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During the first day of the 2015 Southeastern Accounting Show, John Carroll and I noticed that few of the 1,200 CPAs who came to our booth had heard of QLACs. On day 2 we put up this sign with a simple question about Required Minimum Distributions from IRAs and WOW! CPAs who have clients who don’t need their RMDs came up to our booth saying “YES! What can we do about it?!?”

The IRS is taking another step to address longevity risk with the decision last year to authorize the creation of a new type of annuity, a QLAC, or qualifying longevity annuity contract, that enables an individual to defer up to $90,790 in income between the ages 70 1/2 and 85. In addition to guaranteed income in later years, for those in higher tax brackets or near one of the Medicare premium bands, unneeded RMDs can be expensive. Click here to request QLAC illustrations.

Blended Solutions

We then explained how clients who have the IRA balances, income, and tax obligations that justifies QLACs, might also be well served by donating or investing in Conservation Easements.

Other CPAs were very interested in learning more about Micro Captives that are authorized by IRC ยง 831 (b) with the purpose of leveling the playing field so that small businesses can insure risks with pre-tax dollars just as big companies do.

While we still may see a spud-and-hold strategy for oil and gas drilling partnerships, this year we are focusing on teaching professionals about “Doing Fracking Right” so that in the future we will see a greater focus on pumping in nitrogen instead of water, or where water is used, to invest in those that clean and recycle waste water rather than pump back in the ground.

Our well received message was to call upon Deans Consulting to understand how best to blend together viable tax strategies and ensure that the i’s are dotted and t’s are crossed.
Please contact me to discuss how Deans Consulting can best be of service to your professionals, from keynotes to scheduling a seminar for your own team, client appreciation events, conducting Webinars for your team and your clients, or one-on-one meetings.

Don Deans, CPA, PFS