ESTATE PLANNING COUNCIL OF SAN DIEGO

Topic:

 Are GRATS Doing More Harm Than Good? Navigating the Income Tax and Investment Complications of Estate Panning
Speakers: Rajiv Rebello & Thanasi K. Preovolos

Estate Planning offers UHNW clients the ability to maximize the amount of their wealth that is free from the estate tax. But doing so often opens them up to income tax consequences that they might be more costly than the estate tax issues they are trying to address. For example, what assets are best kept in the estate vs moved out of the estate? How can the income tax liabilities and loss of step-up in basis that comes with estate plans be mitigated? These are questions we’ll explore in this presentation while we dive into actual case examples that illustrate the importance of ensuring that a client’s investment and income tax plan complements their estate plan.

Rajiv Rebello | Principal and Chief Actuary
 

Rajiv Rebello is the founding Principal of Colva Insurance Services and is responsible for managing all business and development opportunities for Colva.  Prior to starting Colva, Rajiv worked in the Risk Finance Department of Chartis, helping to manage and evaluate the risks of a $4 billion dollar alternative asset portfolio of life insurance policies with $18 billion in death benefit.  While there he developed Chartis' Reverse Engineering capabilities designed to save policyowners millions of dollars in unnecessary premium payments on life insurance policies while maximizing their expected death benefit proceeds. He also provided valuable analysis that helped shape Chartis' view of mortality on these policies.  

  Prior to working at Chartis, he worked in the Pricing and Mortality Departments of New York Life where he helped with the pricing, design, system illustration, and profitability analysis of New York Life's Universal Life and Variable Universal Life products as well as conducting analysis and review of New York Life's mortality experience. 

  Rajiv is a licensed actuary and is a Fellow of the Society of Actuaries (FSA) and a Chartered Enterprise Analyst (CERA). Rajiv holds a B.S. from Stanford University.  Prior to beginning his corporate actuarial career, he was a teacher in high-needs schools in New York City.  He started Colva as a means to educate policy owners about both the risks and benefits of investing in life insurance and help them get the most value out of their policy.  

Thanasi K. Preovolos | Lawyer
 

Thanasi Preovolos was admitted to the California State Bar in 1996 and his entire legal practice is dedicated to assisting his clients in acquiring, growing, preserving, and protecting every kind and type of asset, i.e., he is an asset protection lawyer.

As an asset protection lawyer, Mr. Preovolos has extensive experience in the legal specialties of estate planning, business law, tax law (return preparation and tax audit issues), pension and ERISA law compliance and administration, offshore planning, family law, insurance coverage, and bankruptcy.

  Not only is he an accomplished transactional lawyer, he has handled complex litigation, including, but not limited to representation before the IRS in controversy and appeals matters, tax matters, pension and ERISA matters, will and trust contests, business litigation, and claims against the United States Government in the Court of Claims. 

  Mr. Prevolos is an attorney and counselor at law licensed to practice in all California State Courts; the U.S. District Courts for the Central, Eastern and Southern Districts of California; the U.S. Bankruptcy Court; U.S. Ninth Circuit Court of Appeals; the U.S. Tax Court; and the United States Supreme Court.  

  Mr. Preovolos has been mediating cases for the past thirteen years.  He carefully developed an Alternative Dispute Resolution Department.  Through the Firm's ADR Department, he has successfully resolved will and trust contests, marital dissolutions, and business litigation matters as an effective mediator and arbitrator.  Most recently, Mr. Preovolos serves as Judge Pro Tem for the San Diego County Superior Court Divisions of the Probate, Small Claims and Traffic Courts.  

  After earning his Bachelor of Science in Business Finance at the University of Southern California, Mr. Preovolos earned his Juris Doctorate at Thomas Jefferson School of Law.  While in law school and following graduation, Thanasi interned at the San Diego Public Defender's Office and received extensive litigation training. 

  Mr. Preovolos is a member of the State Bar of California and an active member of the San Diego County Bar Association.  He is also a member of the Holiday Bowl Red Coats, and a board member for both the East County YMCA, the San Diego County Planned Giving Committee, and the San Diego City Employees' Retirement System.  

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