Inherited IRAs: Tax Considerations and Strategic Planning
From: $119.00
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.