Description
Gain a thorough understanding of and inherited retirement accounts and advise your clients with confidence.Retirement accounts such as 401(k)s and IRAs have become popular vehicles for retirement savings and building wealth. It is inevitable that you or your client will inherit one. Unlike most other inherited assets, retirement accounts have tax consequences. This presentation will help you understand the tax consequences and identify what you need to know about the deceased account owner, the beneficiary, and the type of planaccount to properly determine when distributions must occur. You will also learn how to properly calculate the required minimum distributions and what happens if you miss a required distribution and how to correct.
Date: 2022-12-14 Start Time: End Time:
Learning Objectives
How to Determine Required Distributions From Retirement Accounts
• The Age of the Deceased Account Owner – Was It Before or After Their Required Beginning Date?
• The Beneficiary – Are They an Eligible Designated Beneficiary?
• The Impact of the at Least as Rapidly Rule
Distributions to Eligible Designate Beneficiaries
• In General – Distributions to Disabled, Chronically Ill, or Not More Than 10 Years Younger Than Deceased
• Distributions to Minor Children
• Distribution to Surviving Spouse
Distributions to Ineligible Beneficiaries
• Prior to Required Beginning Date to Designated Beneficiaries
• After Required Beginning Date to Designated Beneficiaries
• To Beneficiaries Who Are Not Designated Beneficiaries (Estates, Trust, and Charities)
Inheriting Plan Assets Other Than Traditional Investments and Accounts
• Roth Accounts
• Real Estate and Collectibles
• Life Insurance
Impact of Missing Required Distribution
• Excise Taxes and Reporting
• Request for Abatement of Penalty Tax
• Correction
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
