William Byrnes' Tax, Wealth, and Risk Intelligence

William Byrnes (Texas A&M) tax & compliance articles

Archive for September, 2013

The benefits to clients from the deferred income annuity sales boom

Posted by William Byrnes on September 24, 2013

When it comes to lifetime income planning, clients are always looking for the latest and greatest strategy to ensure that their income needs will be met during retirement.

Deferred income annuities are finally experiencing a dramatic growth spurt in the market, which has motivated insurance carriers to design products with features that allow each product to be tailored to meet the individual client’s needs. As the number of carriers offering deferred income annuities expands, a corresponding boost in client demand is expected — especially when clients discover that they can find the income features they have come to expect from an annuity product, but with a level of flexibility in required contributions and income options unique to the deferred income annuity market.

Read William Byrnes and Robert Bloink’s full analysis of this boom in the sales of deferred income annuities at LifeHealthPro: http://www.lifehealthpro.com/2013/09/11/the-benefits-to-clients-from-the-deferred-income-a


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DB(k): A 10-Year Retirement Strategy for Business Owners

Posted by William Byrnes on September 19, 2013

Small business clients who have seen their businesses return to profitability following the economic crisis of the past few years may have secured their continued viability, but many have done so at the expense of personal retirement security. As a result, a vast portion of the baby boomer population is now struggling to play catch up. Unfortunately, traditional retirement savings vehicles, with their strict contribution limits, often are not enough to replace years’ worth of lost savings.

For many baby boomer clients who own small businesses, a new strategy that combines a defined benefit plan with elements of a voluntary 401(k) plan can allow the client to save more than 10 times as fast as a traditional plan, with dramatic tax savings that your clients will have to see to believe.

Read William Byrnes’ full analysis at  > Think Advisor <

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Term Life: An better option for clients?

Posted by William Byrnes on September 12, 2013

Advisors who think they know all there is to know about term life insurance might be surprised to learn that these policies are finally being brought up to speed.

Increasing demand for already popular term life policies has insurance companies jumping to differentiate their products in a crowded market. The result is a new generation of term life products that can be customized to meet the needs of an extremely diverse section of the market.

Whether your clients are concerned about covering education costs or providing enhanced benefits in the case of specific accidents, modern term life insurance might be the solution.  … Read this full analysis by William Byrnes at  > LifeHealthPro <

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How to Build Your Own Solution to Long-Term Care Insurance Scarcity

Posted by William Byrnes on September 10, 2013

A basic problem for clients looking for long-term care insurance today is that they simply may not be able to find it. Major carriers have pulled out of the market in the last year, and the policies that remain can be prohibitively expensive and contain strict qualification requirements.

Fortunately, the product market is evolving so that a relatively new method of securing tax-preferred long-term care benefits has emerged. Hybrid annuity products that combine the estate and income planning features of an annuity with the protection of long-term care insurance are becoming increasingly popular among clients looking for replacement insurance.

Read William Byrnes’ analysis of building your own solution to long-term care insurance at > The Law Professor Column of Think Advisor <


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Can Clients 1035 an Inherited Annuity?

Posted by William Byrnes on September 6, 2013

2014_tf_on_investments-mAnnuity products are one area in which trends in contract features are constantly changing as insurance companies endeavor to more effectively meet the needs of annuity investors and with the attendant problem that beneficiaries of inherited annuities could end up with antiquated investment products.

This constant evolution of investment trends may have your clients wondering what type of value their annuities will offer beneficiaries after their death. The IRS has just blessed a solution to this planning dilemma by allowing a beneficiary to exchange inherited annuities for another annuity product that more accurately reflects the beneficiary’s investment goals.

Read the complete analysis by William Byrnes and Robert Bloink at > Think Advisor <

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Interview with William H. Byrnes, IV, Associate Dean at Thomas Jefferson School of Law

Posted by William Byrnes on September 5, 2013

Professor William H. Byrnes was a pioneer of online legal education, creating the first LL.M. offered online through a law school accredited by the American Bar Association. Now as Associate Dean for Graduate & Distance Education Programs at Thomas Jefferson School of Law, Professor Byrnes teaches courses including Federal Tax, International Tax, and International Business Transactions. Professor Byrnes has an impressive record in academics and research, and was kind enough to set aside time to speak with MastersinAccounting.info

Read the full interview at > William Byrnes Interview <

How did your professional experiences shape your approach to the classroom?

As a Senior Manager then Associate Director of Coopers & Lybrand, a three year associate to a renowned senior figure in the international tax industry, and undertaking a three year fellowship at the International Bureau of Fiscal Documentation on the topic of transfer pricing. I advised clients in many countries. Large diverse multinational groups required a robust sensitivity for intercultural business practices and social differences.

In the nineties, I was a tax professor in South Africa during the time of its change to a full democracy with the corresponding upheavals. During those years, I experienced the challenges of classroom integration of cultures, languages, and economic backgrounds. Moreover, being a pioneer of online education in the field of tax during those years, I developed a pedagogical understanding of knowledge and expertise acquisition, and of mapping education processes to learning outcomes. …. .

I bring all of these experiences holistically to a “flipped” classroom, learner-centered approach.  ….

Read the full interview at > William Byrnes Interview <

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Net unrealized appreciation tax break: Still a tax break in 2013?

Posted by William Byrnes on September 4, 2013

The tax break provided for net unrealized appreciation (NUA) on 401(k) account distributions once provided a powerful tax savings strategy for clients with large 401(k) balances — allowing some clients to reduce their taxes on these retirement funds by as much as 20 percent.

Today, as high-net-worth clients are increasingly seeking strategies to help minimize their tax burdens in light of higher 2013 tax rates, the NUA strategy may have become more complicated than ever.   Read the full analysis of William Byrnes & Robert Bloink at > Life Health Pro <

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The Roman Development of the Practice and Law of Charity

Posted by William Byrnes on September 2, 2013

Download the 60 page article at > http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2314731 <

This article traces Roman charity from its incipient meager beginnings during Rome’s infancy to the mature legal formula it assumed after intersecting with the Roman emperors and Christianity. During this evolution, charity went from being a haphazard and often accidental private event, to a broad undertaking of public, religious, and legal commitment. Charitable giving within ancient Rome was quite extensive and longstanding, with some obvious differences from the modern definition and practice of the activity.

The main differences can be broken into four key aspects. First, as regards the republican period, Roman charity was invariably given with either political or ego-driven motives, connected to ambitions for friendship, political power or lasting reputation. Second, charity was almost never earmarked for the most needy. Third, Roman largesse was not religiously derived, but rather drawn from personal, or civic impetus. Last, Roman charity tended to avoid any set doctrine, but was hit and miss in application. It was not till the imperium’s grain dole, or cura annonae, and the support of select Italian children, or alimenta were established in the later Empire that the approach became more or less fixed in some basic areas. It was also in the later Empire that Christianity made an enormous impact, helping motivate Constantine – who made Christianity the state religion – and Justinian to develop legal doctrines of charity.

This study of Roman charitable activities will concern itself with several streams of enquiry, one side being the historical, societal, and religious, versus the legal. From another angle, it will follow the pagan versus Christian developments. The first part is a reckoning of Roman largesse in its many expressions, with explanations of what appeared to motivate Roman benefactors. This will be buttressed by a description of the Roman view of society and how charity fit within it. The second part will deal with the specific legal expressions of euegertism (or ‘private munificence for public benefit’ ) that typify and reveal the particular genius that Romans had for casting their activities in a legal framework. This is important because Rome is the starting point of much of charity as we understand the term, both legally and institutionally in the modern world.  So studying Roman giving brings into highlight and contrast the beginnings of Charity itself — arguably one of the most important developments of the civilized world, and the linchpin of the Liberal ethos.

Download the 60 page article at > http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2314731 <

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