The SECURE Act Big Game-Changer: Retirement Plan Distributions — 1 Pennsylvania General Credit

The SECURE Act (Setting Every Community Up For Retirement Enhancement) became effective on January 1, 2020. It is a big game-changer to retirement plan and IRA distributions because it has imposed a maximum 10-year payout for certain beneficiaries. This is huge because many clients have planned their affairs for a lifetime payout.

In this important 1-hour, January 22, 2020 program, Steven G. Siegel, JD, LLM, assists you in advising your clients about retirement plan distributions under the SECURE Act. He provides a detailed analysis of when planning is needed, what prior planning no longer works, and new planning strategies you should consider. In addition, the course materials include 10 useful examples.

Mr. Siegel is a nationally-recognized author and speaker on estate planning, taxation, and related topics. He is the major contributor of Forms to NLFforms.com, which also hosts his numerous practical Podcasts.

Major topics include:
When Is Planning Needed For Each Of The Three Beneficiary Classes (and Categories Thereof)?
- no designated beneficiary
- eligible designated beneficiary – five categories:

• spouse of the plan participant ("pp"); avoid the spousal rollover trap!
• minor child of the pp
• disabled individual
• chronically ill individual
• person not more than 10 years younger than the deceased pp or IRA owner

- a designated beneficiary

Planning Which No Longer Works
See-Through Trusts

- why and when conduit trusts can now be a disaster
- accumulation trusts can still work but there is a new dilemma with them

What Do We Tell Our Clients?

- accumulation trusts in place of lifetime conduit trusts
- "fix" irrevocable trusts through:

• judicial modification under the Uniform Trust Code
• non-judicial modification
• decanting

- use a Roth IRA conversion
- life insurance policy in an irrevocable life insurance trust
- charitable remainder trusts

FORMS: For fully-editable, immediately downloadable forms in many practice areas, please go to www.NLFforms.com

BOOKS FOR LAWYERS: Over 125 useful books on important legal issues facing attorneys are available for immediate download at www.NLFforms.com. (Reading books without also listening to or viewing a recorded seminar earns NO CLE credits.)