This Year's Best Income Tax, Estate Tax and Financial Planning Ideas

Overview

With different tax rates for individuals and trusts, tax planning takes on more importance. New legislation increases the importance of generating new ideas for financial planning and saving for retirement. The purpose of this course is to explore practical tax-planning ideas that practitioners can use to assist clients with their needs. This course is crucial for CPAs who are looking for good ideas that can save clients money! Continually updated for legislative developments.

Highlights

Timely coverage of breaking tax legislation, including the SECURE 2.0 Act and Inflation Reduction Act provisions applicable to individuals
Changes to the lifetime estate tax exemption in light of proposed regulations
Considerations when selling a principal residence
Tax benefits of HSAs
An overview of the mechanics and practical considerations of Donor Advised Funds
Virtual currency
The best new income tax and estate-planning ideas
The changing Social Security landscape: long-term solvency issues and what it means for retirement planning Creative charitable giving strategies
Financial planning strategies
Maximizing retirement plan benefits
Using intentionally defective grantor trusts
Miscellaneous tax-planning techniques that can add up to significant tax savings
How to use the whole family for tax savings
Life insurance
Up-to-the-minute ideas reflecting new tax law changes in cases, regulations, and rulings

Prerequisites

Basic course in individual income tax, Social Security, and estate planning

Designed For

All Accounting and Finance Professionals, especially those who want to provide the best up-to-the-minute tax advice

Objectives

Understand life insurance for both income and estate planning
Identify strategies that are effective following estate and gift tax reform
Understand options available to baby boomers as they reach retirement in light of Social Security
Prepare for potential legislative changes to retirement and estate planning

Preparation

None

Notice

This seminar has been approved for IRS CE credit. To receive IRS CE credit, you must complete the IRS CE Credit Request Form within 30 days of the seminar.

Fees

Credits

Specialized Credits

Level

Code

Vendor

Fields of Study

Leader(s):

Don Cochran

Leader Bios

Don Cochran

Don Cochran is a solo practitioner in Apple Valley, Minnesota. His 30 years of practice has been focused primarily in the areas of small business legal and tax consulting, and individual tax, estate, and financial planning. Don has practiced law in both Iowa and Minnesota, was a CPA with the Small and Emerging Business practice of then Big 8 accounting firm, Touche Ross, in Bloomington, Minnesota, and was the Vice President of Tax and CFO with various privately and publicly held companies. He also served as an advanced sales consultant with Securian Financial, Nationwide Financial, and Pacific Life Insurance Company. He developed and provided continuing education on tax and legal planning strategies for small to medium size businesses and wealthy individuals, and worked with insurance wholesalers and financial advisors to understand and implement financial strategies geared towards asset preservation and income in retirement. Don earned his undergraduate degree, a Bachelor of Science in General Science, from the University of Iowa, Iowa City, Iowa, and graduated from the University of Iowa College of Law with his Juris Doctorate. In addition to being an attorney and Certified Public Accountant, he maintains his designations as a Certified Financial Planner® and Certified Retirement Counselor®. He is a member of the Minnesota and Iowa State Bar Associations, and the Minnesota Society of CPAs.

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