Drafting IRA Beneficiary "See-Through" Trust Provisions

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

A live 90-minute CLE/CPE webinar with interactive Q&A


Tuesday, July 11, 2017
1:00pm-2:30pm EDT, 10:00am-11:30am PDT


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. The panel will explain 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. Importantly, 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, practitioners must know the rules and required language 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 RMDs within a look-through trust
  • Differentiate conduit vs. accumulation trusts
  • Ascertain the impact of DNI

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”.

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.

Owen Kaye, Esq.
Givner & Kaye, Los Angeles

Mr. Kaye has prepared hundreds of family limited partnerships, qualified personal residence trusts, grantor retained annuity trusts and other sophisticated structures. He actively represents clients before the California Franchise Tax Board in disputes involving $100 million of taxable income. He also represents clients in probate litigation and conservatorships and has served as an expert witness on QPRTs.


Live Webinar

Live Webinar $297.00

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This webinar is eligible for at least 1.5 general CLE credits.

CLE credits are not available for PR.

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CPE on Live Event

Continuing Professional Education credit processing is available for an additional fee per person. You may register for CPE credit processing at any time before or after the program. To qualify for CPE you may not listen via the telephone.

This program is eligible for 1.5 CPE credits.

  • Field of Study: Taxes.
  • Level of Knowledge: Intermediate.
  • Advance Preparation: None.
  • Teaching Method: Seminar/Lecture.
  • Delivery Method: Group-Internet (via computer).
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of verification codes announced throughout the presentation.
  • Prerequisite: Three years+ business, law or public firm experience at mid-level within the organization, preparing complex trust vehicles for estate planning; supervisory authority over other preparers/accountants. Specific knowledge and understanding of Individual Retirement Accounts within an estate planning structure, IRA beneficiary trusts, and IRS regulations addressing requirements for "see-through" trusts; familiarity with the conduit trusts and accumulation trusts.

NOTE: CPE credit processing for all attendees must be ordered by 2pm Eastern the day of the program to receive a Certificate of Attendance within 24 hours.


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Estate Planning Advisory Board

Brian M. Annino

Partner

Annino Law Firm

L. Paul Hood, Jr.

Consultant, Speaker and Author

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Richard S. Franklin

Member

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Partner

Perkins Coie

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