Trusts as Retirement Plan Beneficiaries 2024

Overview

The 2019 SECURE Act changed the rules regarding distributions to beneficiaries from retirement plans in a negative way. Trusts are often named as beneficiaries for IRAs and other retirement arrangements. The choice may provide a different result than under prior law for many beneficiaries. Now is the time to revisit beneficiary choices. This class gives examples of income tax implications of various trusts that are chosen as beneficiaries. Note: This class presents an in-depth discussion of issues presented in the instructor’s class Retirement Distributions: Planning Options.

Highlights

• What is the significance of the Retirement Plan Beneficiary?
• Primary vs. Contingent Beneficiaries
• Is a Trust a "Designated Beneficiary?" Is it an "Eligible Designated Beneficiary?"
• Why do people want to name a trust as the beneficiary?
• What happens when the trust beneficiary dies?

Prerequisites

Working knowledge of estate issues and retirement plans preferred.

Designed For

CPAs, attorneys and financial professionals.

Objectives

• Recognize reasons trusts are named as beneficiaries
• Identify the types of trusts used and their tax characteristics
• Determine how retirement distributions are reported for various types of beneficiary trusts

Preparation

None

Notice

This course is provided by a third-party vendor. Please note that login instructions will not be available in the ‘My Upcoming CPE’ section of the NESCPA website. Instead, the login instructions will be sent directly to you via email by the California Education Foundation (CalCPA). Upon completing the course, your hours will be recorded in the ‘My CPE Tracker’ section of the NESCPA website.