THE MATHEMATICS OF ESTATE PLANNING FOR IRAS AFTER THE SECURE ACT

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THE MATHEMATICS OF ESTATE PLANNING FOR IRAS AFTER THE SECURE ACT

Friday, May 08, 2020

4.6 (72)

Presenter :Robert Keebler, CPA, , CGMA, PFS

Company :Keebler & Associates LLP

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Course Details

Overview of Topics

SECURE BILL KEY CHANGES RMDs after Death3 mins
Trusts for Disabled and Chronically8 mins
401(a)(9) Regulations10 mins
Math of the Conduit Trust Disaster12 mins
PLANNING SOLUTIONS TO ANALYZE13 mins
2020 Tax Brackets19 mins
Taxation of Roth IRA Distributions21 mins
Estate Tax Considerations28 mins
MULTI-GENERATION SPRAY TRUST34 mins
Types of Income37 mins
Rollover Trap42 mins
Charitable Planning with IRAs69 mins

Course Description

The SECURE Act is the first major legislation to revamp retirement plans in over a decade. Every tax professional dealing with required minimum distributions, estate planning, and setting up retirement plans for small businesses, as well as those about to prepare tax returns for 2019, needs to understand this new legislation and its implications.

The SECURE Act could affect everything from required minimum distributions (RMDs) to inheritances. Perhaps the most significant change for your clients is the elimination of the "stretch" IRA in favor of the "10-year rule." Effective January 1st, this change will decrease wealth transfer and require estate plan updates. To avoid a potential tax disaster, your clients who have a substantial qualified plan or IRA must reconsider beneficiary designations and trust provisions. This webinar would cover :

Major Topics Covered :

Designated and Non-Designated Beneficiary Trusts.
Conduit Trusts
Five-year rule vs Ten-year rule or Life Expectancy Rule.
Income and Estate Tax-free benefits of IRA relocation.
Section 664 CRT tier rules
Benefits of using the State Tax-Exempt IRA trust to reduce State Income Taxes
Changes in Estate Planning Strategies for IRAs after Secure Act

Learning objectives

To understand the new changes relating to IRAs and employer plans.
To learn how to apply new estate and estate tax planning strategies in light of changes to IRA and employer plan rules
To Develope a thorough understanding of the Deferral and Tax Rate arbitrage associated with a Charitable Remainder Trust.
To understand the Income and Estate Tax-Free Benefits of IRA relocation.
To Integrate Roth Conversion Planning with Eligible IRA Disability Trusts and IRA Trust Planning

About Presenter

Robert Keebler, CPA, , CGMA, PFS

Partner,Keebler & Associates LLP

Robert.Keebler@KeeblerandAssociates.com

Robert S. Keebler, CPA/PFS, MST, AEP (Distinguished), CGMA is a partner with Keebler & Associates, LLP and the current chairman of the AICPA Advanced Estate Planning Conference. In 2007 he was inducted into the Estate Planning Hall of Fame of National Association of Estate Planners & Councils. He has also been named by CPA Magazine as one of the Top 100 Most Influential Practitioners in the United States and one of the Top 40 Tax Advisors to Know During a Recession. His practice includes family wealth transfer and preservation planning, charitable giving, retirement distribution planning, and estate administration. Mr. Keebler frequently represents clients before the National Office of the Internal Revenue Service (IRS) in the private letter ruling process and in estate, gift and income tax examinations and appeals, and he has received more than 200 favorable private letter rulings including several key rulings of “first impression”. He is the author of over 100 articles and columns and is the editor, author or co-author of many books and treatises on wealth transfer and taxation. Mr. Keebler has been a speaker at national estate planning and tax seminars for over 20 years including the AICPA’s: Estate Planning, High Income, Advanced Financial Planning Conferences, ABA Conferences, NAPEC Conferences, The Notre Dame Estate Planning Conference and the Heckerling Estate Planning Institute.

Keebler & Associates LLP

www.keeblerandassociates.com

At Keebler & Associates, we are nationally recognized tax professionals in family wealth transfer, estates and retirement distribution planning. We provide tax and estate planning to high net worth individuals and families and educate financial, tax and estate professionals on cutting edge tax strategies.

Review Questions

Question 1 : 00:15
Question 2 : 00:30
Question 3 : 00:48
Question 4 : 01:00
Question 5 : 01:10

Review Questions
Final Quiz

Within how much time the RMDs must be filed after Death?
- All the IRAs, Roth IRAs and Qualified Plans must be distributed within 10 (Ten) years of death
  Correct – All the IRAs, Roth IRAs and Qualified Plans must be distributed within 10 (Ten) years of death.
- All the IRAs, Roth IRAs and Qualified Plans must be distributed within 1 (one) year of death.
  Incorrect – It should be distributed within 10 (Ten) years of death
- All the IRAs, Roth IRAs and Qualified Plans must be distributed within 5 (Five) years of death.
  Incorrect – All the IRAs, Roth IRAs and Qualified Plans must be distributed within 10 (Ten) years of death.
- All the IRAs, Roth IRAs and Qualified Plans must be distributed immediately after death.
  Incorrect – It is not required to distribute immediately after death
How many trust(s) is/are advisable if the client has both a Traditional IRA and a Roth IRA?
- More than 2 (Two) trusts are advisable.
  Incorrect – Only 2 (Two) trusts are advisable.
- 2 (Two) trusts are advisable.
  Correct – 2 (Two) trusts are advisable. This avoids ‘trapping’ the taxable IRA income
- Any 1 (one) trust is advisable.
  Incorrect – Any 1 (one) trust is not advisable.
- Separate trust is required for each IRA.
  Incorrect – Separate trust is not required for each IRA.
What is the purpose of using a ‘Spray Trust’?
- The purpose of using a Spray Trust is to spread income across a large number of taxpayers, decreasing the effective rate and not to retain the ability to accumulate income as prudent.
  Incorrect – The purpose of using a Spray Trust is to spread income across a large number of taxpayers, decreasing the effective rate and to retain the ability to accumulate income as prudent.
- The purpose of using a Spray Trust is to spread income across a small number of taxpayers thereby lowering the effective rate and to retain the ability to accumulate income as prudent.
  Incorrect – The purpose of using a Spray Trust is to spread income across not a small number but a large number of taxpayers thereby lowering the effective rate and to retain the ability to accumulate income as prudent.
- The purpose of using a Spray Trust is to spread income across a large number of taxpayers thereby lowering the effective rate and to retain the ability to accumulate income as prudent.
  Correct – The purpose of using a Spray Trust is to spread income across a large number of taxpayers thereby lowering the effective rate and to retain the ability to accumulate income as prudent.
- The purpose of using a Spray Trust is to spread income across a small number of taxpayers thereby increasing the effective rate and to retain the ability to accumulate income as prudent.
  Incorrect – The purpose of using a Spray Trust is to spread income across a large number of taxpayers thereby increasing the effective rate and to retain the ability to accumulate income as prudent.
How does Distributable Net Income (DNI) acts as a ceiling for the Beneficiary?
- DNI acts as a ceiling for purposes of the allowable deduction for the Beneficiary.
  Incorrect – DNI acts as a ceiling for purposes of the allowable deduction for the Trust / Estate.
- DNI acts as a ceiling for the net amount of income the beneficiary must report on his/her tax return.
  Incorrect – DNI acts as a ceiling for the total amount of income the beneficiary must report on his/her tax return.
- DNI acts as a ceiling for the total amount of income the beneficiary must report on his/her tax return.
  Correct – DNI acts as a ceiling for the total amount of income the beneficiary must report on his/her tax return.
- DNI does not act as a ceiling for the total amount of income the beneficiary must report on his/her tax return.
  Incorrect – DNI act as a ceiling for the total amount of income the beneficiary must report on his/her tax return.
Traditional IRA Distributions are?
- Tier II income.
  Incorrect – Traditional IRA Distributions are not Tier II income.
- Tier IV income.
  Incorrect – These distributions are Tier I income.
- Tier I income.
  Correct – Traditional IRA Distributions are Tier I income.
- Both Tier I & II income.
  Incorrect – Traditional IRA Distributions are only Tier I and not Tier II income.

Minimum 70% Questions answer should be right.

Which accounts / plans are required to be distributed within 10 (Ten) years of death?
- Both the IRAs and Roth IRAs are required to distributed within 10 (Ten) years of death
- Only Qualified plans are required to distributed within 10 (Ten) years of death
- All the IRAs, Roth IRAs and Qualified Plans are required to distributed within 10 (Ten) years of death
- Only IRAs are required to distributed within 10 (Ten) years of death
Which rule will apply in case of an eligible minor child to be an outright beneficiary?
- Only Life Expectancy Rule.
- Life Expectancy Rule (until majority and then 10-Year Rule).
- Only 10-Year Rule
- None of the above
Which rule will apply in case of a disabled or chronically ill person for a Designated Beneficiary Trust?
- 10-Year Rule
- Life Expectancy Rule.
- Life Expectancy Rule (until majority and then 10-Year Rule).
- None of the above.
How often the RMDs are required to be paid for a Conduit Trust (‘Safe Haven’)??
- A conduit (“safe–haven”) trust requires all RMDs to be paid half-yearly.
- A conduit (“safe–haven”) trust requires all RMDs to be paid annually.
- A conduit (“safe–haven”) trust requires all RMDs to be paid quarterly.
- A conduit (“safe–haven”) trust requires all RMDs to be paid biannually.
What is the applicability of Income Tax and Penalty in case of a Roth IRA distribution within a period of 5 (Five) years for a person with less than 59 ½ years of age?
- Income Tax will apply on earnings only and 10% penalty on earnings & taxable portion of prior conversion amounts.
- Income Tax will apply on earnings only and 5% penalty on earnings & taxable portion of prior conversion amounts.
- Income Tax will apply on earnings only no penalty will apply.
- Both Income Tax and penalty will not apply.
What is the applicability of Income Tax and 10% Penalty in case of a Roth IRA distribution beyond 5 (Five) years for a person with age of more than or equal to 59 ½ years?
- Income Tax will apply on earnings only and 10% will not apply
- Income Tax will apply on earnings only and 10% penalty on earnings only.
- Income Tax will apply on earnings only and 10% penalty on earnings & taxable portion of prior conversion amounts.
- Both Income Tax 10% penalty will not apply.
Who governs the Tax accounting income?
- Tax accounting income is governed by Federal Income Tax Law.
- Tax accounting income is governed by both Federal Income Tax Law and State Law.
- Tax accounting income is governed by State Law.
- None of the above
Which type of income given below falls under Traditional Fiduciary Accounting?
- Realized long-term capital gain.
- Taxable Interest.
- Increase in asset value (i.e. growth)
- Realized short-term capital gain.

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Reviews

4.6

(72)

74%

19%

MW

Mary Wilson

May 24th 2020

great

Candida Moyer , CFP, CPA, EA

May 21st, 2020

Thank you so much! This webinar was really great and had awesome information. I want to even attend again!

Dianne Nichols , EA

May 21st, 2020

Excellent

Janice Crook , CPA

May 21st, 2020

Really need to download the slides and study them for a while!

Timothy Brown , CPA

May 21st, 2020

Great presentation. Very informative!

Judy Keilsohn , MBA, CPA

Mar 10th, 2020

A lot of the material was outside my area of expertise but the topic that I wanted to learn about was very well presented.

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Cost $20
CPE Credits 1.5
CE Credits 1
IRS Course ID GEHNZ-U-00127-20-S
CTEC Course ID 6273-CE-0140
Subject Area Taxes
Course Level Basic
Instructional Method QAS Self Study
Prerequisites None
Advanced Preparation None
Recorded Date May 08 ,2020
Published Date May 08 ,2020
Who should attend? Enrolled Agent Tax Practitioners CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm Tax Pros Tax Firm Young CPA CPA in Business Entrepreneurial CPA Tax Managers Tax Preparer
Handout Material Download
Key Terms Download

On-Demand Webinars

CARES ACT: NOL CHANGES (UPDATED LATEST)

Friday, July 03, 2020 View Details/Register

UNDERSTANDING & ADOPTING THE NEW REVENUE RECOGNITION STANDARD

Thursday, July 02, 2020 View Details/Register

FRAUD ESSENTIALS: WHO? HOW? WHY? WHAT?

Thursday, July 02, 2020 View Details/Register

PRACTICAL APPROACHES TO PERFORMING EFFICIENT & EFFECTIVE SSARS ENGAGEMENTS (COMPILATION AND REVIEW)

Thursday, July 02, 2020 View Details/Register

ARE YOU INDEPENDENT WHEN YOU NEED TO BE? UNDERSTANDING RECENT CHANGES TO THE AICPA CODE OF PROFESSIONAL CONDUCT

Thursday, July 02, 2020 View Details/Register

TAX UPDATE : FCCA 2020 & SECURE ACT. (COVID-19)

Friday, June 26, 2020 View Details/Register

IRS FORM 1099 REPORTING REQ. INCLUDING UPDATES ON FORM 1099-NEC (LATEST 2020)

Thursday, June 25, 2020 View Details/Register

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Thursday, June 25, 2020 View Details/Register

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Thursday, June 25, 2020 View Details/Register

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Thursday, June 25, 2020 View Details/Register

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Thursday, June 25, 2020 View Details/Register

A BASIC ETHICS GUIDEBOOK FOR CONNECTICUT CPAS

Thursday, June 25, 2020 View Details/Register

A BASIC ETHICS GUIDEBOOK FOR ARIZONA CPAS

Thursday, June 25, 2020 View Details/Register

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Monday, June 22, 2020 View Details/Register