Thursday, February 2, 2023
1:00 PM to 2:00 PM, Eastern Time
Presenter: Robert S. Keebler, CPA/PFS, MST, DAEP, CGMA
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 substantially changed estate planning and administration for individual retirement accounts (IRAs). Eliminating the “stretch” in favor of the new ten-year rule initially seemed a simplification. However, in practice, this is far from the case. Most of the pre-SECURE complications remain, and the Act introduced new rules to plan for and navigate.
Moreover, over two years passed between the 2020 statutory effective date and the publication of the proposed regulations in early 2022. Compliance with the new rules has been difficult, if not impossible, for many recent deaths. However, the final regulations should provide relief and certainty.
The SECURE 2.0 Act, passed as part of the omnibus spending bill signed by President Biden on December 29, 2022, increased the age for the required beginning date (RBD) for required minimum distributions from 72 to 73 starting on January 1, 2023, for individuals who reach age 72 after December 31, 2022. The RBD will be increased to age 75 starting on January 1, 2032, for individuals who reach age 74 after December 31, 2032. Other SECURE 2.0 Act provisions are also of interest to estate planners, including a surviving spouse's option to elect to be treated as the deceased employee for purposes of the required minimum distribution rules.
Specifically, this course will provide a timely update on the following:
- The new ten-year rule distribution requirements
- Exceptions to the ten-year rule and how to compute required minimum distributions
- When the five-year rule or “ghost” life expectancy rule might apply
- Distribution requirements after the death of a beneficiary
- New terminology, such as the applicable multi-beneficiary trust
- Drafting for successor or contingent beneficiaries without accelerating distributions
- When remote or contingent interests can be ignored when calculating distributions
- Surviving spouse distributions under the new rules, including when the IRA is held in trust
- Flowcharts to help you quickly process and apply the new rules
- Provisions of SECURE 2.0 of interest to estate planners
This course is complimentary for all attendees.
CLE:
1.0 Credits
States Pre-Approved: AR, CA (Renewal Pending), MO, NJ, NY, OH, OK, PA, TX, UT, VT (AK, AZ, CT, NH eligible to claim credit)
States Pending Approval: GA, IL, KS, NC, TN
CFP:
1.0 GENERAL credits pending (National CFP Board)
CPE:
Program Knowledge Level: Intermediate
Delivery Method: Group Internet-Based
Recommended CPE Credit: 1.0
Field of Study: Taxes
Prerequisites: JD
Advance Preparation: None
Review Date: 1/23/2023
NOTE: For accurate records, each employee in an organization must register individually for CLE attendance reporting and audit. Additionally, if multiple people from an organization (who have individually registered) would like to view together under one employee's registration and login, please send a list of those individuals along with the verification code(s) to cle@wealthcounsel.com, so their attendance is marked accordingly.
In order to be awarded the full credit hours, you must be present during the entire program.
WealthCounsel LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. NASBA Sponsor ID 108255.
For information on refunds, concerns, and program cancellation policies, please contact our offices at 888-659-4069, ext 818 or memberservices@wealthcounsel.com.