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