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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Thursday, January 25, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    90 minutes

Credit Information

  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

  • BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$297.00
CLE
CPE
ALL

This CLE course will prepare estate planning practitioners and tax advisers to identify key estate planning issues associated with IRA trusts under the SECURE Act and SECURE 2.0. The panelist will outline the current SECURE Act's rules and requirements, the implications of SECURE Act 2.0, the asset protection and tax savings benefits, the 10-year rule, and critical considerations in modifying and structuring IRA trusts.

Faculty

James L. Cunningham
Founder, CEO, and Lead Attorney
Cunningham Legal

As a second-generation California attorney now in his third decade of practice, Mr. Cunningham and the firm he founded have helped thousands of families and individuals plan their estates—and preserve their legacies. 

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Salvatore J. LaMendola
Member
Giarmarco Mullins & Horton, PC

Mr. LaMendola specializes in charitable planning and planning for retirement plan benefits. He is the editor of the firm’s E-Update, a monthly publication that summarizes several recent developments of interest to estate planners. He is also the assistant editor of the firm’s Newsletter, a quarterly publication that contains several articles on estate planning, business succession planning and charitable planning topics. He has been a member of the firm since 1996 and of the State Bar of Michigan since 1994.

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Description

IRA trusts can provide significant estate planning benefits. The trust allows distributions to the trust beneficiaries to be extended over time thus allowing IRA distributions to the trust to be accumulated until distributions are made to the trust beneficiaries consistent with the grantor's intent. As such, in addition to serving other purposes often associated with trusts, IRA trusts may provide asset protection from creditors or divorce thus effectively extending out the protection that the IRA may provide prior to making the required minimum distributions required by law. Although IRA trusts may serve the many purposes offered by regular trusts, unique considerations are associated with IRA trusts because of the minimum distribution requirements associated with IRAs and any income taxes associated with such distributions.

Under the SECURE Act, owners of IRA accounts who implemented special trusts for the post-mortem preservation of their retirement plan assets are now subject to rules on their existing estate plan. Before the SECURE Act, beneficiaries of inherited IRAs could choose a lump sum withdrawal or stretch the withdrawal of required minimum distributions over their life expectancy. Such assets must now be distributed in full by the end of the 10th year after the owner's death. This requires careful planning to minimize taxes and protect beneficiaries.

The IRA trust, set up as the beneficiary of an IRA account, must comply with changes in IRA rules under the SECURE Act while also considering the impact of SECURE 2.0. Trust and estate counsel must understand these new rules and implement effective estate planning by modifying existing IRA trusts or structuring new ones.

Listen as our panel discusses best practices for maximizing the benefits of IRA trusts, identifies the key issues and advantages of these trusts in light of the SECURE Act, reviews the impact of SECURE 2.0, and offers effective drafting techniques.

Outline

  1. Advantages of IRA trusts
  2. Asset protection benefits
  3. Tax planning considerations
  4. SECURE Act rules applicable to IRAs
  5. SECURE 2.0 rules and issues
  6. Structuring IRA trusts

Benefits

The panelist will review these and other key issues:

  • What are the SECURE Act rules when using IRA trusts?
  • Impact of SECURE 2.0
  • Income and estate tax considerations with IRA trusts?
  • What asset protection benefits and other benefits are available through IRA trusts?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify applicable rules under the SECURE Act and SECURE 2.0 impacting IRA trust planning
  • Understand the tax savings benefits of IRA trusts and key components to minimize taxes
  • Ascertain tax planning methods in utilizing and structuring IRA trusts

  • Field of Study: Taxes
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of pass-through taxation, including taxation of partnerships, S corporations and sole proprietorships, qualified business income, net operating losses and loss limitations; familiarity with net operating loss carry-backs, carry-forwards and carried interests.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).