The Family Wealth Plan is not the final goal but instead is a solid starting point. It is comprehensive, integrated and incorporates your personal cash flow (income & expenses), assets & liabilities, stock options, federal & state taxes, retirement, education funding, insurance and estate planning strategies.  That’s why we work as your tax specialist along side your financial advisor, attorney, banker and others on your professional team to monitor income tax issues associated with trusts.

And for owners of closely-held or family businesses, the complexity of estate planning increases markedly. Business interests complicate the usual planning considerations that minimize estate and gift taxes and maximizes family wealth. That’s where BNKJ’s business valuation group works with our CPA’s, who are also attorneys, to create new entities, carry out corporate recapitalizations or reorganizations, exit strategies and create different types of charitable trusts.
 
 

PDF — Estate, Gift & Trust brochure

Flash — Estate, Gift & Trust Services brochure

 

* * * Estate Tax Alert * * *

The estates of taxpayers dying in 2011 or 2012 with estates of $5.12 million or less have no requirement to file an estate tax return. It is important to note, however, that if the estate has not fully utilized its exemption, the unused amount may be carried over to the surviving spouse’s estate. This is known as the “portability provision.”

In order to use the portability provision, it is necessary to file an estate tax return on or before the due date of the return, including extensions.

On June 15, 2012, the Internal Revenue Service (IRS) released new proposed and temporary rules (REG-141832-11, T.D. 9593) allowing an abbreviated estate tax form which eliminates reporting the value of property that qualifies for the marital or charitable deduction. It may be advisable to file an automatic extension for the return since the IRS may still revisit these reporting requirements.

If you have questions concerning these new proposed and temporary rules, or if you have any questions related to estate planning tax issues, please contact Richard K. Babush at 770-261-1900.

It is our pleasure to congratulate our partner Dick Babush, who is the 2010 recipient of the Georgia Planned Giving Council’s Greater Good Award. Dick was nominated by the Jewish Federation of Greater Atlanta.

This prestigious award, which carries a $2,000 gift to a charity of the winner’s choice, recognizes exemplary service among Georgia's charitable advisors. Nominees have served at least 10 years in the field of planned giving and uphold superior standards in the field, increasing the quality and quantity of planned gifts to charities in Georgia. Past award winners include Ben White in 2005, Henry Bowden in 2006, Stephen M. Berman in 2007 and Zoe Hicks in 2008.

In choosing the winner, the selection committee cited Dick’s work in helping his clients meet their charitable goals, and benefitting scores of Georgia charities in the process. They also recognized Dick’s dedication to fundraising efforts on behalf of charitable organizations.

The Georgia Planned Giving Council is the statewide affiliate of the National Committee on Planned Giving, now known as the Partnership for Philanthropic Planning. Its membership consists of non-profit professionals, professional advisors and others throughout Georgia committed to promoting planned giving to charitable organizations.