Date: November 29th, 2024

Time: 1pmET | 12pm CT | 11am MT | 10am PT

Duration: 120 Minutes

Description:

The IRS released new regulations that clarify the rules surrounding inherited IRAs, offering vital guidance for both beneficiaries and financial planners. These updates primarily focus on the implementation of the SECURE Act’s provisions and outline the adjustments beneficiaries must make to align with the new requirements.

Inheriting an IRA involves unique tax implications for individual beneficiaries, as well as for estates or trusts that claim an IRA after the owner’s passing. When clients make errors or face changing circumstances, practitioners can assist by identifying strategies for administering or transferring inherited retirement accounts effectively. This course will cover the revised rules for inherited retirement accounts established by the SECURE Act and explore methods for managing or transferring these accounts to minimize income tax while achieving client objectives.

Learning Objectives

• Roth IRA distribution rules
• Distribution options for inherited retirement accounts for individuals, estates, and trusts
• Strategies for administering a retirement account as a trust asset
• Opportunities for distributing income to charitable beneficiaries
• Evaluating an estate or trust’s capacity to allocate a retirement account to both charitable and individual beneficiaries
• Recommended transfer methods for retirement accounts to reduce administrative complexity and income tax
• Required Minimum Distributions (RMDs) for clients who pass away before their Required Beginning Date (RBD)
• RMDs for clients who pass away after their RBD
• Rules governing eligible designated beneficiaries
• Provisions for minor children as beneficiaries
• Decanting and reforming IRA trusts
• Powers of Appointment for IRA trusts

Join us to deepen your understanding of these essential topics and enhance your ability to guide clients through the complexities of inherited IRAs.

Credits and Other information:

• Recommended CPE credit – 2.0
• Recommended field of study – Taxes
• Session Prerequisites and preparation: None
• Session learning level: Basic
• Location: Virtual/Online
• Delivery method: Group Internet Based
• Attendance Requirement:  Yes
• Session Duration: 2 Hours

Who Will Benefit:

• CPA
• Enrolled Agents (EAs)
• Tax Professionals
• Attorneys
• Other Tax Preparers
• Finance professionals
• Financial planners

About Our Speaker

Steve Gorin, CGMA, CPA, J.D. Steve has drafted trusts and a full range of estate planning documents for clients to help grow, preserve, and transmit their family wealth. He has also prepared organizational documents for limited liability companies, corporations, and partnerships to implement their owners’ wishes regarding current and future control and transmission, including bringing in new owners and facilitating exit strategies.