Tax Law Repercussions: Heckerling 2021 Highlights

Community Foundation of Broward’s Professional Advisors Council

May 25, 2021

The Community Foundation of Broward’s Professional Advisors Council recently gained new insights into how to help their clients face the effects of potential tax law changes.

The Professional Advisors Council is an elite group of attorneys, accountants and financial advisors who have referred clients who create charitable Funds at the Community Foundation. Opportunities to hear from wealth and estate planning experts is one of the benefits for professional advisors who collaborate with the Community Foundation.

William Snyder, James B. Davis, Marianela Collado, and Adam Scott Goldberg share highlights from the Heckerling Institute with the Community Foundation of Broward’s Professional Advisors Council.

The latest virtual Professional Advisors Council meeting featured updates from this year’s Heckerling Institute – a top educational conference for attorneys, accountants and financial advisors.

Our panel of experts shared what they learned while attending Heckerling, which was held via webcast due to the pandemic. The panel included moderator William Snyder, Esq., of Snyder & Snyder, P.A.; James B. Davis, Esq., of the Gunster law firm; Dr. Adam Scott Goldberg, Esq., of Revis, Hervas & Goldberg; and Marianela Collado, CPA/PFS, CFP®, of Tobias Financial Advisors.

These leaders in their fields discussed the implications of proposed legislation, such as:

  • Clients already considering selling their businesses may want to accelerate plans to avoid a potential increase in the capital gains tax.
  • Increased tax enforcement is proposed, which could mean more audits. Clients shouldn’t skimp on investing in appraisals when gifting assets.
  • There’s bipartisan support in Congress to gradually increase the age triggering Required Minimum Distributions from an IRA, going to age 75 from 72 by the year 2032.

“There wasn’t a lot of thought that anything was close to passing, but we want to watch these,” Adam Scott Goldberg said.

In addition, the panel addressed:

  • New tax implications for income on marital trusts.
  • Using a charitable remainder trust as a beneficiary can help extend beyond the “10-year rule” for inherited IRA distributions established by the SECURE Act.
  • The growing need to help older clients prepare for potential “diminished capacity” by creating health care directives, living wills, trusts and assigning power of attorney.
  • During this era of Zoom meetings and remote work, professional advisors have to be careful about the documents visible on their desks during video conferences and make sure to have malware protection on all their devices.

Click here to watch a video of the Heckerling presentation at the May PAC meeting.

The Community Foundation is a go-to resource for professional advisors, ready to help them navigate charitable planning opportunities for their clients. Whether it’s with a gift now or through an estate plan, we partner with advisors to help maximize their clients’ giving power. Working together, we help local residents achieve their charitable goals and make a BOLD impact for our community.

“It’s a very enriching experience to be a member of the Professional Advisors Council,” said PAC Chair Kurt Zimmerman, Esq., of Zimmerman & Associates, P.A. “It’s an opportunity to stay connected with your peers. It’s an opportunity to connect with Fundholders at the various events the Community Foundation puts on. It’s an opportunity to stay connected to what’s happening in the community.”

More News From PAC

  • The PAC has welcomed three new professional advisors to the 90+ member council: Philip Verde, CFP®, CTFA, Truist Bank; Andrew L. Jiménez, Esq., Jiménez Law Offices; and Marianela Collado, CPA/PFS, CFP®, of Tobias Financial Advisors.
  • This was Kurt’s last PAC meeting as chair. He is passing the PAC reins to current Vice Chair Judy Bonevac. Kurt will remain actively involved at the Foundation. He already serves as a Foundation Board Member and leads our BE BOLD Leadership Campaign committee. And in addition to referring clients to the Foundation, Kurt is a Fundholder who entrusts the Foundation with his philanthropy.
Learn More

To learn more about the Professional Advisors Council and the benefits of partnering with the Community Foundation of Broward, contact Senior Director of Philanthropic Services Mark Kotler at mkotler@cfbroward.org or 954-761-9503.

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