Successfully Drafting IRA Trust Beneficiary Provisions


Live Broadcast on November 16, 2017

This presentation will provide estate planners with a review of options for effective estate planning with IRAs and qualified plans, and will provide examples of common problems to avoid. It will offer various options and approaches to correct problems, mitigate resulting damage if needed, and avoid common tax pitfalls with beneficiary designations.

An IRA or qualified plan is often a family’s largest investment. Naming an incorrect beneficiary or failing to name one results in accelerated or excess income taxes 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.

Attorneys must also give careful attention to the tax consequences of beneficiary designations. Because the rules are complicated and full of potential tax traps, advisors should not only focus on the client’s desired result in the estate plan, but must also focus on tax implications when reviewing clients’ IRA beneficiary designations during the planning stage.

This presentation will guide you through some of the various problems that arise with incorrect or missing beneficiary designations, the potential adverse tax consequences, and other estate planning risks. It will also offer best practices for proactively correcting problems or mitigating the resulting damage if discovered too late.

Key topics to be discussed:

•   Which federal and state laws impact IRA and qualified retirement plan (QRP) beneficiary designations?
•   What common types of beneficiary problems can arise with incorrect or unintended beneficiary designations?
•   What are the best practices for avoiding and fixing beneficiary designation problems?
•   What is the potential Impact of ERISA and REA on plan beneficiary designations?
•   What deadlines after death of the IRA owner need to be followed for maximum planning results?
•   Spousal IRA concerns – community property, divorce settlements, elective share
•   How to identify problems with beneficiary designations
•   Common clauses in IRA agreements everyone should review and be aware of
•   Best practices for correcting problems

Date / Time: November 16, 2017

•  10:00 am – 12:00 pm Eastern
•  9:00 am – 11:00 am Central
•  8:00 am – 10:00 am Mountain
•  7:00 am – 9:00 am Pacific

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•  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.

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Live Broadcast on November 16, 2017

Kristen M. Lynch, Esq. is a Partner at the law firm of Lubell Rosen, where she works with clients regarding probate matters, guardianship, estate and retirement planning and planned giving. Ms. Lynch is an Accredited Estate Planner® as designated by the National Association of Estate Planners & Councils, and has been named among “Women Leaders in the Law” and “Top Rated Lawyers” by Martindale-Hubbell®. Since 2008, she has been AV® Preeminent™ Peer Review Rated by Martindale-Hubbell.

Ms. Lynch began her career in the trust banking industry, where she served more than 15 years as a vice president and trust officer with a large regional bank. During that time, she was the divisional manager of IRA Services within the Trust Department for the South Florida region. Ms. Lynch previously worked at several South Florida law firms in the capacity of partner, shareholder and attorney. She has represented clients in regard to probates, guardianships, estate planning, asset protection, philanthropic planning and charitable giving, and retirement planning. She has attained and held the designations of Certified Trust & Financial Advisor and Certified IRA Services Provider during her career as well.

Ms. Lynch sits on several planned giving committees and boards within the University of Miami and Nova Southeastern University communities. She is also actively involved in the local chapter for the American Lung Association. Ms. Lynch is a frequent lecturer for professional organizations and Continuing Legal Education events, and has been published multiple times in The Florida Bar Journal, Journal of Retirement Planning, Leimberg Financial Services and Trusts & Estates magazine.

She lives in Boca Raton with her rescue dog Hairy Houdini, and enjoys music and giving back to others and the community whenever possible.

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