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The
SECURE Act (Setting Every Community Up For Retirement Enhancement) became
effective on January 1, 2020. It is a big game-changer to retirement plan and
IRA distributions because it has imposed a maximum 10-year payout for certain
beneficiaries. This is huge because many clients have planned their affairs for
a lifetime payout.
In this important 1-hour, January 22, 2020 program,
Steven
G. Siegel, JD, LLM, assists you in advising your clients about retirement
plan distributions under the SECURE Act. He provides a detailed analysis of when
planning is needed, what prior planning no longer works, and new planning
strategies you should consider. In addition, the course materials include 10
useful examples.
Mr. Siegel is a nationally-recognized author and speaker on estate planning,
taxation, and related topics. He is the major contributor of Forms to
NLFforms.com, which also hosts his
numerous practical Podcasts.
Major topics include:
When Is Planning Needed For Each Of The Three Beneficiary Classes (and
Categories Thereof)?
- no designated beneficiary
- eligible designated beneficiary – five categories:
• spouse of the plan participant ("pp"); avoid the
spousal rollover trap!
• minor child of the pp
• disabled individual
• chronically ill individual
• person not more than 10 years younger than the deceased pp or IRA owner
- a designated beneficiary
Planning
Which No Longer Works
See-Through Trusts
- why and when conduit trusts can now be a disaster
- accumulation trusts can still work but there is a new dilemma with them
What Do
We Tell Our Clients?
- accumulation trusts in place of lifetime conduit
trusts
- "fix" irrevocable trusts through:
• judicial modification under the Uniform Trust Code
• non-judicial modification
• decanting
- use a Roth IRA conversion
- life insurance policy in an irrevocable life insurance trust
- charitable remainder trusts
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RELATED FORM On
www.NLFforms.com
Mr.
Siegel has drafted a Form to comply with the
retirement plan distribution provisions of the SECURE
Act.
To
access that Form on www.NLFforms.com, please:
- click "SECURE Act Documents" on the homepage of
www.NLFforms.com
- then select: “FORM: The SECURE ACT: Special Retirement
Plan Distribution
Clause
For Separate Shares For Inclusion In A Will Or Trust:
Separate Handling
Of
Retirement Plan Distributions In Separate Shares For
Beneficiaries In
Sub-Trusts Which May Be ‘Stretched-Out’ ”. |
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FORMS: For fully-editable, immediately
downloadable forms in many practice areas, please go to
www.NLFforms.com
BOOKS FOR LAWYERS: Over 125 useful books on
important legal issues facing attorneys are available for immediate download at
www.NLFforms.com.
(Reading books without also listening to or viewing a
recorded seminar earns NO CLE credits.)
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