IRA and Qualified Retirement Plan Beneficiary Designations: Techniques for Estate Planners to Avoid Costly Errors

Identifying, Avoiding and Correcting Designation Problems with Tax and Non-Tax Consequences

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


Conducted on Monday, November 21, 2016

Recorded event now available

or call 1-800-926-7926
Program Materials

This CLE/CPE webinar will provide estate planning counsel and tax advisers with guidance on resolving beneficiary designation problems that plague IRAs and qualified plans held in trusts. The panel will offer various options and approaches to mitigate resulting damage to correct trust structures and avoid common tax pitfalls with beneficiary designations.

Description

An IRA or qualified plan is often a family’s largest investment. Naming an incorrect beneficiary or failing to name one results in excess income and estate taxes. A retirement plan that defaults to the estate is subject to debts, taxes and creditor claims, in addition to accelerated income tax.

A client can name family members, a trust, a charity, or a combination of individuals, trusts or charities as beneficiaries. IRS rules on trusts as designated beneficiaries are complex and strict. Certain types of trusts are eligible for required minimum distribution based on a new life expectancy.

Counsel and tax advisers must also give careful attention to the tax consequences of beneficiary designations. Because the rules are complicated and full of potential tax traps, counsel must focus on tax implications when reviewing clients’ IRA beneficiary designations during planning.

Listen as our authoritative panel of practitioners guides you through the various problems that arise with incorrect or missing beneficiary designations, the potential adverse tax consequences, and other estate planning risks. The panel will outline best practices for proactively correcting problems or mitigating the resulting damage if discovered too late.

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Outline

  1. Impact of ERISA and REA on plan beneficiary designations
  2. Deadlines after death to correct designations
  3. Spousal IRA concerns—community property, divorce settlements, elective share
  4. Identification of problems with beneficiary designations
  5. Best practices for correcting beneficiary designation problems

Benefits

The panel will review these and other key issues:

  • Which federal and state laws impact IRA and qualified retirement plan (QRP) beneficiary designations?
  • What common types of beneficiary problems can arise with incorrect or unintended beneficiary designations?
  • What are best practices for avoiding and fixing beneficiary designation problems?

Faculty

Bigge, Stephen
Stephen J. Bigge, CPA

Partner
Keebler & Associates

Mr. Bigge focuses on developing comprehensive financial, estate and income tax analyses and wealth transfer techniques...  |  Read More

Lynch, Kristen
Kristen M. Lynch

Partner
Lubell Rosen

Ms. Lynch represents clients in matters related to probates, guardianships, estate planning, asset protection,...  |  Read More

Other Formats
— Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include program handouts. To find out which recorded format will provide the best CLE option, select your state:

CLE On-Demand Video

$297

Download

CPE Not Available

$297