2021.21 (7/1/2021)

• CLUT Model - The onscreen report was not displayed.  This did not impact the PDF report generated from the application.
• GRAT Model - Added an additional input report that prints (PDF).  This report will show if the annuity payments Vary - the report will show the percentage payout each year, along with the payment.
• CLAT Model - Added an additional input report that prints (PDF).  This report will show if the annuity payments Vary - the report will show the percentage payout each year, along with the payment.
• Rolling GRAT Model - When the number of years (or GRAT's created) is less than 5, one of the printed input reports was not formatted properly.
• Future Value of Increasing Payments Model - found when clicking Financial Planning Tools on the main menu, the calculation was not shown in the menu under the Net Worth category.

2021.20 (6/5/2021)

• QDOT Model – (New) Found under the Trusts column, this model shows the impact of estate tax whent the surviving spouse is a non-U.S. citizen.  It shows three scenarios: a) No QDOT considered, b) QDOT considered, c) Bypass Trust set up for first to die, with excess remaining estate values placed into the QDOT.  Model handles both resident and non-resident non-U.S. citizens.
• Forecaster Model - (New) Found under the Techniques column, this allows the user to calculate the estate and gift taxes under user-defined inputs, such as estate and gift tax exclusions, tax brackets, and portablity of the DSUE.  This model is powerful when projecting upcoming tax changes.
• Net Net Gift Model - (New) Found under the Taxes column, this model calculates the taxable gift when the donee pays not only the gift tax from the gift, but also the estate tax liability (§2035(b)) if the donor dies within three years of making the gift.
• Harvester Model - (New) Found under the Techniques column, this model calculates 'What-If' scenarios for an asset that could have a capital gain or loss. It calculates projections if you were to hold on to the asset for a certain number of years and then realize the gain/loss in the following year.  This model allows for two different approaches: 1) AGI Method 2) Tax Rates Method.  For quick calculations or to project future capital gains tax legislation, use the Tax Rates Method.  The AGI Method allows for in depth calculations based off the existing capital gains tax rules - it will show how the Capital Gain impacts §1411.
• Contingent Reversion - Moved the model from the Trusts column, to the Tools column.

2021.12 (4/15/2021)

• Amortize Model – When the option asked the user to enter inputs based on Monthly (not Yearly), and the months are not divisible by 12, the Summary Page displayed the "Months in Last Year" result incorrectly (it defaulted to a full year).
• CRAT as IRA - 
  • The CRUT/CRAT Schedule had the wrong heading at the top of the page when printed. 
  • Minor text changes were made to the Introduction and Assumptions pages to make the content more readable.
• CRUT as IRA - 
  • The CRUT/CRAT Schedule had the wrong heading at the top of the page when printed.
  • Minor text changes were made to the Introduction and Assumptions pages to make the content more readable.
• UI/UX Improvements - 
  • Minor text changes were made to the Introduction and Assumptions pages in CRUT as IRA Beneficiary and CRAT as IRA Beneficiary to make the content more readable.
  • Formatting improvements were made to schedules that exceed one page. These schedules were missing a schedule frame around the last row at the bottom of the first page.
  • Factors Model - When saving data, the calculation selection (Life Estate and Remainder) was not retained. This function has been corrected.
  • Gift Loans Model - A "Loan Date input" was added to help users determine the AFR used. An "Information Bubble" has been added next to the Applicable Federal Rate (AFR) that will show Short, Mid, and Long Term Applicable Federal Rates for the last year, based on period.
  • Dynasty Trust Model - An "Information Bubble" has been added next to the Applicable Federal Rate (AFR) that will show Short, Mid, and Long Term Applicable Federal Rates for the last year, based on period.
  • IDIT Model - An "Information Bubble" has been added next to the Applicable Federal Rate (AFR) that will show Short, Mid, and Long Term Applicable Federal Rates for the last year, based on period.
  • SCIN Model - An "Information Bubble" has been added next to the Applicable Federal Rate (AFR) that will show Short, Mid, and Long Term Applicable Federal Rates for the last year, based on period.
  • Gift Annuity - Within the input section for Income Tax, the inputs for Capital Gain (Total Long-Term, 28% Rate, and Unrecaptured §1250) were not showing properly and have been corrected.
  • IRMAA Model - A secondary link on the Estate Planning section, under the Social Security section, has been added. The model is also available under the Financial Planning section, in the Financial Goals column.
  • Net Clear Model - This model did not have the Report Options section included on the input screen and has been corrected.
  • Data File saving has been optimized to speed up the process and reduce the file size downloaded or uploaded by confining the process to a more specific model data structure.
• GRAT Model - 
  • Added the new ability to switch decimal digits of the payout like the (EPT) Estate Planning Tools (Desktop) program. It was introduced in version 2020.02. You can select between using five digits (historical calculations) or based on the size of the (FMV) Fair Market Value. 
  • Added the new ability to select between "No," "Constant Rate," and "Non-Constant Rate" varying annuity payments. This feature was added to accommodate the Non-constant varying annuity case.
  • Two featured options are not new but allow the user to select between the varying annuity option. For the Non-Constant Rate case, the application currently has a ceiling value of 45 years, and anything above that will use the last rate entered (45th). 
  • When turning the Optimize Feature "On," the optimized rate is returned as a label on the form. When you turned the feature "Off," the Optimized Value is now used as a default in the "Payout" field. The user can now adjust the optimized rate based on the desire to have an additional Taxable Gift or true zero Taxable Gift.
  • The Printout Report has been modified to use newer report tools, with headers, footers, etc.
  • The onscreen graph has been improved to allow for instant changes.
  • Calculations using Constant Rate Varying Annuity Payments now use the same algorithm for the Annuity Factor in (EPT) Estate Planning Tools (Desktop) version 2020.02+.
• CLAT Model -  
  • For the Non-Constant Rate case, the application currently has a ceiling value of 45 years, and anything above that will use the last rate entered (45th). This modification allows for SharkFin CLATs.
  • When turning the Optimize Feature "On," the optimized rate is returned as a label on the form. When you turned the feature "Off," the Optimized Value is now used as a default in the "Payout" field. The user can now adjust the optimized rate based on the desire to have an additional Taxable Gift or true zero Taxable Gift.
  • The Printout Report has been modified to use newer report tools, with headers, footers, etc.
  • The onscreen graph has been improved to allow for instant changes.
  • Calculations using Constant Rate Varying Annuity Payments now use the same algorithm for the Annuity Factor in (EPT) Estate Planning Tools (Desktop) version 2020.02+.
  • The "Percentage Payout" input now allows for up to five decimal places for payout (this is an increase from three decimal places).
• Rolling GRAT Model - 
  • A new input has been added to allow for a Constant Growth of Annuity Payout, up to 20%. To fully optimize this model, it is suggested to enter 20%. 
  • New tables have been added to the printouts illustrating how each GRAT is created based on prior GRAT payouts. 
  • A minor improvement has been made to the last GRAT in the analysis. The remainder was being illustrated as going to the beneficiary, even though the last GRAT payments are included back in the estate of the Grantor.  

2021.11 (2/28/2021)

• NEW UI/UX: Main Menu has been redesigned for easier navigating.
• Factors Model: We updated the input for the FMV/Payment input to allow dollars and cents.  Prior versions only allowed a dollar format.
• Rolling GRAT: The Remainder to Beneficiary Report - In the first year that excess was transferred, a growth value (equal to the growth rate entered) was being used (for instance, if you entered 6%, a $6 growth was added in the first year).   Years after the first year were properly illustrating the growth.   Schedules that had $0 in a field were shown as blank (NULL) - this has changed to illustrate $0 in these cases.
• Estate Model: The amount entered in Outside of State Property was not adjusting the state tax due for a decoupled state, except for MD and NY.  The "workaround" was to use the state credit input field to adjust the tax.  This has been resolved, and "workaround" steps are no longer necessary.
• FastPlan: The first to die's DSUE (when applicable) was using the Adjusted Prior Taxable Gifts input to assume that the Unified Credit Used was always the maximum amount based on the entered Adjusted Prior Taxable Gifts.  This is the case for most analyses, but the model has been updated to reflect when the maximum is not assumed.

2021.10 (2/6/2021) 

• NEW Model: FastPlan, found under the 'Taxes' column.  This model allows a side-by-side comparison of different strategies for married clients regarding Estate Tax planning.  Several basic planning options are available.  The model includes beautiful flowcharts that have several layers of detail.
• NEW Model: RMD, found under the 'Retirement' column.  This model will calculate the Required Minimum Distributions for a given year for an owner of a qualified plan during their lifetime.  Calculations can be performed from 2003-2021+.  The model has been developed with the §1.401(a)(9) changes that go into effect as of 01/01/2022.
• IDIT Model: For excess income (income overpayment), an option has been added to place the excess income into a portfolio account, which can have a unique growth and income rate.  By default, the application assumes that the excess income is reinvested in the trust.
• Update Regarding §1.401(a)(9) - Several models have been updated to reflect the slated changes to go into effect as of 01/01/2022.  These models are:
  
  • Pre 59½ (Retirement Column)
  • Life Expectancy (Present/Future Value Column)
  • Benefit (Financial Goals Column)

2021.01 (1/1/2021) 

Version Information 

• NEW: The Social Security Section.  Complete With 6 New Models:  
• Optimizer: This shows an optimal point for Social Security under different Retirement Age assumptions.
• Spouse of a Qualified Worker:  Displays benefits for a spouse of a Qualified Worker and compares, if applicable, the benefit the spouse would earn based on their own work history. 
• Family Max Benefit:  Shows the Maximum Family Benefit based on the year and the Qualified Worker's Primary Insurance Amount. This figure is used in both retirement and survivorship type of calculations. 
• Survivor Benefits:  Calculates the survivor benefits of a spouse and/or qualified children of a deceased spouse. 
• AIME: This model allows you to enter up to 45 years of income. With indexing applied, it captures the top 35 indexed income values and averages them to return the Average Indexed Monthly Earnings. 
• Earnings Test:  This model will calculate the earnings test used to determine what portions of benefit will be withheld when the Qualified Worker continues to work during retirement and has not reached the Full Retirement Age.  

• 2021 Income Tax Adjustments:  This update will impact and be visible on several screens: CRAT, CRUT, Pooled Income Fund, Farm/Residence, Gift Annuity, Individual Income Tax, Corporate Income Tax, CRATIRA, CRUTIRA, QP Buys Insurance.

• 2021 §199A Adjustments:  This update will impact several screens: General, >1 Entity, Estate/Trust, SuperDed, C vs. S Corp, Individual vs. Employee, Farm.

• 2021 Estate Tax Adjustments:  This update will be evident on several screens: Estate Tax, Prior Gifts, Bypass, Project, MarDed, Net Gift, Cash Need, Confiscate, Interrelated Estate Tax, Exclusion, §6166.  

• 2021 IRMAA Adjustments:  Medicare Part B and D updated for 2021. This model is found under the Financial Planning side of the application. 

• CRUTIRA:  IRA Names CRUT as Beneficiary. This model has been reworked to allow for more flexibility when modeling a CRUT. Additional inputs have been added to allow for different IRA growth rates, portfolio (where the distributions are placed), and the CRUT. The CRUT also allows for an income rate. You can also model how the schedule will payout based on the CRUT Type (Normal, NIMCRUT, NICRUT, or FlipCRUT).  If an Estate Tax is calculated, an IRD is calculated and applied to the Stretch schedule and the SECURE Act 10-year distribution. For the 10 Year distribution, you can now select whether the payout is a lump sum in year 10 or equal (with growth) payments from years one through ten.  Lastly, the CRUT's economic schedule was based on the life expectancy for table 2000CM, whereas the Stretch uses §1.401(a)(9).  You can now elect the CRUT distributions to use either table or enter an age to which they would stop.  The valuation is based on Table 2000CM, but the schedule can now be illustrated to extend (or stop short) the 2000CM Life expectancy.   

• CRATIRA:  IRA Names CRAT as Beneficiary. This model has been reworked to allow for more flexibility when modeling a CRAT. Additional inputs have been added to allow for different IRA growth rates, portfolio (where the distributions are placed), and the CRAT. If an estate tax is calculated, an IRD is calculated and applied to the Stretch schedule and the SECURE Act 10-year distribution. For the 10 Year distribution, you can now select whether the payout is a lump sum in year 10 or equal (with growth) payments from years one through ten.  Lastly, the CRAT's economic schedule was based on the life expectancy for table 2000CM, whereas the Stretch uses §1.401(a)(9).  You can now elect the CRAT distributions to use either table or enter an age to which they would stop.  The valuation is based on Table 2000CM, but the schedule can now be illustrated to extend (or stop short) the 2000CM Life expectancy.   

• Charity Type:  Cash - 60%. Models CRAT, CRUT, Pooled Fund, Farm/Residence, and Gift Annuity. Each of these models has been updated to allow for the option of a 60% Cash deduction. The other types remain unchanged (50,30,20%).  

• Data File Filter:  When clicking on "Open," only files with the extension ".ecp" will be shown.

• On-Screen Summary Tab Section:  If the report is long, it currently scrolls the tab section out of sight. The tab section will remain as a header. 

2020.10