NAPFA Webinar - Estate Planning For Income Taxes: Maximizing Step-Up In Basis For Couples

When:  Mar 8, 2022 from 03:00 PM to 04:00 PM (ET)

Presented by: Jeffrey Levine, CPA/PFS, CFP®, CWS®, AIF®, MSA - Lead Financial Planning Nerd for, Chief Planning Officer at Buckingham Wealth Partners, Lead Creator and Content Expert for Savvy IRA Planning®

1 NAPFA CE in D – Income Tax Planning, 1 CFP® CE, and 1 NASBA CE (field of study: Taxes)

Content Level: Intermediate

Member: $39; Non-Member: $59

After months of anticipation, the Democrats’ tax plan has arrived. The “American Families Plan” is very different than what many expected. It would increase the top ordinary income tax bracket from 37% to 39.6% and impose an additional 3% surtax on income above $5M. Long-term capital gains rates would rise to 25% and step-up in basis will remain. The legislation proposes several new crackdowns, including new restrictions on “backdoor” Roth IRAs and a cap that will force IRAs with more than $10M of value to distribute 50% of any excess above that amount. This session will dive deep into the details of the latest Biden Tax Plan proposal, plus the planning issues and strategies advisors should consider as the law is finalized in the weeks to come. 

Learning Objectives:

  • Explain how the proposed tax measures in the “American Families Plan” will impact tax brackets for clients at different income levels
  • Examine the potential changes to rules for retirement accounts
  • Discuss the proposed changes to estate tax laws
  • Explain changes to the Child Tax Credit and Child and Dependent Care Credit
  • Discuss potential strategies for financial planners to use with clients based on the proposed measures

Speaker Bio:

Jeffrey Levine, CPA/PFS, CFP®, CWS®, AIF®, MSA is the Lead Financial Planning Nerd for, Chief Planning Officer at Buckingham Wealth Partners, and is the Lead Creator and Content Expert for Savvy IRA Planning®, offered through Horsesmouth. Jeff is a recipient of the Standing Ovation award, presented by the AICPA Financial Planning Division, and was named to the 2017 class of 40 Under 40 by InvestmentNews. Previously, Jeffrey served as Ed Slott and Company’s Chief Retirement Strategist, where his ability to simplify the complex laws that govern individual retirement accounts, combined with his unique blend of humor and tax planning, was first recognized. Jeffrey continues to be an active speaker, traveling the country each year to educate thousands of Financial Advisors, CPAs, Attorneys, and consumers on retirement, tax, and estate planning strategies. You can follow Jeff on Twitter @CPAPlanner.