Michael Kitces Trusts as Beneficiaries of IRAs and Life & Death Tax Planning for Deferred Annuities
This event is available in person or zoom. For zoom attendees, the zoom registration link for your personal ID is sent out the day before the event. Registration closes Monday February 6. Cancellation policy is 72 hours in advance. If you do not get the zoom link contact Joan at yourassociation4u@gmail.com
Time schedule (Extended Session) Wednesday February 8
Please note: If you sign-up for ZOOM you will get an invite the Friday before the event. You must register again from that link to receive a personal link. There is no charge for the second registration.
11:00am - 11:10am Check-In
11:10am - 12:00pm Trusts as Beneficiaries of IRAs 12:00pm - 12:30pm Lunch
12:30pm - 1pm AMA (Ask Michael Anything) 1:00pm - 1:10pm Break
1:10pm - 2:00pm Life & Death Tax Planning for Deferred Annuities
Topic: Trusts as Beneficiaries of IRAs (1st Hour) 11:10 AM. to 12:00 PM.
Speaker: Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL
About the presentation: As the use of trusts in estate planning becomes increasingly popular for both tax and non-tax reasons, and clients continue to accumulate more and more assets in retirement accounts, the use of trusts as beneficiaries of IRAs is increasing desirable and necessary. Unfortunately, though, the rules pertaining to IRAs payable to a trust after death are complex and challenging. In this session, we will explore the unique requirements for IRAs to preserve and maximize their tax deferral after death when a trust is the beneficiary, with details about the rules for trusts to qualify for the IRA’s post-death tax deferral “stretch,” how to calculate the actual post-death required minimum distributions for the trust, and examples of specific wording from sample trusts.
To register for this session, go to www.epcstlouis.org and click the link for the session.
CPA's - CPE Credit Note: In order to be awarded the full credits, you must be responding to three out of the four polling questions asked during the program on ZOOM.
Continuing Education
EPCSTL has requested approval for continuing education in the following areas: CTFA, CLE, CPE, CFP, L&H Insurance
CPE Information for CPAs
The sponsor assures that the program content and program level is appropriate for the intended participants.
Participants will:
Learning Objectives:
· Learning Objectives:
- LO #1: Describe the post-death IRA distribution requirements and options based upon the type of designated (or non-designated) beneficiary.
- LO #2: Identify the four requirements necessary for trusts to qualify as designated beneficiaries.
- LO #3: Explain the tax consequences of trusts receiving RMDs, as well as when the trust distributes income to beneficiaries of the trust.
- LO #4: Be able to determine the applicable distribution period for the RMDs.
- LO #5: Compare and contrast the income treatment within conduit and accumulation trusts.
The sponsor assures that the program content and program level is appropriate for the intended participants.
Participants will earn 1 CPE credit.
Field of Study: Specialized Knowledge
Additional Information:
Delivery Method: Group Live/Group Internet Based
Program Level: Basic
Pre-requisite: NONE
Hour 2 1:10 – 2:00 PM
Who should attend: This presentation is aimed at lawyers, accountants, trust officers and other estate planning professionals with a background in estate planning topics.
Refunds and Cancellations: All attendees are required to register in advance. If you reserve and are unable to attend, please cancel your reservation at least 24 hours in advance of the meeting to receive a refund or a credit for a future meeting. For more information regarding refund, complaint, and/or program cancellation policies please contact our offices at 314-520-3564.
Estate Planning Council of St. Louis 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.
National Registry of CPE Sponsors Number 109467
CTFA
CTFA 1.25 CE credit
CFP
- LO #1: Describe the post-death IRA distribution requirements and options based upon the type of designated (or non-designated) beneficiary.
- LO #2: Identify the four requirements necessary for trusts to qualify as designated beneficiaries.
- LO #3: Explain the tax consequences of trusts receiving RMDs, as well as when the trust distributes income to beneficiaries of the trust.
- LO #4: Be able to determine the applicable distribution period for the RMDs.
- LO #5: Compare and contrast the income treatment within conduit and accumulation trusts.
Topic: Life and Death Tax Planning for Deferred Annuities (2nd hour 1:00 to 2:00 PM)
Speaker: Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL
About the presentation: As the use of annuities increases, particularly amongst baby boomers planning for retirement, professional advisors face more and more situations where they must properly report on and plan for annuity transactions. However, annuities are subject to unique rules of taxation. In this session, we will cover the income and estate tax treatment of deferred annuities during life and death, with a particular focus on the complex rules and significant areas of ambiguity that apply to post-death distribution requirements from deferred annuities, and including some of the latest IRS rulings!
To register for this session, go to www.epcstlouis.org and click the link for the session.
Cancellation policy 36 hours in advance.
CPA's - CPE Credit Note: In order to be awarded the full credits, you must be responding to three out of the four polling questions asked during the program on ZOOM.
Continuing Education
EPCSTL has requested approval for continuing education in the following areas: CTFA, CLE, CPE, CFP, L&H Insurance
CPE Information for CPAs
The sponsor assures that the program content and program level is appropriate for the intended participants.
Participants will:
Learning Objectives:
· Learning Objectives:
- LO #1: Distinguish between the various types of annuities and, in particular, the various types of deferred annuities while pointing out the parties to the contract.
- LO #2: Explain the tax treatment characteristics of deferred annuities while the owner is alive. List the exceptions to tax-deferral and how partial withdrawals differ from full surrenders.
- LO #3: Understand the tax treatment of deferred annuities upon death of the owner and how the estate tax is valued along with the post-death distribution requirements.
- LO #4: Define and explain how Income in Respect of a Decedent (IRD) works, when a deferred annuity gets a step-up in basis, and how post-death 1035 exchanges by beneficiaries work.
- LO #5: Be able to identify and address the unique, complicated problems that occur when a deferred annuity owner passes away.
The sponsor assures that the program content and program level is appropriate for the intended participants.
Participants will earn 1 CPE credit.
Field of Study: Specialized Knowledge
Additional Information:
Delivery Method: Group Live/Group Internet Based
Program Level: Basic
Pre-requisite: NONE
Who should attend: This presentation is aimed at lawyers, accountants, trust officers and other estate planning professionals with a background in estate planning topics.
CFP Learning Objectives
- LO #1: Distinguish between the various types of annuities and, in particular, the various types of deferred annuities while pointing out the parties to the contract.
- LO #2: Explain the tax treatment characteristics of deferred annuities while the owner is alive. List the exceptions to tax-deferral and how partial withdrawals differ from full surrenders.
- LO #3: Understand the tax treatment of deferred annuities upon death of the owner and how the estate tax is valued along with the post-death distribution requirements.
- LO #4: Define and explain how Income in Respect of a Decedent (IRD) works, when a deferred annuity gets a step-up in basis, and how post-death 1035 exchanges by beneficiaries work.
- LO #5: Be able to identify and address the unique, complicated problems that occur when a deferred annuity owner passes away.
CTFA
CTFA 1.25 CE credit
Bio:
Michael E. Kitces, MSFS, MTAX, CFP®, CLU, ChFC, RHU, REBC, CASL, is the Head of Planning Strategy at Buckingham Wealth Partners and is a passionate advocate for evolving, expanding, and institutionalizing excellence in financial planning. In addition, he is a co-founder of the XY Planning Network, the former Practitioner Editor of the Journal of Financial Planning, and the publisher of the e-newsletter The Kitces Report and the popular financial planning industry blog Nerd’s Eye View through his website www.Kitces.com, dedicated to advancing knowledge in financial planning.
