Special Needs Planning and the SECURE Act: Impact on Trusts, Multiple IRA Beneficiaries, Disclaimers, Tax Issues
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
Intermediate
- work Practice Area
Family Law
- event Date
Thursday, February 10, 2022
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
This CLE/CPE course will guide elder law attorneys on the SECURE Act's impact on special needs planning. The panel will discuss regulatory and tax rules stemming from the SECURE Act and challenges for retirement benefits, trusts, and distributions. The panel will also discuss recent regulatory developments regarding the SECURE Act, provide effective special needs planning techniques in light of the rules, such as structuring or modifying trusts, inherited IRAs, and navigating the challenges of multiple beneficiaries.
Mr. Arkin represents the elderly, the disabled and their caregivers in all facets of Elder Law including Estate Planning, Asset Protection Planning, Public Benefits, Incapacity Planning, Veteran Benefits, and Special Needs Planning. He gained a passion for helping the elderly after watching his own family struggle to afford the care his grandparents needed. Mr. Arkin witnessed how his family was harmed by misinformation regarding Public Benefits and the difficulties they had in navigating the governmental bureaucracy involved with obtaining Medicaid and Veterans Benefits.
Mr. Clifford devotes his practice to elder law. He is a member of the Elder Law Section of the State Bar of Nevada and of the Trusts and Estates Section of the California Lawyers Association. Mr. Clifford is also a member and graduate of the Elder Law College, and a member of the National Academy of Elder Law Attorneys.
Special needs planning is an integral part of elder law practice. To ensure effective special needs planning for clients, counsel must know the nuances of critical provisions of the SECURE Act, tax rules, and inherited IRAs, as well as navigating the challenges of multiple beneficiaries.
The SECURE Act has a significant impact on trusts named as IRA beneficiaries. While most trusts will be limited to a 10-year payout, there are exceptions for trusts with special needs beneficiaries, so long as certain requirements are met. If so, then required minimum distributions can be made over the beneficiary's life expectancy.
Also, counsel must know when special needs trusts are appropriate, how to draft first- and third-party special needs trusts to protect clients' public benefits, and how to administer the trusts. Practitioners must also be aware of pitfalls when amending or modifying special needs trusts and consider how guardianship and special needs mesh.
Listen as our panel of elder law practitioners discusses regulatory and tax rules stemming from the SECURE Act and challenges for retirement benefits, trusts, and distributions. The panel will also offer critical points to understand and weigh when drafting first- and third-party special needs trusts.
- Overview of SECURE Act for elder law attorneys
- Recent regulatory developments on the SECURE Act
- Challenges for retirement benefits, trusts, and distributions
- Drafting special needs trusts
- Public benefits considerations
- Tax issues
- Best practices and pitfalls to avoid
The panel will review these and other key issues:
- What is the impact of the SECURE Act on special needs planning?
- What are the recent regulatory developments and guidance regarding the SECURE Act?
- What are the challenges for retirement benefits, trusts, and distributions?
- What are the challenges of inherited IRAs and multiple beneficiaries?
- How can counsel best protect public benefits when drafting special needs trusts?
- What are the tax issues to consider in the drafting process?
- What pitfalls may arise when amending special needs trusts?
