Drafting IRA Trusts, incl. 1 Ethics hour [2016 Edition]


Re-Broadcast on May 16, 2017

Many clients hold significant wealth in IRA accounts and wish to pass those assets along to their loved ones as part of a well-crafted estate plan. Using a trust to hold IRA assets can be a fundamental part of that plan. This seminar will cover the various types of trusts that can be used to hold IRA assets after the account owner’s death, including a discussion on related ethics issues. This topic is especially relevant after the recent United States Supreme Court case Clark v. Rameker which held that inherited IRA assets are not protected from creditor’s claims – a departure from traditional treatment of qualified plan assets. Pros and cons of IRA trust planning will be covered, along with a discussion of the various types of trusts, and a checklist of pre- and post-mortem planning for IRA assets, including proper beneficiary designations and various options for trust structuring, will be provided.

This is a 3 hour CLE that includes one hour of Ethics.

Key topics to be discussed:

  • What is an IRA trust?
  • Benefits of an IRA trust
  • Areas of Concern
  • Checklists
  • Ethics

Date / Time: May 16, 2017

  • 2:00 pm – 5:15 pm Eastern
  • 1:00 pm – 4:15 pm Central
  • 12:00 pm – 3:15 pm Mountain
  • 11:00 am – 2:15 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.

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Mary-Akkerman_1Mary Akkerman: As a partner in Lindquist & Vennum’s Trusts and Estates practice group, her practice includes all aspects of fiduciary representation, estate planning, and related administrations. She understands the big picture while guiding clients through the details of fiduciary representation, dynasty trusts, domestic asset protection trusts (DAPTs), estate and trust administration, including trust reformations, modifications, decanting, and conversions to total return unitrusts, guardianships and conservatorships, business and tax planning, estate and gift tax planning, tax appeals and related litigation. Mary is also skilled at establishing public and private trust companies in South Dakota.

As one of the state’s most experienced lawyers on South Dakota situs and trust laws, Mary serves as local counsel, providing document review, trust modification, and general advice on selecting South Dakota trust law to lawyers, professional advisors, family offices and charities nationwide. She also has significant experience working with international advisors, attorneys, and clients with respect to cross-border planning, non-resident alien trust formation, and international tax issues.

Mary has experience advising and defending fiduciaries, including trustees, personal representatives, executors, guardians and conservators in routine and complex matters, including tax issues, compliance with state and federal law, litigation, responding to subpoenas and representation for depositions.

Along with corporate and individual fiduciaries and family offices, Mary represents business owners, professionals, retirees, and individuals interested in establishing a South Dakota trust. She is experienced in trust and estate litigation, probate, guardianships and conservatorships, prenuptial agreements, cohabitation agreements and special needs trusts.

Mary attended law school on the Everett Bogue Scholarship. While earning her J.D., she served on the Board of Editors of the South Dakota Law Review.

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Section I. What is an IRA trust?
a. Various names
        i. IRA Trust
        ii. Inheritor’s Trust
        iii. Stretch Trust
        iv. Standalone Retirement Trust
b. Irrevocable or revocable
c. Conduit or accumulation

Section II. Benefits of an IRA trust
a. Tax benefits
b. Creditor protection
        i. Discussion of Clark v. Rameker
c. Traditional trust benefits
        i. Professional administration/management
        ii. Protect beneficiaries from themselves
        iii. Provide a family legacy
d. Flexibility
        i. Various options to structure trust

Section III. Areas of Concern
a. Income tax issues
b. Complexity
c. Administration fees
d. Beneficiary designations

Section IV. Checklists
a. Pre-mortem planning
b. Post-mortem planning

Section V. Ethics
a. Confidentiality
b. Attorney Fee Agreements
c. Conflicts of Interest and Identifying Your Client
d. Attorneys as Fiduciaries