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By Sidney Kess

2012 may be the most important year in history for tax planning. More wealth may be transferred in the waning months of 2012 than any other year. Why is planning now so vitally important? What can and should you do to take advantage of the potentially astounding planning opportunities that are available? What are the risks associated with this planning and how can you minimize those risks? With much of the planning so complicated how can you make decisions as to which of various alternatives are best fore you?

You are left to wonder no more... three of the nation’s leading tax experts have addressed all these critical issues and so much more in this timely and authoritative book. This book is written to be accessible to sophisticated taxpayers who can personally benefit from this planning. But because of the broad coverage of even esoteric topics, some discussions are a bit tough.

This book will also prove an invaluable resource for CPAs, financial planners, insurance consultants, and attorneys. The supplemental appendices for professional advisers with practical forms, sample legal provisions, and client letters practitioners can use will all prove a useful resource making this book a must read for professionals.

Blattmachr, Shenkman, and Keebler are nationally known educators as well as technicians. Their skills as educators are evident in this book. This book will educate you about the practical information you need to act quickly to take advantage of what might prove to be fleeting planning opportunities. Anyone considering planning in 2012 (and that should be anyone and everyone of means), and their advisers, should read this book and study its advice.

The book addresses and explains not only a plethora of estate, asset protection, legal and tax planning concepts, but tells you how you can apply these concepts in the unique circumstances of planning right now in 2012:

•Gifts

•Dynasty trusts

•Self-settled or domestic asset protection trusts (DAPTs)

•Note sale transactions to intentionally defective irrevocable trusts (IDITs)

•Private annuities

•Self-cancelling installment notes (SCINs)

•Applicable federal rates (AFRs) and how they affect loan and sale transactions

•Family limited partnerships (FLPs)

•Limited liability companies (LLCs)

•S corporations

•Charitable trusts

•Qualified personal residence trusts (QPRTs)

•IRAs and other retirement plans

•Harvesting gains and losses

•The inter-relationship of income and estate taxes

•Grantor retained annuity trusts (GRATs)

•And much more

Most importantly, reading this book will give you the advice of three estate planning experts as to how you should plan now, avoid major planning pitfalls, and minimize the risks associated with 2012 planning. The result of this will be better protection and tax savings for you and your loved ones. You will learn about many of the techniques that America’s wealthiest families use in their planning. And the authors know, because America’s wealthiest families seek them out for advice.

On a personal note, I’ve worked for many years, even decades with each of these authors and I am thrilled to see them pool their talents to make a book for sophisticated consumers and professional advisers alike at this crucial time.

I’ve been privileged to work in the fields of accounting and tax law for 50 years and have taught more than 750,000 people over that time. My overarching goal over all these years has been to help others navigate through the complexities inherent in the financial world while they try to build a comfortable future for themselves and their families. I am proud to write the Foreword to a book that is so consistent with my own personal mission.

I encourage you to take advantage of the knowledge and planning ideas provided by this timely book. A wealth of information is at your fingertips.

Do bear in mind, as the authors point out many times, state laws differ, everyone’s circumstances differ, and cutting edge planning always has risks. So plan and benefit but do so with professional guidance.

Sidney Kess, CPA, JD, LL.M., AEP^® (Distinguished) is of counsel at Kostelanetz & Fink, LLP, New York, NY, and was recently selected Most Influential Practitioner by CPA Magazine. He is a nationally renowned tax expert and author/coauthor of hundreds of tax books on financial and estate planning. Having lectured to more than 750,000 practitioners on tax, financial, and estate planning, he is one of the nation’s best known lecturers in continuing professional education.

In 2011, Mr. Kess received AICPA’s Gold Medal Award for Distinguished Service that is given to individuals who have made a major contribution to the CPA profession and is the highest award granted to a CPA by the Institute.