Description
In long-awaited final rules, the IRS has finally clarified the controversial 10-year rule for inherited individual retirement accounts (IRAs). These rules include required minimum distributions (RMDs) to ensure that pretax savings are eventually withdrawn and taxed. RMDs are an important reality when it comes to planning your retirement income. Now is a good time to make sure your clients understand the rules and update their plans according to these and other recent regulations and proposed changes.
Our faculty of seasoned practitioners will address estate planning for retirement benefits in light of the SECURE Act and SECURE 2.0, with a special emphasis on the new final rules for inherited IRA beneficiaries and the proposed spousal election regulations. After a brief refresher of the foundational definitions and concepts, the focus will be on planning for a surviving spouse and descendants in today’s changing landscape, including:
> Key definitions and terminology under SECURE Act and SECURE 2.0
> Changes with the SECURE Act and SECURE 2.0 and the proposed and newly finalized regulations
- New required beginning date
- New and more complex distribution rules after death of owner
- Creation of eligible designated beneficiary (EDB) categories
- Eligible Designated Beneficiary categories options
- Final regulations on required minimum distributions (RMDs)
- Proposed spousal election regulations
> 10-Year Rule triggers for EDB
> Planning for a surviving spouse
> Planning for minor child