Intro

In this episode, host Cary Sinnett is joined by Jeff Levine, CPA, CFP, a nationally recognized tax planning thought leader, to examine one of the most persistent dilemmas in personal financial planning: the tension between income tax strategies and estate tax minimization.

They explore why these two priorities often conflict and walk through practical examples CPA financial planners face when advising clients on gifting, step-up in basis, trust structures, and navigating compressed tax brackets. Jeff explains how changes to the federal estate tax exemption, evolving client priorities, and multi-generational considerations require a fresh look at long-standing estate planning techniques.

Whether you are working with high net worth business owners or everyday clients with legacy concerns, this episode offers clear guidance on when to prioritize short-term tax efficiency, when to focus on long-term wealth transfer, and how to serve both goals when possible.

Topics Covered:

• Why estate and income tax strategies often work against each other
• The trade-off between gifting highly appreciated assets versus preserving step-up in basis
• When income tax planning should take priority even for affluent clients
• Rethinking outdated uses of credit shelter trusts in the modern exemption environment
• Grantor versus non-grantor trusts and the income tax implications of each
• Building flexibility into irrevocable trusts through toggling, decanting, and situs changes

AICPA Resources:

• Toolkit: Year-end planning
• Article: Tax Trifecta Trust after H.R. 1
• Article: Year-End Planning Through the Lens of H.R. 1
• Guide Excerpt: The Adviser's Guide to Financial & Estate Planning: V4

This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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