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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

  • work Practice Area

    Estate Planning

Date & Time
  • event Date

    Tuesday, January 7, 2020

  • 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.

$297.00
CLE
ALL

This CLE course will provide estate planning counsel and tax advisers with guidance on resolving beneficiary designation problems that plague IRAs and qualified plans held in trust. The panel will offer various options and approaches to mitigate resulting damage to correct trust structures and avoid common tax pitfalls with beneficiary designations.

Faculty

Kristen M. Lynch
Partner
Lubell Rosen, LLC

Ms. Lynch represents clients in matters related to probates, guardianships, estate planning, asset protection, philanthropic planning & charitable giving, and retirement planning. She assists individual clients with self-directed IRAs and provides legal advice to institutional clients that serve as custodians or trustees of IRAs.

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Daniel L. Daniels
Partner
Wiggin And Dana LLP

Mr. Daniels focuses his practice representing business owners, private equity and hedge fund founders, family offices, corporate executives and other wealthy individuals and their families. He is a co-author of Trusts and Estates Legal Strategies (2008 Aspatore Books) and has written for various publications, including Trusts and Estates magazine, Estate Planning magazine, Practical Tax Strategies magazine, the National Law Journal and Exempt Organization Review. He also has been quoted on trust and tax-related subjects in the Wall Street Journal, Kiplinger's Personal Finance and Financial Planning.

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Description

An IRA or qualified plan is often a family's most significant investment. Naming an incorrect beneficiary or failing to name one results in excess income and estate taxes. A retirement plan that defaults to the estate is subject to debts, taxes and, creditor claims in addition to accelerated income tax.

A client can name family members, a trust, a charity, or a combination of individuals, trusts, or charities as beneficiaries. IRS rules on trusts as designated beneficiaries are complex and strict. Certain types of trusts are eligible for required minimum distribution based on a new life expectancy.

Counsel and tax advisers must also give careful attention to the tax consequences of beneficiary designations. Because the rules are complicated and full of potential tax traps, counsel must focus on tax implications when reviewing clients' IRA beneficiary designations during planning.

Listen as our authoritative panel of practitioners guides you through the various problems that arise with incorrect or missing beneficiary designations, the potential adverse tax consequences, and other estate planning risks. The panel will outline best practices for proactively correcting problems or mitigating the resulting damage if discovered too late.

Outline

  1. Impact of the Retirement Equity Act of 1984 on plan beneficiary designations
  2. Deadlines after death to correct designations
  3. Spousal IRA concerns
  4. Identification of problems with beneficiary designations
  5. Best practices for correcting beneficiary designation problems

Benefits

The panel will review these and other key issues:

  • Which federal and state laws impact IRA and qualified retirement plan beneficiary designations?
  • What common types of beneficiary problems can arise with incorrect or unintended beneficiary designations?
  • What are best practices for avoiding and fixing beneficiary designation problems?