Beneficiary Options for Retirement Accounts: A Discussion about the SECURE Act Changes and IRS Explanations in Pub-590-B
90-minute webinar. The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, Pub.L. 116–94, was signed into law on December 20, 2019, as part of the Further Consolidated Appropriations Act, 2020. One of the more significant changes made by the SECURE Act is limiting the distribution period to 10 years for designated beneficiaries. An exception applies to designated beneficiaries who qualify to be eligible designated beneficiaries, allowing them to take distributions over their life expectancies.
However, some provisions were not addressed by the SECURE Act, creating uncertainty about whether they remain unchanged. The IRS is expected to issue official regulations, which will hopefully resolve outstanding issues and fill in missing gaps. But for now, they have included explanations in the 2020 version of IRS Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs) (Pub. 590-B), dated March 25, 2021, some of which have created confusion.
During this session, we will discuss the SECURE Act and address the explanations provided by the IRS.
After this session, participants will be able to:
- Make a distinction between the rules that apply to beneficiaries that inherit retirement accounts in 2019 and earlier vs those that inherit IRAs after 2019.
- Provide solutions to spouse beneficiaries that can be used to maximize tax deferral and minimize taxes.
- Help clients who inherit retirement accounts avoid portability mistakes that could result in unintended distributions.
- Address mistakes made in IRS Publication 590-B
Presented by: Denise Appleby, MJ, CISP, CRC, CRPS, CRSP, APA and Edward A. Renn, JD
CLE: 1.5 general credit
Approved States: AR, CA, CO, GA, IL, MO, NJ, NV, NY, OK, PA, TN, UT, VT
(AK, AZ, CT, NH, TX eligible to claim credit)
We will supply you with the information needed to self-apply in other states.
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WealthCounsel members: This CLE eligible program is complimentary for WealthCounsel members. Please access and view it here via the member website for optimal experience and inclusion in your CLE Profile Account.