Welcome to Blueprint for Wealth! I created this web site to help you and your friends, family and colleagues realize your personal dreams of wealth and freedom by providing you with educational content on legal developments in the areas of estate planning, tax planning and business planning. The site contains articles, videos and podcasts of interest in each of these areas. If you need legal advice or legal assistance, please call me at 703-218-2177 or email me at email@example.com. See Disclaimer.
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- Legislation Introduced to Prevent Enactment of Valuation Rules Sen. Marco Rubio (R-Fla.) and Rep. Warren Davidson (R-Ohio) reintroduced legislation to prevent the IRS from enacting its highly controversial estate valuation discount proposed regulations introduced in August 2016. The proposed regulations were purportedly designed to stop abusive practices where valuation discounts were being used solely as an estate tax dodge on transfers of interests in closely held businesses. But the rules arguably went way beyond what the statute (Code Sec. 2704) originally intended. During the last Congress, similar legislation introduced by Davidson (H.R. 6100) and Rubio (S. 3436) attempted to stem the regulations by blocking funding. The bills garnered ... Read more
- Will the Estate Tax be Repealed in 2017? Sen. John Thune (R-SD) announced that he and other Republicans will push for repeal of the federal estate tax in 2017 as part of more comprehensive tax reform, in lieu of trying to get Congress to prevent the finalization of the 2704 valuation discount regulations in 2016. For more on this topic, please click here. Read more
- Another Summary of Trump and Republican Tax Proposals Now that the election is over, tax reform is high on the agenda of the President-Elect and the Republican controlled Congress. For an excellent summary of the Trump and Republican Blueprint Tax Proposals by Andersen Tax, please click here. Read more
- 10 Differences Between Clinton and Trump Tax Plans Here is a summary of the top 10 differences between the Clinton and Trump tax proposals as outlined in their various position papers and on their web sites: Individual Tax brackets – Clinton would create 8 tax brackets with a new top tax rate of 43.6% on income in excess of $5 million. Trump would have 4 tax brackets and reduce the top tax bracket to 33%. Long-term capital gains – Clinton would increase the top tax rate on capital gains to 39.6% for assets held less than 2 years and the cap gains rate would decline to 20% as assets are ... Read more
- Good News for New Jersey Residents! At least on the estate planning front, there is good news for New Jersey residents! The New Jersey estate tax exemption, currently the lowest in the nation at $675,000 per person, will increase to $2 million after January 1, 2017, and then will be eliminated beginning in 2018. The legislation (which was part of the Transportation Trust Fund bill) was signed by Governor Christie on October 14, 2016. Unfortunately, the legislation does not appear to have changed the New Jersey Inheritance Tax, which generally subject transfers to siblings at a rate of 11% and to many others at a rate ... Read more
- IRA Legacy Trusts and Retirement Planning Please join Wayne M. Zell, Esq., for this video presentation of his Estate Planning Bootcamp for Financial Advisors. This segment focuses on the use of IRA Legacy Trusts and planning for leaving a legacy properly with your retirement assets. (Recorded 5/18/2016, Session 3 of 6, part 1, segment 3/3.) Read more
- Comprehensive IRA and Retirement Planning Please join Wayne M. Zell, Esq., for this video presentation of his Estate Planning Bootcamp for Financial Advisors. This segment focuses on titling assets as tenants by entirety, leaving a legacy, and proper retirement plan and IRA beneficiary designations. (Recorded 5/18/2016, Session 3 of 6, part 1, segment 2/3.) Read more
- Estate Planning Bootcamp, Basic Estate Planning Reviewed Please join Wayne M. Zell, Esq., for this video presentation of his Estate Planning Bootcamp for Financial Advisors, which first reviews the basics of estate planning. In this segment, Mr. Zell focuses on the need for an estate planning team, avoiding intestacy, wills basics, powers of attorney, health care directives and revocable trusts. (Recorded 5/18/2016, Session 3 of 6, part 1, segment 1/3.) Read more
- Another Summary of the Valuation Discount Proposed Regs. Here is another excellent summary (from Bessemer Trust) of the new Section 2704 proposed regulations that severely limit the use of valuation discounts for transfers of interests in closely held entities to family members or trusts for their benefit. Please call us at 703-218-2177 or email us at firstname.lastname@example.org for assistance in making transfers prior to year-end, the expected effective date of the regulations. Read more
- How to Avoid Estate Planning Mistakes, part 4 of 4 Please join Wayne M. Zell, Esq. in this video presentation (part 4 of 4) of his Estate Planning Bootcamp for Financial Advisors, as he discusses the top 12 estate planning mistakes and how to avoid them. This event took place on 4/20/2016. Read more