Stewart H. Welch III - Jk Lassers New Rules for Estate, Retirement, and Tax Planning

1. Chapter 1
2. Chapter 3
3. Chapter 4
4. Chapter 5
5. Chapter 10
6. Chapter 11
7. Chapter 12

1. Chapter 4
2. Chapter 8
3. Chapter 10

J.K. LASSERS

Sixth Edition

Stewart H. Welch III, AEP, CFP

J. Winston Busby, ESQ., LLM

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The Fifth Edition of Estate and Tax Planning was published by John Wiley & Sons, Inc. in 2014.

Published simultaneously in Canada.

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I would like to thank my wife, Casey Busby, and my daughter, Frances, who was born shortly after the release of the previous edition. Both were very understanding, especially Casey, who juggled her career, Frances, and my absence so I could work on this book. I thank you both.

I am extremely grateful and humbled each day by the chance to learn from and work with all of the attorneys at Sirote and Permutt and especially the other members of the Private Clients, Trusts & Estates Group, including Harold Apolinsky, John Baggette, Katherine Barr, Clay Garrett, Wes Hill, Elizabeth Hutchins, Shirley Justice, Leigh Kaylor, Melinda Mathews, Howard Neiswender, Tanya Shunnara, Craig Stephens, and Peter Wright.

I would also like to sincerely thank Stewart Welch III for the opportunity to once again serve as a coauthor with him. Additionally, I would like to thank Harold Apolinsky and Craig Stephens, each coauthors of previous editions of this book, for graciously allowing me the opportunity to join this project for the previous edition and to continue their earlier work with this edition.

Completing this project would not have been possible without the tireless work of my assistant, Reva Kirk.

I am extremely grateful to Alex Sidwell and Nathan Stotser for their assistance during the early stages of writing this edition. Finally, I could not have completed this project without the work and dedication of Alex Sidwell, who served as a research and editing assistant throughout the project.

This book would have never happened without the help and moral support from many people. First and foremost, I want to thank my coauthor, Winston Busby. Winston is an extremely gifted lawyer and has been a pleasure to work with on this project. He has always made himself available when I had highly technical questionsquestions to which he simply knew the answers because he's that smart! Winston's partner, and a senior partner at his firm, Harold Apolinsky, coauthored several previous versions of this book. Harold is a brilliant lawyer and true Southern gentleman.

As most of you are aware, insurance can be a very confusing product to understand. Babs Hart, of Tuscaloosa, Alabama, specializes in longterm 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.

James (Jimbo) A. King III is coowner of McGowan & King in Birmingham, Alabama; Jimbo specializes in reverse mortgage lending. He is the man I turn to when I have questions about reverse mortgages.

I also want to thank John West, CPA, a partner with the accounting firm of RSM US 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. Greg runs the daytoday operations with nearflawless precision, 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 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 allaround talented advisers in the field of financial planning. They each provided technical assistance with this book. Senior Financial 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. They are assisted by a highly talented group of young advisers, including Maggie Elliott, MS, CFP, Adviser; Matt Savela, CPA, Adviser; and Brett Norris, CFP, Associate Adviser.