The Setting Every Community Up for Retirement Enhancement, or SECURE Act, was signed into law on December 20, 2019 as a last-minute addition to the recent spending bill passed by Congress and became effective January 1, 2020. The SECURE Act is the biggest legislative change to retirement plans in over a decade.
While there are many changes to retirement plan rules within the Act, the most significant change is the death of the so-called “stretch IRA” for most beneficiaries inheriting IRAs and other qualified retirement accounts after 2019. Under pre-SECURE Act rules, beneficiaries of IRAs and other qualified retirement accounts were permitted to stretch distributions over their life expectancy, requiring only small “minimum distributions” per year-effectively deferring income taxes and allowing the IRA to compound tax free for many years. Under the SECURE Act, most individuals inheriting an IRA or other retirement benefits after 2019 will now be required to completely withdraw all plan assets within 10 years of the participant’s date of death. This rule change has flipped traditional estate planning doctrine on inherited retirement account planning on its head.
Learn about the new retirement plan distribution rules for inherited accounts and their impact on existing estate plans, as well as on planning recommendations going forward when dealing with retirement benefits.
While there are many changes to retirement plan rules within the Act, the most significant change is the death of the so-called “stretch IRA” for most beneficiaries inheriting IRAs and other qualified retirement accounts after 2019. Under pre-SECURE Act rules, beneficiaries of IRAs and other qualified retirement accounts were permitted to stretch distributions over their life expectancy, requiring only small “minimum distributions” per year-effectively deferring income taxes and allowing the IRA to compound tax free for many years. Under the SECURE Act, most individuals inheriting an IRA or other retirement benefits after 2019 will now be required to completely withdraw all plan assets within 10 years of the participant’s date of death. This rule change has flipped traditional estate planning doctrine on inherited retirement account planning on its head.
Learn about the new retirement plan distribution rules for inherited accounts and their impact on existing estate plans, as well as on planning recommendations going forward when dealing with retirement benefits.
Course Content
12:00 - 12:10 pmIntroduction and Overview
Luke C. Bean, Esq.,
Rico, Murphy, Diamond & Bean LLP, Natick
12:10 - 12:30 pm
Distribution Rules in General; Non-Designated Beneficiaries, Designated Beneficiaries, Eligible Designated Beneficiaries, Required Minimum Distributions, 10-year distribution rule, 5-year distribution rule, 'ghost rule'
Jennifer Z. Flanagan, Esq.,
Mirick, O'Connell, DeMallie & Lougee LLP, Worcester
12:30 - 12:45 pm
Trusts as Retirement Plan Beneficiaries, Overview, the Look-Through Rule, Conduit v. Accumulation Trusts, designating Trusts as beneficiaries before and after the SECURE Act
Luke C. Bean, Esq.,
Rico, Murphy, Diamond & Bean LLP, Natick
12:45 - 1:00 pm
Income Taxation and Marital Planning
Leo J. Cushing, Esq.,
Cushing & Dolan, PC, Waltham
1:15 - 1:25 pm
Planning for non-spouse beneficiaries: eligible designated beneficiaries, designated beneficiaries, timing of distributions, income tax planning
Luke C. Bean, Esq.,
Rico, Murphy, Diamond & Bean LLP, Natick
1:25 - 1:40 pm
Revisiting and Revising existing plans, planning recommendations under SECURE, Roth conversion planning, charitable planning options, life insurance
Leo J. Cushing, Esq.,
Cushing & Dolan, PC, Waltham
1:50 - 2:00 pm
'Ask the Experts' Q&A Session and Key Takeaways
Panel
Please Note
This webcast is delivered completely online, underscoring their convenience and appeal.
There are no published print materials. All written materials are available electronically only.
They are posted 24 hours prior to the program and can be accessed, downloaded, or printed from your computer.
Speakers
ChairLuke C. Bean, Esq.,
Rico, Murphy, Diamond & Bean LLP, Natick
Faculty
Leo J. Cushing, Esq.,
Cushing & Dolan, PC, Waltham
Jennifer Z. Flanagan, Esq.,
Mirick, O'Connell, DeMallie & Lougee LLP, Worcester
