As a result of the SECURE Act signed into law in December 2019, most nonspouse beneficiaries have lost the ability to extend their Inherited IRA payments over a long period of time by using the Single Life Expectancy Table.
Beginning for beneficiaries of owners who died in 2020 or later, non-eligible designated beneficiaries can only extend their payout over 10-years. The most confusing aspect of this change is the transition of Single Life Expectancy to a 10-year Payout.
We will delve into who is 'grandfathered' by the old rules and who must use the new rules.
What You Will Learn
- What are the 3 new categories of beneficiaries to determine payout options?
- Which beneficiaries are 'grandfathered' under the old rules for the Single Life Payout?
- What obligations do we have to monitor a 10-year payout option?
- Who must take the RMD of the deceased owner in the year of death?
- Why is it so important that we report death distributions correctly?
- How do we set up an Inherited IRA properly?
- What happens to a beneficiary in Single Life payout dies after 2019?
- What happens if the beneficiary does not close his/her Inherited IRA in 10 years?
- How do the new payout rules affect a trust or estate beneficiary?
- What happens when a successor beneficiary inherits an IRA?
- How do we recalculate beneficiary Single Life Payouts using the new tables?
Who Should Attend?
Everyone who answers customers or beneficiary questions should attend this informative Webinar including: Customer Service Reps, Operations Dept., Call Center Reps, Legal Counsel, Trust and Investment Officers, Branch Managers and anyone who would like a thorough discussion of the most legal aspects of IRA payouts after the owner's death.
"I have attended many of Patrice's live seminars, she is a great trainer and is so knowledgeable on the IRA products." -- Rhonda Prasifka, Citizens State Bank
Please note: This site employs features that may cause unexpected behavior in older versions of Internet Explorer. If you experience a problem, try refreshing your screen. If this doesn't solve the problem, click on this link.
You may contact us by using the Online Chat button below.