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New Book From CCH Shows Practical Ways To Preserve Wealth Under The New Tax Rules

In this insightful new book, renowned tax, financial and estate planning author and educator Sidney Kess, JD, CPA, has drawn on interviews with 32 top planners in a variety of practices to spotlight the challenges and opportunities that the historic Economic Growth and Tax Reduction Reconciliation Act of 2001 poses to wealth planners and their clients.

Filled with the practical observations, tips, pointers and conclusions of some of the top names in a cross-section of specialty practice areas, Protecting and Preserving Wealth After the 2001 Tax Act spells out the cutting-edge planning and practice development tips and techniques being used by some of the nation's leading professional advisors and firms in light of the new law.

Uncertainty and Opportunity

The experts interviewed stress that the 2001 Act has created a great deal of uncertainty – uncertainty as to whether the estate tax, for example, really will disappear in 2010 and whether the entire law really will “sunset” in 2011. They discuss what should be reviewed and changed in existing estate and wealth-transfer plans in the short term, and what kind of flexibility is necessary to cope the vagaries of the new planning environment in the long run.

The planners also note that uncertainty hangs over the future of state death taxes and the alternative minimum tax (AMT). The phase-out of the federal credit for state-level estate taxes has very different consequences for different states, suggesting that changes in state laws or the federal law are likely. Another area of concern is that the 2001 act contains only very modest relief from the AMT and the forces underlying the continuing encroachment of the AMT on middle-class income taxpayers are essentially unchecked. Both areas call for planners to be watchful and flexible in adjusting plans to the unfolding situation.

The experts agree that other elements in the 2001 legislation present more clear-cut opportunities for planners and their clients. The provisions regarding 529 college savings plans and educational IRAs – now, Coverdell savings accounts – are chief among these, with a number of planners seeing educational savings planning as an emerging professional advisor sub-specialty.

The practical insights of the book are matched by the actual practice tools being used by top firms to alert and educate their clients. Appendices include client letters, newsletters, memos, booklets, articles, visual presentations and e-mails, as well as draft language for wills and trusts that are being used to educate clients on the new planning opportunities and pitfalls and help practitioners garner additional fee-generating engagements.

Availability and Pricing

For more information or to order the 200-page Protecting and Preserving Wealth After the 2001 Tax Act: Practical Insights and Strategies from Leading Professional Advisors, contact CCH at 1-800-248-3248 or visit the CCH Online Store at onlinestore.cch.com. Single copy price is $45 plus applicable tax, shipping and handling. Quantity discounts and school adoption pricing are available.

About CCH INCORPORATED

CCH INCORPORATED, headquartered in Riverwoods, Ill., was founded in 1913 and has served four generations of business professionals and their clients. The company produces more than 700 electronic and print products for the tax, legal, securities, insurance, human resources, health care and small business markets. CCH is a wholly owned subsidiary of Wolters Kluwer U.S. The CCH web site can be accessed at cch.com. The CCH federal and state tax web site can be accessed at tax.cchgroup.com. -- ### --

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EDITORS NOTE: For mzembers of the press, a complimentary review copy of the Protecting and Preserving Wealth After the 2001 Tax Act: Practical Insights and Strategies from Leading Professional Advisors is available by contacting Leslie Bonacum at 824-267-7153 or mediahelp@cch.com.