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Issues When Trusts are Beneficiaries of IRAs

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • CFA
  • EA
  • ORTP
  • CPA/PFS
  • TEP
  • ChFC
  • CSA
  • MRTP
  • ERPA
  • CPFA
  • FSCP
  • CASL
  • ChSNC
  • RICP
  • WMCP
  • CIPM
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

The distributions of tax-deferred retirement accounts upon the account owner's death are governed by complex rules with significant income tax consequences.


Naming one or more trusts as the beneficiary of a qualified account is no less complex, especially after the 2020 implementation of the SECURE Act. Unwary clients and practitioners risk accelerating the taxable distributions to their beneficiaries, incurring higher income tax rates on the funds received, and limiting the time frame for the account's growth after the owner's death.

Following are the Major Topics covered in this Online CPE Tax webinar:


  • Introduction to post-SECURE Act distribution rules for inherited retirement accounts, with a special focus on the rules governing trusts as named beneficiaries.
  • Difference between non-qualifying and qualifying “see-through” trusts
  • Difference between “accumulation” trusts and “conduit” trusts
  • How each Trust is treated for purposes of calculating the required minimum distribution (or payout time-frame) from the inherited retirement account. 
  • How, in appropriate cases, Special Needs Trusts and Charitable Trusts can be used to maximize the tax-deferred retirement funds passing to certain beneficiaries

Join this Free CPE course to analyze all the major issues when trusts are beneficiaries of IRAs.

 

Here is the link to your interests: Trust, Estate & Financial Planning Courses | CE Courses for ERPA

Learning Objectives

  • To analyze how different forms of trusts are treated under the Internal Revenue Code, as amended by the SECURE Act when named as beneficiaries to qualified retirement accounts.
  • To discuss how to effectively communicate with a client’s attorney and clients on the proper form of trust to designate as beneficiary of a retirement account.
  • To review the mechanics of the establishment of an inherited IRA and the appropriate course of distributions therefrom (required-minimum distributions versus 5-year or 10-year term).
  • To identify when special circumstances may warrant different form(s) of trust to be named as a beneficiary to a client’s retirement account.

Recommended For

  • This IRS-approved CE course is recommended for CPA, CFA, CIPM, ChFCA, CASL, ChSNC, RICP, WMCP, FSCP, TEP, CSA, PFS, EA, ERPA, AFSP, CRTP, MRTP, ORTP, CPFA, CFIRS, CWS, and other Tax Professionals who want to understand all the major issues when trusts are beneficiaries of IRAs.

Who Should Attend?

  • California Registered Tax Professional
  • Certified Public Accountant (CPA)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Practitioners
  • Tax Preparer
  • Tax Pros
  • Trust & Estate Tax Professional
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals
  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-1032)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 PL Credit of Retirement Planning for Chartered Financial Analyst (CFA)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-01285-22-O)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-01285-22-O)
  • 1 CPD Credit of Retirement and Financial Independence Planning for Personal Financial Specialist (PFS)
  • 1 CPD Credit for Trust and Estate Practitioners (TEP)
  • 1 CPE Credit of Retirement Planning for Chartered Financial Consultant (ChFC)
  • 1 CE Credit of Financial aspects of estate and retirement planning for Certified Senior Advisor (CSA)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-01285-22-O)
  • 1 CE Credit of Qualified Retirement Plan Matters for Enrolled Retirement Plan Agent (Approval No. GEHNZ-Q-01290-22-O)
  • 1 CE Credit for Certified Plan Fiduciary Advisor (CPFA)
  • 1 CPE Credit of Retirement Planning for Financial Services Certified Professional (FSCP)
  • 1 CPE Credit of Retirement Planning for Chartered Advisor in Senior Living (CASL)
  • 1 CPE Credit of Retirement Planning for Chartered Special Needs Consultant (ChSNC)
  • 1 CPE Credit of Retirement Planning for Retirement Income Certified Professional (RICP)
  • 1 CPE Credit of Retirement Planning for Wealth Management Certified Professional (WMCP)
  • 1 PL Credit of Retirement Planning for Certificate In Investment Performance Measurement (CIPM)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    Group Internet Based
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Nathan Shoff

Associate Attorney, Lacy Katzen LLP Attorneys at Law

Nathan compassionately assists clients facing the inevitable challenges of aging, sickness, and death, by counseling clients on how to put the best estate plan in place for their needs. This involves guidance on what form of estate plan is most appropriate, whom to appoint as fiduciary of that plan (Power of Attorney Agent, Trustee, Executor), and what kind of property beneficiaries (children, grandchildren, charities, etc.) should receive after a person’s death.  Over more than fifteen years in practice, Nathan has assisted many individuals and families with planning ahead for their incapacity and death through the effective drafting of Health Care Proxies, Living Wills, Last Wills, Powers of Attorney, Revocable and Irrevocable Trusts.

As part of planning for the elderly and disabled individuals, Nathan will also counsel clients on what public benefits may be available to help pay for a client’s long-term care. This often involves navigating the complex rules and regulations of the Medicaid program in New York, in order to preserve clients’ assets as much as possible, while still obtaining the Medicaid coverage needed to pay for their long-term medical needs.

After the passing of a loved one, Nathan assists the fiduciary (Trustee, Administrator or Executor) with the administration of that person’s estate, to ensure that the final wishes expressed in their estate planning documents are fulfilled. This process may involve the probate of a Last Will or other Court proceeding, which Nathan walks clients through with careful precision.  Additionally, Nathan works tirelessly to advocate for clients who are beneficiaries of a decedent’s Estate, to make sure that such beneficiaries receive everything to which they are entitled.

A Western New York native, Nathan graduated summa cum laude from Canisius College with a dual major in political science and modern languages, before graduating magna cum laude from SUNY Buffalo School of Law in 2006.  Nathan is licensed to practice law in New York State.  Over his many years of practice in New York, Nathan has given several public and private seminars on various estate planning topics, including the proper preparation and use of Powers of Attorney, Wills, and Trusts, as well as effective methods of naming trusts as beneficiaries to IRAs.


About Company

Lacy Katzen LLP Attorneys at Law

www.lacykatzen.com

Difficult legal situations of any kind require the assistance of a smart and compassionate team of lawyers. At Lacy Katzen LLP, clients in Rochester, NY, and the surrounding area will find comfort in the hands of their knowledgeable attorneys. Their staff is dedicated to creating a unique strategy for every situation, from business law and wealth management to personal injury and wrongful death cases. 

Additionally, as a full-service law firm, Lacy Katzen has the resources to help your business plan for the coming future. Whether you’re planning a merger or looking to start a new organization, their talented business law team will be there for you.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
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  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • myCPE Courses are taken by : CPA | CMA | CFE | CIA | CPA(Yellow Book)| CFP | CFA | CPA (Govt.) | EA | CRTP | MRTP | ORTP | ABV | CITP | CVA | PFS | CFF and others.

Ratings and Review

4.5

81 Ratings

Excellent

51

Very Good

24

Average

5

Poor

1

Terrible

0

DP

Douglas Pepin, AFSP

Aug 29th, 2022

Nathan was a very knowledgeable and professional presenter. I was unaware of how much I hadn't known about trusts and IRAs. This was well worth my time and was quite interesting and very fast paced. Kudos!!

JE

James Elwood, CPA (US)

Aug 26th, 2022

Instructor and materials were first rate. Excellent job!

NA

Norma Allen, Accountant, CPA (US)

Aug 26th, 2022

Everyone should be aware of this information! Very good!

CO

Cassia Owens, EA

Aug 26th, 2022

Great class!

JB

Janet Barber, CPA (US), CGMA

Aug 26th, 2022

Topic was interesting and complicated. I followed most of it.

Issues When Trusts are Beneficiaries of IRAs

PREMIUM

1 Credit

Subject Area

Taxes

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