S. Court of Appeals for the 7th Circuit and the U.S. Court of Appeals for the 5th Circuit disagree on whether or not Inherited IRAs are creditor proof and this issue will ultimately wind up in the Supreme Court of the United States. IRA trusts are more important than ever since it may take years until this issue is resolved.
To purchase this guide or for additional information, visit the American Bar Association online book store at www.ShopABA.org and search for it using Product Code 1620524.
Title: Fundamentals of Trust Accounting Income and Principal Rules under the Revised New York State Laws.
In New York State alone there are well over 10,000 attorneys that are involved in trust drafting, tax planning, estate planning, trust accounting, trust litigation and elder law planning, but very few local bar associations in New York State offer practica l material on trust accounting income.
Here’s the user manual on the trust accounting income and principal rules that New York attorneys have been looking for, written from a practical application standpoint. It’s doubly applicable to any lawyers who draf t trust documents. If you’re a New York State lawyer involved in drafting trusts you need to be aware of the trust accounting rules that are applicable to a trust subject to New York State trust laws. This knowledge is especially important if you act as tr ust counsel to the trust that you created.
For additional information or to purchase this book, visit the American Bar Association online book store at www.ShopABA.org and search for it using Product Code 1620597.See also Amazon.com
Title: The IRA Distribution Rules: IRS Compliance and Audit Issues.
According to a recent report by the Treasury, the IRS plans to implement a servicewide strategy to address growing noncompliance involving IRA excess contributions and violations of the required minimum distribution rules.
The potential liability for taxpayers who violate the retirement account rules is significant. Clients and their heirs who are unaware of the rules and improperly handle IRA accounts can trigger IRS examinations and may incur significant tax and IRS penalties.
In this downloadable book you will learn about:
The IRA distribution rules
50% IRS penalty issues
10% early distribution penalty issues
An important IRA distribution tax trap to know about
Roth IRA issues
Common errors in retirement distribution planning
How the spousal IRA rules work
Statute of limitation issues involving IRA penalties
Excess contribution issues
Improper rollover issues
And much more
Includes Sample Client Letters
This book includes a series of sample letters covering various client IRA scenarios that you can use in your practice right away, including letters for
A traditional IRA, where the owner is survived by multiple nonspouse beneficiaries.
A Roth IRA, where the owner is survived by multiple nonspouse beneficiaries.
Considerations in titling of the IRA account after death.
A surviving spouse and spousal rollover issues.
An existing estate plan with non-probate assets, including IRAs.
To purchase this guide or for additional information, visit the American Institute of CPAs website online store at http://www.CPA2biz.com and search for it using Product Code PPF1402P.
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