Drafting IRA Beneficiary "See-Through" Trust Provisions

Meeting Complex IRS Rules to Qualify a Trust as a Conduit Trust or an Accumulation Trust

Recording of a 90-minute CLE/CPE webinar with Q&A


Conducted on Tuesday, January 24, 2017
Recorded event now available


This CLE/CPE webinar will provide estate planning counsel with detailed guidance on the drafting of “see-through” trusts that qualify as IRA beneficiaries under IRS regulations. The panel will thoroughly discuss the rules for measuring life expectancy for purposes of required minimum distributions (RMDs) and distributable net income (DNI) when using a look-through trust, go in depth into the provisions governing both “conduit trusts” and “accumulation trusts,” and offer sample language for both trusts that will meet IRS standards.

Description

A valuable tool for protecting IRA assets as a component of estate planning is the use of a trust as an IRA beneficiary. These “see-through” trusts can provide valuable flexibility in a comprehensive estate plan, but also carry both income tax consequences and very strict IRS requirements for qualification. Estate planning counsel must know the detailed IRS rules in drafting these “see-through” trusts to meet requirements for RMDs and income accumulation.

IRA beneficiary trusts generally come in two types: “conduit trusts,” and “accumulation trusts.” Conduit trusts are marked by specific requirements as to how to calculate required minimum distributions over the lifetime of specified beneficiaries. It is important to note that IRA beneficiary trusts are drafted as trusts (whether QTIP trusts or any other) that are valid under state law, but contain specific language and provisions that qualify the trust for see-through treatment.

Whether estate counsel is drafting a trust to function as a conduit trust or an accumulation trust, estate planning counsel must know the rules and required language in drafting an IRA beneficiary trust in order to avoid serious tax consequences.

Listen as our experienced panel provides detailed guidance, including sample language, to help you master the intricacies of drafting see-through IRA beneficiary trusts.

Outline

  1. Trusts as beneficiaries of IRA
  2. “Stretch” treatment of RMDs within a look-through trust
  3. Conduit vs. accumulation trust
  4. DNI impact and considerations
  5. Drafting provisions for conduit trusts
  6. Drafting provisions for accumulation trusts

Benefits

The panel will review these and other key issues:

  • Income tax considerations in utilizing a see-through trust
  • What provisions must be included in trust language for a trust to qualify for see-through treatment as either a conduit trust or an accumulation trust
  • Special factors to consider when drafting a QTIP trust as an IRA beneficiary trust

Learning Objectives

After completing this course, you will be able to:

  • Identify stretch treatment of required minimum distributions within a look-through trust
  • Differentiate conduit vs. accumulation trusts
  • Ascertain the impact of distributable net income

Faculty

Gary D. Altman, Principal and Founder
Altman & Assoc., Rockville, Md.

Mr. Altman's practice focuses on estate planning. He is a nationally recognized estate, legacy and business planning authority. He is recognized by Washingtonian magazine as among the DC region’s “Best Estate Planners”. He has also been repeatedly honored as a “Top 100 Attorney” by Worth magazine and likewise recognized as a Maryland and Washington, DC “Super Lawyer”.

Neda Barkhordar, Esq.
Givner & Kaye, Los Angeles

Ms. Barkhordar advises clients on both traditoinal estate planning and complex estate tax planning involving private annuities, QPRTs, SCINs and GRATs. She also counsels clients and their other advisors about the Offshore Voluntary Disclosure Program. She works on inbound planning, multi-national planning, and other problems, including innocent spouse, offer-in-compromise and installment agreements.

Kristen M. Lynch, Partner
Lubell Rosen, Ft. Lauderdale, Fla.

Ms. Lynch represents clients in matters related to probates, guardianships, estate planning, asset protection, philanthropic planning & charitable giving, and retirement planning. She assists individual clients with self-directed IRAs and provides legal advice to institutional clients that serve as custodians or trustees of IRAs.


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L. Paul Hood, Jr.

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