Special Needs Planning and the SECURE Act: Impact on Trusts, Multiple IRA Beneficiaries, Disclaimers, Tax Issues

Note: CPE credit is not offered on this program

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


Conducted on Thursday, February 11, 2021

Recorded event now available

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Program Materials

This CLE webinar will guide elder law attorneys on the SECURE Act's impact on special needs planning. The panel will discuss regulatory and tax rules stemming from the SECURE Act and challenges for retirement benefits, trusts, and distributions. The panel will also provide effective special needs planning techniques in light of the rules, such as structuring or modifying trusts, inherited IRAs, and navigating the challenges of multiple beneficiaries.

Description

Special needs planning is an integral part of elder law practice. To ensure effective special needs planning for clients, counsel must know the nuances of key provisions of the SECURE Act, tax rules, and inherited IRAs, as welll as navigating the challenges of multiple beneficiaries.

The SECURE Act has a significant impact on trusts named as an IRA beneficiary. While most trusts will be limited to a 10-year payout, there are exceptions for trusts with special needs beneficiaries, so long as certain requirements are met. If so, then required minimum distributions can be made over the beneficiary's life expectancy.

Also, counsel must know when special needs trusts are appropriate, how to draft first- and third-party special needs trusts to protect clients' public benefits, and how to administer the trusts. Practitioners must also be aware of pitfalls when amending or modifying special needs trusts and consider how guardianship and special needs mesh.

Listen as our panel of elder law practitioners discusses regulatory and tax rules stemming from the SECURE Act and challenges for retirement benefits, trusts, and distributions. The panel will also offer critical points to understand and weigh when drafting first- and third-party special needs trusts.

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Outline

  1. Overview of SECURE Act for elder law attorneys
  2. Challenges for retirement benefits, trusts, and distributions
  3. Drafting special needs trusts
    1. Public benefits considerations
    2. Tax issues
  4. Best practices and pitfalls to avoid

Benefits

The panel will review these and other key issues:

  • What is the impact of the SECURE Act on special needs planning?
  • What are the challenges for retirement benefits, trusts, and distributions?
  • What are the challenges of inherited IRAs and multiple beneficiaries?
  • How can counsel best protect public benefits when drafting special needs trusts?
  • What are the tax issues to consider in the drafting process?
  • What pitfalls may arise when amending special needs trusts?

Faculty

Arkin, Brandon
Brandon Arkin

Attorney
Solkoff Legal

Mr. Arkin represents the elderly, the disabled and their caregivers in all facets of Elder Law including Estate...  |  Read More

Kefalas Dudek, Patricia
Patricia E. Kefalas Dudek

Principal
Patricia E. Kefalas Dudek & Associates

Ms. Kefalas Dudek's practice focuses on elder law, Medicaid, estate planning, estates/trust administration,...  |  Read More

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