Designating IRA Beneficiaries & Using Trusts as Beneficiaries of IRA’s

$195.00

Re-Broadcast on September 6, 2017

Designation of IRA and other retirement account beneficiaries can be a complicated decision for most clients, and Trusts which hold individual retirement accounts are even more complicated. When they converge — for instance, when someone names a trust as a beneficiary to an IRA — things can go very wrong, and that can be very expensive.  Inherited IRA’s naming outright beneficiaries, classes of beneficiaries, or the estate of the decedent, often become a bone of contention in estate administration, and improper planning, or lack of knowledge can expose practitioners to serious consequences, and potential claims of malpractice.

As the use of trusts in estate planning becomes increasingly popular for both tax and non-tax reasons, and clients continue to accumulate more and more assets in retirement accounts, the use of trusts as beneficiaries of IRAs is increasing desirable and necessary. Unfortunately, though, the rules pertaining to IRAs payable to a trust after death are complex and challenging. In this session, Jeffrey will explore the unique requirements for IRAs to preserve and maximize their tax deferral after death, and discuss conventions for naming a beneficiary.  Jeffrey will also discuss matters applicable when a trust is the beneficiary, with details about the rules for trusts to qualify for the IRA’s post-death tax deferral “stretch,” how to calculate the actual post-death required minimum distributions for the trust, and examples of specific wording from sample trusts.

Jeffrey will also review techniques to turbo charge your estate planning practice with respect to retirement accounts, provide practical solutions to automate drafting of IRA beneficiary designations and retirement plan trusts.

This course is co-sponsored by the Federal Bar Association.

Key topics to be discussed:

  • IRA Beneficiary Designation chart—a one sheet cheat sheet on naming conventions
  • A Stretch IRA calculator walk through—step by step instructions on how and when to run the calculations in your current planning, and access to a free calculator to test drive the results
  • Best practices in advising on beneficiaries, and in drafting IRA Trusts
  • Funding Mechanisms which ensure that beneficiaries are correctly named, and how to follow up with financial planners
  • Review of current Stretch IRA drafting programs (WealthCounsel, Interactive Legal/Fore! Trusts, Practical Planning, American Academy of Estate Planning etc.), costs and implementation

 
Date / Time: September 6, 2017

  • 2:00 pm – 4:00 pm Eastern
  • 1:00 pm – 3:00 pm Central
  • 12:00 pm – 2:00 pm Mountain
  • 11:00 am – 1:00 pm Pacific

 
Choose a format:

  • Live Video Broadcast/Re-Broadcast: Watch Program “live” in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for “live” CLE credit.
  • On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 7 business days after the original recording date and are view-able for up to one year.

 
All Access Pass: Before you buy, access this class and all other myLawCLE programs, over 120 new live classes every year, for only $69 dollars per month. Purchase the All Access Pass first. Click here for more information.

Clear

Re-Broadcast on September 6, 2017

jeffrey-katzJeffrey D. Katz, Esq., a native of Baltimore, MD, received his undergraduate degree from the American University (Washington, DC) — BS Political Science/Justice (1994), law degree from the Chicago-Kent College of Law in 1997, and Masters of Taxation (LLM) from the University of Miami (Coral Gables, FL) in 1998. Mr. Katz academic record placed him on the Dean’s List for second and third years of Law School, and he was awarded the CALI award for outstanding achievement in Advanced Tax Research at the Juris Doctorate Level, and in Corporate Tax at the LLM level.

As a tax and business attorney, Mr. Katz began his career with the accounting firm KPMG/Peat Marwick, LLP (now known as KPMG, LLP) at the firm’s Mid-Atlantic Tax Practice, providing Corporate, M&A, and Asset Protection advice to star-studded Fortune 500 clientele, inclusive of MCI/Worldcom, Sodexho/Marriott, and Hechinger Co., local business such as First Maryland Bancorp (now M&T Bank), B.F Saul Co. (Chevy Chase Bank), Crestar Bank, N.A. (now SunTrust), Genesis HealthCare (now NeighborCare) and ACSI, Inc. (E.Spire Communications), and international clients such as Wartsila N.S.D. Since entering private law practice, Katz has continued to provide high-value representation in to corporate and individual clients alike, whether based nearby or from all corners of the globe.

This background has equipped Mr. Katz to help a roster of national and international clients, both individual and corporate, grapple with a range of legal and business issues. He handles business formations, business sales, and business disputes, commercial real estate transactions, complex estate planning, elder care issues, and state and federal tax disputes.

Mr. Katz’s track record of success is not limited to the boardroom, but also extends to administrative law hearings before the Internal Revenue Service, Comptroller’s Office, MD Department of Labor Licensing and Regulation, Small Business Administration, US Department of Labor, and various other state, local, and administrative agencies.

Mr. Katz is a member of the Maryland bar, the Montgomery County Bar Association, the Maryland State Bar Association, and is admitted to practice before the Maryland District and Circuit Courts, the Maryland Federal District Court, and the United States Tax Court.

Mr. Katz is a frequent contributor to publications and periodicals, with recent articles having appeared in Bloomberg/BNA, and The Washington Business Journal, and a frequent speaker for NBI and myLawCLE.


Jeff picJeffrey D. Banner, Esq. is a Partner at Heritage Elder Law & Estate Planning, LLC. Jeff is married with three children and currently lives in Grove City, PA.

He joined the Army at the age of 17 as a tank crew member and was stationed in Germany. Later, Jeff joined the 82nd Airborne Division and became an Airborne Ranger, qualified as a Senior Jumpmaster and earned the expert infantryman’s badge.

Jeff left the military in 2010 and received his Law degree and Masters of Business from Duquesne University. He opened his own law firm in 2009 that later became Heritage Elder Law. He is a founding partner of Heritage Elder Law and practices exclusively in the elder law field.

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