Stewart H. Welch III - J.K. Lassers new rules for estate, retirement, and tax planning: keep more today, leave more to your heirs tomorrow

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Copyright 2014 by Stewart H. Welch III, Harold I. Apolinsky, and J. Winston Busby.
All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

The Fourth Edition of Estate and Tax Planning was published by John Wiley & Sons, Inc. in 2012.

Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data:

ISBN 9781118929995 (Paperback)
ISBN 9781118930014 (ePDF)
ISBN 9781118930007 (ebk)

It would not have been possible to write a book of this magnitude without the support, assistance, and encouragement of our law firm, Sirote & Permutt. Winston and I owe a special thank you to the 13 other members of our Estate and Probate Department: Katherine N. Barr, Emilee Hellums, Elizabeth Hutchins, Shirley Justice, Leigh Kaylor, Melinda Mathews, Sandy Mullins, Howard Neiswender, Tanya Shunnara, Craig Stephens, Peter Wright, John Baggette, and George Gastonbright and gifted lawyers who believe in top-quality legal care, outstanding service to clients, and innovation.

We are all constantly seeking and studying new estate-planning ideas to help clients not only accumulate wealth but keep wealth within their families. I want to acknowledge the encouragement of my wife, Marissa Levine Apolinsky, who exhibited unlimited patience as I spent time writing, as well as the years of encouragement from my children, Steve Apolinsky, Felice Apolinsky, and Craig Apolinsky, who convinced me that with hard work and determination nothing was impossible to achieve. Finally, without the help of our loyal assistants, Marsha Self and Reva Ramey, the demanding publishing deadlines could never have been met. The most fun for me has been to work with Stewart Welch, a most gifted individual and innovative financial adviser.

I would like to thank my wife, Casey Busby, who provided me with uninterrupted nights and weekends to work on this book while she managed the rigors of tax season as a CPA. Juggling my absence to work on this book and the long hours required of tax accountants between January 1 and April 15 while we awaited the birth of our first child required significant support and patience from my loving wife, and I thank her for it.

I am extremely grateful to and humbled each day by the chance to learn from and work with Harold Apolinsky, John Baggette, Katherine Barr, George Gaston, Emilee Hellums, Wes Hill Elizabeth Hutchins, Shirley Justice, Leigh Kaylor, Melinda Mathews, Sandy Mullins, Howard Neiswender, Tanya Shunnara, Craig Stephens, and Peter Wright.

I would also like to sincerely thank Harold Apolinsky and Stewart Welch III for providing me with the opportunity to be a coauthor of the fifth edition. Additionally, I would like to thank Craig Stephens, a coauthor of the previous editions of this book, for graciously allowing me the opportunity to be a part of this edition in his place while continuing to provide guidance and support throughout the process. I could not have completed this project without the tireless work and dedication of my assistant, Reva Rameythank you.

This book would have never happened without help and moral support from many people. First and foremost, I want to thank my coauthors, Harold Apolinsky and Winston Busby. Harold is not only a true scholar but a true gentleman as well. He has been generous with both his time and his talents over the 30-plus years we have known each other and worked together to benefit clients. Thanks, Harold. I also want to thank Winston Busby for his insightful contributions to this revision. Winston is a rising star in the legal profession and has been a pleasure to work with on this project.

As most of you are aware, insurance can be a very confusing product to understand. Babs Hart specializes in long-term care insurance, and her input regarding that section of the text was invaluable. She also provided technical research regarding the life insurance products discussed in this book.

I also want to thank John West, CPA, a partner with the accounting firm of Sellers, Richardson, Holman and West, LLP, in Birmingham, Alabama. Whenever I get stuck on a complex tax question or calculation, John is the person I turn to for quick, accurate answers.

I am so fortunate to be surrounded by a group of highly talented professional advisers who each helped me with research for this book project. Greg Weyandt, MPA, CPA, is a member (partner) of our firm and the chief operating officer, chief financial officer, and chief compliance officer of both of our financial advisory companies. Greg runs the day-to-day operations with near flawlessness, which allowed me to concentrate on this project. Hugh Smith, CPA, CFP, CFA, is a member at The Welch Group and the chief investment officer for both companies and is one the brightest tax, market analyst, and financial planning experts I know. Michael Wagner, CPA, CFP, and Kimberly Reynolds, MS, CFP, are members at The Welch Group and are among the most all-around talented advisers in the field of financial planning. The Welch Group advisers Foster Hyde, MS, CFP, and Beth Moody, MS, CFP, are rising stars at our firm and not only help prepare, but also help run our client meetings. Woodard Peay, CFP, MBA, is the lead member of our sister firm, Fee-Only Planning Professionals, LLC. Woodard is a seasoned professional in financial planning who also knows what it takes to run a successful business. Joining Woodard are advisers Marshall Clay, Esq., CFP, and Callie Jowers, CFP. Marshall graduated from West Point Academy, served our country as a commissioned officer for seven years, then graduated from Cumberland Law School before joining us. Callie graduated magna cum laude in Family Financial Planning & Counseling from the University of Alabama.