New SECURE Act impacts your Estate and Trust Planning
EVENT DATE:
PRESENTER(s): Klaralee R. Charlton
On Feb. 23, 2022, The U.S. Department of Treasury released proposed regulations, clarifying its interpretation of inherited IRA changes under the SECURE Act. Here’s everything you need to know.
The Proposed Regulations impact a broad spectrum of retirement plans, including qualified defined benefit plans and defined contribution plans (such as 401(k) plans), tax-sheltered annuity plans under Section 403(b) of the Internal Revenue Code (the Code), eligible deferred compensation plans under Code Section 457, and individual retirement accounts (IRAs).
The course will also introduce you to the different types of estate planning documents you will encounter and describe the tax reporting requirements associated with each including Wills, Revocable Trusts, Irrevocable Trusts, and will review the types of assets normally transferred by taxpayers at death including real estate, business interests, life insurance, and retirement accounts and how each interact with the taxpayer’s estate plan
Session Highlights:
- What to do when an IRA is Payable to a Designated Beneficiary Trust
- The Impact of ERISA, REA and Community Property
- Using out of State Trusts to Reduce State Income Taxes
- Explain the difference between a Will, Revocable Trust, and Irrevocable Trust.
- Learn how a taxpayer’s assets are transferred when a client structures his estate plan with a Will versus a Trust.
- Analyze the transfer process for the main assets of a Taxpayer’s estate and the tax consequences associated with each.
- Determine which estate planning techniques are advisable for clients in different situations and when clients should take action to make changes.
- Identify tax saving opportunities for clients to pursue both before and after a death.
- Drafting beneficiary forms for multiple children and trusts
- How the rules impact planning with trusts and trusts as beneficiaries
- Identify planning strategies and next steps for your relevant clients
- Live Q&A session will be held after the event.
Credits and Other information:
- Recommended CPE credit – 4.0
- Recommended field of study – Taxes
- Session Prerequisites and preparation: None
- Session learning level: Basic
- Location: Virtual/Online
- Delivery method: Group Internet Based
- IRS Course ID: PJGWS
- Attendance Requirement: Yes
- Session Duration: 4 Hours
- Case Studies and Live Q&A session with speaker
- PowerPoint presentation for reference
Who Will Benefit:
- CPA's
- Tax and Estate Planning Attorneys
- Accountants
- Registered Agents
- Tax Compliance Managers
- Other Tax Professionals
- Finance Professional
