Beneficiary Designations in Estate Planning: Transfer on Death, Payable on Death, IRAs, SECURE 2.0, Best Practices

BarbriSFCourseDetails

Course Details

Course Information

smart_display Format
On-Demand
signal_cellular_alt Difficulty Level
Intermediate
work Practice Area
Estate Planning

Date & Time

event Date
Tuesday, November 28, 2023
schedule Time
1:00 p.m. ET./10:00 a.m. PT
timer Program Length
90 minutes

Credit Information

This 90-minute webinar is eligible in most states for 1.5 CLE credits.
BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
BARBRI is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).

$297.00

This CLE/CPE webinar will provide trusts and estates counsel and advisers an in-depth analysis of critical issues and challenges of beneficiary designations in estate planning. The panel will discuss the legal and tax implications of beneficiary designations, key considerations in transferring probate and non-probate assets, the tax consequences of beneficiary designations, managing retirement accounts in light of the SECURE 2.0, the use of trusts, and other critical issues for estate planners.

Faculty

Jennifer V. Abelaj

Founder

Abelaj Law, PC

Ms. Abelaj has a combined background in business, tax, and the law. She started her career as a Certified Public Accountant with Ernst and Young and continued practicing as a CPA at two worldwide investment banks. In her legal career, Ms. Abelaj worked at both large and boutique law firms practicing in Trusts and Estates and Non-Profits. She has significant experience advising high net worth clients, both domestic or with an international footprint. She has worked with non-profit boards, executive directors, and lobbying groups.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Britt Burner

Partner

Burner Prudenti Law, PC

Ms. Burner, Esq. is a partner at Burner Law Group, P.C., a boutique law firm concentrating in the areas of Elder Law, Estate Planning, Trusts and Estates, and Real Estate. Serving clients from New York City to the East End, she has been named a Super Lawyers Rising Star, and an Outstanding Woman in Law by Hofstra University. Ms. Burner serves as Vice Chair of the Elder Law and Special Needs Planning section of the New York State Bar Association. She also serves as a Charter member of the Advisory Council of the Katz Institute for Women’s Health at Northwell.

expand_circle_down Expand to View Full Bio expand_circle_up Collapse Bio

Description

Beneficiary designations are critical to effective tax and estate planning and typically supersede non-probate asset transfers provided in a will or trust. Estate planners and advisers must recognize key issues regarding beneficiary designations and their impact on estate planning.

A common mechanism to avoid probate is the set up of transfer-on-death (TOD) and paid-on-death (POD) accounts which could have unintended consequences. PODs are used for bank accounts and certificates of deposit, while TODs are typically used for stocks, bonds, brokerage accounts, and real estate. However, careful consideration must be given to the potential conflict these designations may have on wills, trusts, or other estate planning documents, along with the possibility of having insufficient funds to pay debts, taxes, or other expenses.

Furthermore, beneficiaries must also be identified for life insurance policies, 529 plans, annuities, LTC policies, and retirement accounts. Naming these beneficiaries often has significant tax and estate implications. In addition, the SECURE Act eliminated the stretch IRA and replaced it with a 10-year distribution rule for non-eligible designated beneficiaries.

Listen as our panel discusses the legal and tax implications of beneficiary designations, critical considerations in transferring probate and non-probate assets, managing retirement accounts in light of the SECURE 2.0, and using trusts and other essential issues for estate planners.

Outline

Common beneficiary designation issues
Probate vs. non-probate assets
TOD and POD designations
IRA beneficiary considerations and distributions under SECURE Act and SECURE 2.0
Tax implications
Trusts as beneficiaires
Best practices for handling beneficiary designation errors

Benefits

The panel will review these and other critical issues:

When do beneficiary designations trump heirs outlined in a will?
How SECURE and SECURE 2.0 distribution rules affect the tax consequences of inherited IRAs
What are common errors when naming beneficiaries, and how can they be avoided?
When should a trust be a named beneficiary?

NASBA Details

Learning Objectives

After completing this course, you will be able to:

Identify common beneficiary designation errors
Decide when to consider a trust as a beneficiary
Ascertain how disclaimers affect the transfer of assets
Determine how the SECURE 2.0 affects distributions of IRAs to beneficiaries

Field of Study: Taxes
Level of Knowledge: Intermediate
Advance Preparation: None
Teaching Method: Seminar/Lecture
Delivery Method: Group-Internet (via computer)
Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
Prerequisite: Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of estate, gift and trust taxation including various trusts types, the unified credit, and portability.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.