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The “Setting Every Community Up For Retirement Enhancement (SECURE) Act” introduced substantial updates to long-standing retirement account rules. One notable change was the elimination of the ‘stretch’ provision for most non-spouse designated beneficiaries of retirement accounts and the introduction of a new “10-Year Rule.” This has resulted in a substantially compressed timeframe over which distributions from many inherited retirement accounts may be spread, increasing the likelihood that more of these accounts will be taxed at higher rates. Thankfully, though, with proper planning, the potential for increased taxation can be significantly mitigated, preserving more of a client’s hard-earned, unused, retirement savings for their heirs.
To assist clients in this type of planning, attendees of this session will take a deep-dive into the current rules for post-death distributions, including the latest guidance from the IRS on the implementation of the 10-Year Rule. The session will also explore strategies that can be used by retirement account owners to help reduce taxes for their future beneficiaries, as well as strategies that can be used by those beneficiaries to minimize their own taxes.
Learning Objectives
Upon successful completion of this learning activity, you will confidently be able to:
- Identify the current categories of beneficiaries and the post-death distribution rules that apply to each group.
- Explore strategies that can be used by beneficiaries of retirement accounts to minimize taxes on future distributions.
- Discover strategies that can be used by retirement account owners to proactively help reduce the future tax burden on their beneficiaries.
Presenter
Jeffrey Levine, CFP®, CPA/PFS, ChFC®, RICP®, CWS, AIF, BFA™, MSA
CFP® CE Credit
This content is eligible for one hour of CFP® continuing education (CE) credit.
If you hold the CFP® mark and would like to receive CFP Board CE credit for this content, please ensure your CFP® ID number is entered here.
The College’s Professional Recertification Program (PRP)
This content is eligible for one hour of PRP continuing education credit.
To begin, click on the button below. As you move through the content, make sure to mark each page complete by clicking on the appropriate button, and then click Next Lesson at the bottom of each page. Once you complete the entire activity, the progress bar will show 100%.
Planning Strategies to Mitigate the Impact of the 10-Year Rule
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