(POSTPONED) Estate Planning for Retirement Benefits after SECURE with Natalie Choate
Speaker: Natalie B. Choate
This event is being temporarily postponed due to COVID-19 travel and venue restrictions. With new updates and information being released daily, we are monitoring the situation closely and will reschedule as soon as it is safe to do so.
If you have already registered, WMEPC will provide a full refund. Thank you to everyone who has already signed up for this event and to our Sponsors for their support! Please contact Jeanna Post at firstname.lastname@example.org with questions or concerns.
Planning for Retirement Benefits: Recent Developments and Current Trends
What's new in planning for retirement benefits in the last year or so? SECURE, SECURE, SECURE! Enacted in December 2019, SECURE has upended estate planning techniques for our clients' IRAs and other retirement plans. We cover:
- What to tell new clients about their options for retirement benefits
- Reviewing existing estate plans---don't change the document, change the plan!
- How does the 10-year rule work for individuals? Trusts?
- The four different sets of minimum distribution rules for the five categories of "eligible designated beneficiaries" who still get the life expectancy payout
- Alternatives---charitable trusts, Roth conversions, annuities?
- SECURE effect on pre-2020 deaths
- RMD age increased to 72 from 70½
- Plus, new IRS life expectancy tables!
Case Studies in Estate Planning for Retirement Benefits: Real Life Situations after SECURE
How to integrate retirement benefits into the typical estate plan now that SECURE has taken away the life expectancy payout for most beneficiaries. Case studies illustrate the planning options for the client whose major asset is an IRA or other retirement plan, and who wants to:
- Benefit the surviving spouse (including "second marriage" situation)
- Save estate taxes-how does "portability" fit in?
- Leave benefits to adult children, minor children, multiple children
- Leave benefits to a disabled beneficiary
- Plan for a traditional vs. a Roth IRA
- Hear about "outside the box" solutions for replacing the stretch IRA
- Keep perpetual control while getting maximum deferral and low tax rates
- Hint: That last client may be disappointed
Charitable Giving with Retirement Benefits
Advantages and pitfalls of using retirement benefits to fulfill the client's charitable goals, both as part of the estate plan and during life, including:
- Double tax saving by leaving IRA to charity
- Seven ways to leave retirement benefits to charity
- Which charitable entities are suitable as IRA beneficiaries (or not)
- What to do if a trust has both charity and human beneficiaries
- Trust income tax traps for the charitable deduction
- Charitable remainder trust still works to solve estate plan problems while benefitting charity
- Can a charitable remainder trust replace the stretch IRA?
- Qualified charitable distributions---lifetime gifts from the IRA (including new SECURE limit)
Natalie Choate is a lawyer with the Boston firm of Nutter McClennen & Fish. Her practice is limited to consultations on estate planning for retirement benefits. Her book Life and Death Planning/or Retirement Benefits is a leading resource for estate planning professionals.
Miss Choate is a fellow and former Regent of the American College of Trust and Estate Counsel and former chairman of its Employee Benefits Committee. She serves as an editorial advisor for Trusts and Estates. Named "Estate Planner of the Year" by the Boston Estate Planning Council, she is listed in The Best Lawyers in America. The National Association of Estate Planners and Councils has awarded her the "Distinguished Accredited Estate Planner" designation.
Her articles on estate planning topics have been published in ACTEC Notes, Estate Planning, Trusts and Estates, Tax Practitioners Journal and Tax Management. Miss Choate has lectured in all 50 states, Canada, Puerto Rico, and the District of Columbia, and has spoken at the Heckerling, Notre Dame, California, and Southern Federal Tax Institutes, among others. Her comments on estate and retirement planning have been quoted in The Wall Street Journal, Money, The New York Times, Newsweek, Forbes, Financial Planning and Financial World.
A Boston native, Miss Choate is a graduate of Radcliffe College and Harvard Law School.
12:00pm - Lunch
1:00pm - Presentation
2:30pm - Break
2:45pm - Presentation
4:15pm - Wrap Up
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