Trusts as Retirement Plan Beneficiaries

Description

Trusts are often named as beneficiaries for IRAs and other retirement arrangements. The choice has an impact on both income tax and estate planning. Trusts allow the IRA owner or plan participant to have beyond-the-grave control over the distribution payouts but the 2019 SECURE Act changed the rules necessitating a thorough review. Note: This class presents an in-depth discussion of issues presented in the instructor's class Retirement Distributions: Planning Options .

Highlights

• What is the significance of the Retirement Plan Beneficiary?
• Primary vs. Contingent Beneficiaries
• Is a Trust a "Designated Beneficiary?" Is it an "Eligible Designated Beneficiary?"
• Why do people want to name a trust as the beneficiary?
• Income Tax Aspects of Trusts as beneficiary
• What happens when the trust beneficiary dies?

Objectives

• Discover the current status of the Perfect Storm for private companies.
• Review the history of private company accounting in the U.S.
• Explore the IASB's structure.
• Discuss the major differences between IFRS for SMEs and U.S. GAAP.

Designed For

CPAs, attorneys and financial professionals.