2023 STEP Orange County Institute AGENDA
Title Sponsor
STEP ORANGE COUNTY’S ONLY CONFERENCE
FOCUSING ON U.S. AND INTERNATIONAL ISSUES
FOCUSING ON U.S. AND INTERNATIONAL ISSUES
We are applying for 16 hours of continuing education for MCLE, CPE, CA Insurance, CFTA and CFP. The Program includes one hour of Ethics for attorneys. Because of concurrent sessions, only 11 hours might be possible.
Day 1: Wednesday, February 8, 2023
7:30am - 8:30am
Registration, Buffet Breakfast and Exhibits
8:30am - 8:45am
Opening Remarks & Announcements
Craig Redler, J.D., TEP, STEP Orange County Chair
Law Offices of Craig S. Redler, Newport Beach, California
Craig Redler, J.D., TEP, STEP Orange County Chair
Law Offices of Craig S. Redler, Newport Beach, California
8:45am - 9:45am
General Session #1
Planning for Addiction
The prevalence and manifestations of addiction and mental health diseases significantly complicate financial and insurance planning. Insurance, financial, accounting and estate planning professionals need to be aware of the prevalence and myriad manifestations of addiction and mental illness to be able to address how such disorders can be handled in a family’s financial, insurance and estate planning. One professional cannot solve the problem, but each can be part of a team of professionals that provides client-specific, nuanced planning that is holistic in approach. Early planning that incorporates the professional guidance of treatment and health care professionals is ideal, but it may be unattainable. Any professional team can often be guided, in part, by a trust agreement so that family wealth is used to promote the safety and welfare of beneficiaries by advancing their individual self-efficacy, and the health of the family. A well-drafted trust can go a long way toward helping an addicted beneficiary and their family through the stages of recovery, relapse, or the choice not to seek treatment. This program highlights the threshold issues and plan mechanics you need to know before creating a financial, insurance or estate plan for a client or beneficiary suffering from addiction or other mental health challenges.
Wendy S. Goffe, J.D., Partner
Stoel Rives LLP, Seattle, Washington
Planning for Addiction
The prevalence and manifestations of addiction and mental health diseases significantly complicate financial and insurance planning. Insurance, financial, accounting and estate planning professionals need to be aware of the prevalence and myriad manifestations of addiction and mental illness to be able to address how such disorders can be handled in a family’s financial, insurance and estate planning. One professional cannot solve the problem, but each can be part of a team of professionals that provides client-specific, nuanced planning that is holistic in approach. Early planning that incorporates the professional guidance of treatment and health care professionals is ideal, but it may be unattainable. Any professional team can often be guided, in part, by a trust agreement so that family wealth is used to promote the safety and welfare of beneficiaries by advancing their individual self-efficacy, and the health of the family. A well-drafted trust can go a long way toward helping an addicted beneficiary and their family through the stages of recovery, relapse, or the choice not to seek treatment. This program highlights the threshold issues and plan mechanics you need to know before creating a financial, insurance or estate plan for a client or beneficiary suffering from addiction or other mental health challenges.
Wendy S. Goffe, J.D., Partner
Stoel Rives LLP, Seattle, Washington
8:45am - 10:30am
Master Class #1* (Concurrent)
Deferring the Reporting of the Gain Realized From the Sale of an Appreciated Asset Using Related Party Installment Sales, Charitable Gift Annuities or Charitable Remainder Trusts
For individuals intending to sell appreciated assets while living, step-up in basis at death is not a viable alternative. The presentation will describe strategies that permit the seller to defer the reporting of the gain realized from a sale to a third party. These strategies can be used by individuals and by irrevocable trusts owning appreciated assets. (i) Although the installment method permits a seller to defer the reporting of the gain realized from an installment sale to a non-grantor trust that is a related party, certain factors limit when an installment sale can be used. (ii) A charitable gift annuity can be used to defer the reporting of a gain because the taxpayer is selling a portion of the appreciated asset for a lifetime annuity and gifting the remaining portion. (iii) Contributing the appreciated asset to a charitable remainder trust that in turn realizes the gain when it sells the contributed asset can be used to defer the reporting of the gain over the receipt of future annuity payments or unitrust payments. The materials will illustrate the income tax savings each of the three deferral techniques can achieve by the use of numerical examples that the advisor can use in describing the techniques to a potential client in an understandable manner.
Jerome Hesch, Esq., ACTEC, Of Counsel
Meltzer, Lippe, Goldstein & Breitstone, LLP, Mineola, New York and Boca Raton, Florida
Deferring the Reporting of the Gain Realized From the Sale of an Appreciated Asset Using Related Party Installment Sales, Charitable Gift Annuities or Charitable Remainder Trusts
For individuals intending to sell appreciated assets while living, step-up in basis at death is not a viable alternative. The presentation will describe strategies that permit the seller to defer the reporting of the gain realized from a sale to a third party. These strategies can be used by individuals and by irrevocable trusts owning appreciated assets. (i) Although the installment method permits a seller to defer the reporting of the gain realized from an installment sale to a non-grantor trust that is a related party, certain factors limit when an installment sale can be used. (ii) A charitable gift annuity can be used to defer the reporting of a gain because the taxpayer is selling a portion of the appreciated asset for a lifetime annuity and gifting the remaining portion. (iii) Contributing the appreciated asset to a charitable remainder trust that in turn realizes the gain when it sells the contributed asset can be used to defer the reporting of the gain over the receipt of future annuity payments or unitrust payments. The materials will illustrate the income tax savings each of the three deferral techniques can achieve by the use of numerical examples that the advisor can use in describing the techniques to a potential client in an understandable manner.
Jerome Hesch, Esq., ACTEC, Of Counsel
Meltzer, Lippe, Goldstein & Breitstone, LLP, Mineola, New York and Boca Raton, Florida
9:45am - 10:45am
General Session #2
Can I Really Do THAT with a Donor-Advised Fund? Creative Uses of DAFs for Planning?
Donor-advised funds are remarkably flexible and versatile. This session will address how advisors can use DAFs to achieve clients’ objectives – whether or not they consider themselves to be philanthropic. Simple to establish and inexpensive to operate, DAFs can help clients diversify their assets while avoiding capital gains tax, teach children positive values and financial literacy, and complement a family foundation by eliminating the stress of making the annual payout and reducing family conflict. Lastly, we’ll take a look at the impact of potential future policy changes on this increasingly popular planning tool.
Pegine Grayson, J.D., CAP®, Senior Vice-President
Whittier Trust, South Pasadena, California
Ashley Fontanetta, CAP®, Vice President
Whittier Trust, South Pasadena, California
Can I Really Do THAT with a Donor-Advised Fund? Creative Uses of DAFs for Planning?
Donor-advised funds are remarkably flexible and versatile. This session will address how advisors can use DAFs to achieve clients’ objectives – whether or not they consider themselves to be philanthropic. Simple to establish and inexpensive to operate, DAFs can help clients diversify their assets while avoiding capital gains tax, teach children positive values and financial literacy, and complement a family foundation by eliminating the stress of making the annual payout and reducing family conflict. Lastly, we’ll take a look at the impact of potential future policy changes on this increasingly popular planning tool.
Pegine Grayson, J.D., CAP®, Senior Vice-President
Whittier Trust, South Pasadena, California
Ashley Fontanetta, CAP®, Vice President
Whittier Trust, South Pasadena, California
10:45am - 11:15am
BREAK & EXHIBITS
11:15am - 12:15pm
General Session #3
Sale to an IDIT for a Promissory Note –The Best Estate Planning Strategy (Gimmick) Going - What You Need to Know
The sale to an Intentially Defective Irrevocable Trust (“IDIT”) in exchange for the IDIT’s promissory note has been a popular estate planning strategy since the mid-1990s. A more recent variation of the standard sale to an IDIT technique is the sale to what can be called a Beneficiary Intentionally Defective Irrevocable Trust (“BIDIT”) in exchange for the BIDIT’s promissory note. In the case of an IDIT the trust has no provisions that would cause assets that the seller transfers to the IDIT to be included in the sellers’ Federal gross estate. This is not the case with a BIDIT. A BIDIT is established by a grantor other than the seller. The seller is granted interests and powers which would typically cause the assets which the seller transfers to the BIDIT to be included in the seller’s estate. It appears that the sale to an IDIT technique “works” and is actually recognized as effective by the Internal Revenue Service. This presentation will examine the two techniques and draw the conclusion that the sale to a BIDIT should also be a successful estate planning strategy.
Michael Mulligan, J.D., ACTEC, Partner, Co-Chair Estate Planning Department
Lewis Rice, LLC, St. Louis, Missouri
Sale to an IDIT for a Promissory Note –The Best Estate Planning Strategy (Gimmick) Going - What You Need to Know
The sale to an Intentially Defective Irrevocable Trust (“IDIT”) in exchange for the IDIT’s promissory note has been a popular estate planning strategy since the mid-1990s. A more recent variation of the standard sale to an IDIT technique is the sale to what can be called a Beneficiary Intentionally Defective Irrevocable Trust (“BIDIT”) in exchange for the BIDIT’s promissory note. In the case of an IDIT the trust has no provisions that would cause assets that the seller transfers to the IDIT to be included in the sellers’ Federal gross estate. This is not the case with a BIDIT. A BIDIT is established by a grantor other than the seller. The seller is granted interests and powers which would typically cause the assets which the seller transfers to the BIDIT to be included in the seller’s estate. It appears that the sale to an IDIT technique “works” and is actually recognized as effective by the Internal Revenue Service. This presentation will examine the two techniques and draw the conclusion that the sale to a BIDIT should also be a successful estate planning strategy.
Michael Mulligan, J.D., ACTEC, Partner, Co-Chair Estate Planning Department
Lewis Rice, LLC, St. Louis, Missouri
12:15pm - 12:30pm
BREAK & EXHIBITS
12:30pm - 1:45pm
Keynote Presentation
General Session #4
Hot Topics in Planning
From California to the U.S. Government, legislative and statutory proposals are moving forward that would have profound implications for planning, taxation and estate valuation. Learn more about these proposals and guidance on how to prepare for their potential enactment.
Andrew M. Katzenstein, J.D., LL.M., ACTEC, Partner
Proskauer, Los Angeles, California
General Session #4
Hot Topics in Planning
From California to the U.S. Government, legislative and statutory proposals are moving forward that would have profound implications for planning, taxation and estate valuation. Learn more about these proposals and guidance on how to prepare for their potential enactment.
Andrew M. Katzenstein, J.D., LL.M., ACTEC, Partner
Proskauer, Los Angeles, California
1:45pm - 2:00pm
BREAK & EXHIBITS
2:00pm - 3:00pm
General Session #5
How Can Trustees and Fiduciaries Assess Property & Casualty Coverage for Beneficiaries?
Trustees carry a wide array of responsibility overseeing assets. Property & Casualty insurance is an aspect that nearly all trustees encounter yet an area that can often go overlooked. This program addresses how Trustees and Advisors can effectively incorporate and utilize property & casualty insurance in a family’s Estate & Financial Plan as an additional tool for asset protection. Additionally, we'll examine the current volatility in the insurance marketplace and how trustees and individuals alike can navigate rising rates and an increasing number of non-renewals.
David Beeton, CPRIA, Assistant Vice President
Willis Towers Watson, Los Angeles, California
How Can Trustees and Fiduciaries Assess Property & Casualty Coverage for Beneficiaries?
Trustees carry a wide array of responsibility overseeing assets. Property & Casualty insurance is an aspect that nearly all trustees encounter yet an area that can often go overlooked. This program addresses how Trustees and Advisors can effectively incorporate and utilize property & casualty insurance in a family’s Estate & Financial Plan as an additional tool for asset protection. Additionally, we'll examine the current volatility in the insurance marketplace and how trustees and individuals alike can navigate rising rates and an increasing number of non-renewals.
David Beeton, CPRIA, Assistant Vice President
Willis Towers Watson, Los Angeles, California
2:00pm - 3:45pm
Master Class #2* (Concurrent)
A Deep Dive Into THE SALE TO AN IDIT FOR A PROMISSORY NOTE - THE BEST ESTATE PLANNING STRATEGY (GIMMICK) GOING
A Master Class discussion of the complexity and application of this powerful technique of minimizing estate taxes, double freeze out of appreciation of value and interest payments, and valuation deductions. We will use a practical case study to discuss this unique estate tax planning tool.
Michael Mulligan, J.D., ACTEC, Partner, Co-Chair Estate Planning Department
Lewis Rice, LLC, St. Louis, Missouri
A Deep Dive Into THE SALE TO AN IDIT FOR A PROMISSORY NOTE - THE BEST ESTATE PLANNING STRATEGY (GIMMICK) GOING
A Master Class discussion of the complexity and application of this powerful technique of minimizing estate taxes, double freeze out of appreciation of value and interest payments, and valuation deductions. We will use a practical case study to discuss this unique estate tax planning tool.
Michael Mulligan, J.D., ACTEC, Partner, Co-Chair Estate Planning Department
Lewis Rice, LLC, St. Louis, Missouri
3:00pm - 4:00pm
General Session #6
Increasing the Income and Estate Tax Benefits of the Preferred Partnership With Encumbered Real Estate by Future Leveraging
The preferred partnership for encumbered real estate has been used to accomplish both an income tax-free basis at death for the preferred partnership interest included in the decedent’s taxable estate and an estate freeze by disposing of the common interest while the descendant is living. The step-up in bases at death is especially attractive for encumbered real estate with a negative capital account. The presenters first describe how the formation of the preferred partnership and the transfer of the common interests to a grantor trust implement the income tax and estate tax savings available at the time the preferred partnership is formed. The presenters then describe how future refinancing of the real estate can increase the amount of negative capital accounting gain eliminated by inclusion of the preferred interest in the decedent’s estate while simultaneously decreasing the value for the preferred interest included in the estate and shifting more value to the common interest.
Jerome Hesch, Esq., ACTEC, Of Counsel
Meltzer, Lippe, Goldstein & Breitstone, LLP, Mineola, New York and Boca Raton, Florida
Increasing the Income and Estate Tax Benefits of the Preferred Partnership With Encumbered Real Estate by Future Leveraging
The preferred partnership for encumbered real estate has been used to accomplish both an income tax-free basis at death for the preferred partnership interest included in the decedent’s taxable estate and an estate freeze by disposing of the common interest while the descendant is living. The step-up in bases at death is especially attractive for encumbered real estate with a negative capital account. The presenters first describe how the formation of the preferred partnership and the transfer of the common interests to a grantor trust implement the income tax and estate tax savings available at the time the preferred partnership is formed. The presenters then describe how future refinancing of the real estate can increase the amount of negative capital accounting gain eliminated by inclusion of the preferred interest in the decedent’s estate while simultaneously decreasing the value for the preferred interest included in the estate and shifting more value to the common interest.
Jerome Hesch, Esq., ACTEC, Of Counsel
Meltzer, Lippe, Goldstein & Breitstone, LLP, Mineola, New York and Boca Raton, Florida
4:00pm - 5:00pm
COCKTAIL RECEPTION
Day 2: Thursday, February 9, 2023
8:30am - 8:45am
Opening Remarks & Announcements
Craig Redler, J.D., TEP, STEP Orange County Chair
Law Offices of Craig S. Redler, Newport Beach, California
Craig Redler, J.D., TEP, STEP Orange County Chair
Law Offices of Craig S. Redler, Newport Beach, California
8:45am - 9:45am
General Session #7
Using Trusts in the Modern Wild West
Establishing trusts in jurisdictions outside of the client’s primary jurisdiction should be done with care. State statutes vary as to what requirements are needed to meet a trust’s jurisdictional nexus of the chosen state. Further, understanding the limits on liability, including statutory limitations on fiduciary and non-fiduciary liability limiting clauses, should be part of the consideration when selecting a jurisdiction and trust design. This presentation is intended to outline the various emerging trust structures, the plethora of roles, limits on fiduciary and non-fiduciary liability, and jurisdictional issues that practitioners and advisors can take into consideration in determining how best to meet their client’s goals.
Brian K. Steadman, J.D., Partner
Solomon Dwiggins Freer Steadman, LTD, Las Vegas, Nevada
Using Trusts in the Modern Wild West
Establishing trusts in jurisdictions outside of the client’s primary jurisdiction should be done with care. State statutes vary as to what requirements are needed to meet a trust’s jurisdictional nexus of the chosen state. Further, understanding the limits on liability, including statutory limitations on fiduciary and non-fiduciary liability limiting clauses, should be part of the consideration when selecting a jurisdiction and trust design. This presentation is intended to outline the various emerging trust structures, the plethora of roles, limits on fiduciary and non-fiduciary liability, and jurisdictional issues that practitioners and advisors can take into consideration in determining how best to meet their client’s goals.
Brian K. Steadman, J.D., Partner
Solomon Dwiggins Freer Steadman, LTD, Las Vegas, Nevada
8:45am - 10:30am
Master Class #3* (Concurrent)
Section 6166 - To Defer or Not Defer, The Federal Estate Tax Attributable to a Closely Held Business
Section 6166 – Election to Defer the Federal Estate Tax Attributable to a Closely Held Business – The inclusion of an interest in a closely held business in a decedent’s estate may present a liquidity issue when it comes time to pay the federal estate tax. Section 6166 allows an estate which meets the statutory requirements to elect to pay the federal estate tax attributable to the interest in a closely held business over a period of approximately 15 years. This program will discuss the detailed qualifications for the deferred payment of the federal estate tax, how and when to make the election, the interest rate payable on the deferred tax, how the IRS handles the election, what security the IRS may require and how the IRS can accelerate the payment of the estate tax in certain situations.
Jere Doyle, J.D., LL.M, ACTEC, Senior Vice President
BNY Mellon, Boston Massachusetts
Section 6166 - To Defer or Not Defer, The Federal Estate Tax Attributable to a Closely Held Business
Section 6166 – Election to Defer the Federal Estate Tax Attributable to a Closely Held Business – The inclusion of an interest in a closely held business in a decedent’s estate may present a liquidity issue when it comes time to pay the federal estate tax. Section 6166 allows an estate which meets the statutory requirements to elect to pay the federal estate tax attributable to the interest in a closely held business over a period of approximately 15 years. This program will discuss the detailed qualifications for the deferred payment of the federal estate tax, how and when to make the election, the interest rate payable on the deferred tax, how the IRS handles the election, what security the IRS may require and how the IRS can accelerate the payment of the estate tax in certain situations.
Jere Doyle, J.D., LL.M, ACTEC, Senior Vice President
BNY Mellon, Boston Massachusetts
9:45am - 10:45am
General Session #8
Give It Away, Give It Away, Give it Away Now: Quantifying the Value of Making Lifetime Exemption Gifts NOW
In the immortal words of the Red Hot Chili Peppers, exemplars of long-term legacy, gifting now is incredibly meaningful for clients looking to maximize the amount of wealth they transfer to their loved ones. Clients (and their advisors) still mulling making lifetime exemption gifts may have a bit more time to complete their gifts… but how to re-kindle the conversation and help clients make the best decision for their unique situation? It’s easy to think in terms of the dollar amount gifted on date of transfer, but how do we help our clients conceptualize the long-term value of their gift, and the value of taxes saved, or put another way, the costs of waiting to make a gift?
Anne Gifford Ewing, Senior Vice President / Senior Trusts and Estates Specialist
Jeff Ruderman, CFP, CEPA, Wealth Strategist
Capital Group Private Client Services, Los Angeles, California
Give It Away, Give It Away, Give it Away Now: Quantifying the Value of Making Lifetime Exemption Gifts NOW
In the immortal words of the Red Hot Chili Peppers, exemplars of long-term legacy, gifting now is incredibly meaningful for clients looking to maximize the amount of wealth they transfer to their loved ones. Clients (and their advisors) still mulling making lifetime exemption gifts may have a bit more time to complete their gifts… but how to re-kindle the conversation and help clients make the best decision for their unique situation? It’s easy to think in terms of the dollar amount gifted on date of transfer, but how do we help our clients conceptualize the long-term value of their gift, and the value of taxes saved, or put another way, the costs of waiting to make a gift?
Anne Gifford Ewing, Senior Vice President / Senior Trusts and Estates Specialist
Jeff Ruderman, CFP, CEPA, Wealth Strategist
Capital Group Private Client Services, Los Angeles, California
10:45am - 11:15am
BREAK & EXHIBITS
11:15am - 12:15pm
General Session #9
Effective use of the generation-skipping transfer tax (“GSTT”) exemption – Don’t waste it!
The effective use of the generation-skipping transfer tax (“GSTT”) exemption is one of the most powerful tools used in estate tax planning. Knowing when the GSTT is applicable, is one piece of the puzzle. Understanding how to effectively implement GSTT exemption strategies is critical. This presentation will look at the rules and definitions relevant to the GSTT and then will delve into strategies that can provide maximum leverage of the GSTT exemption. For example, which is better, a GRAT or a sale to a defective grantor trust. What are the factors that are important to consider. Understandably, GSTT may not be the driving factor in a person’s estate planning, but understanding the effectiveness of a carefully GSTT exempt, leveraged estate plan can be powerful.
Richard J. Albrecht, J.D., LL.M, TEP, Founding Partner
Albrecht & Barney, Irvine, California
Effective use of the generation-skipping transfer tax (“GSTT”) exemption – Don’t waste it!
The effective use of the generation-skipping transfer tax (“GSTT”) exemption is one of the most powerful tools used in estate tax planning. Knowing when the GSTT is applicable, is one piece of the puzzle. Understanding how to effectively implement GSTT exemption strategies is critical. This presentation will look at the rules and definitions relevant to the GSTT and then will delve into strategies that can provide maximum leverage of the GSTT exemption. For example, which is better, a GRAT or a sale to a defective grantor trust. What are the factors that are important to consider. Understandably, GSTT may not be the driving factor in a person’s estate planning, but understanding the effectiveness of a carefully GSTT exempt, leveraged estate plan can be powerful.
Richard J. Albrecht, J.D., LL.M, TEP, Founding Partner
Albrecht & Barney, Irvine, California
10:45am - 12:15pm
Master Class #4* (Concurrent)
US-China Planning, what you don’t know, yet you need to know
Effective cross-border estate and tax planning between the U.S. and China involves factors such as the U.S. taxation of worldwide assets, China’s limited block on the transfer of assets outside its borders, privacy standards relevant in both countries, U.S. and China’s taxation of foreign corporations, whether the planning is focused on U.S. immigration, direct investments into the U.S., or inheritance by U.S.-based children. Of course, the opposite may be relevant whereby foreign beneficiaries need to be considered relative to investments within the U.S. or as beneficiaries of a U.S. Trust. No matter the scenario, there are strategies to care for privacy and tax efficiency. This presentation will look at several case studies to examine the rules for inbound and outbound planning and the common structures used to ensure international families’ concerns.
Cynthia D. Brittain, J.D., LL.M., TEP, Partner
Karlin & Peebles, Los Angeles, California
US-China Planning, what you don’t know, yet you need to know
Effective cross-border estate and tax planning between the U.S. and China involves factors such as the U.S. taxation of worldwide assets, China’s limited block on the transfer of assets outside its borders, privacy standards relevant in both countries, U.S. and China’s taxation of foreign corporations, whether the planning is focused on U.S. immigration, direct investments into the U.S., or inheritance by U.S.-based children. Of course, the opposite may be relevant whereby foreign beneficiaries need to be considered relative to investments within the U.S. or as beneficiaries of a U.S. Trust. No matter the scenario, there are strategies to care for privacy and tax efficiency. This presentation will look at several case studies to examine the rules for inbound and outbound planning and the common structures used to ensure international families’ concerns.
Cynthia D. Brittain, J.D., LL.M., TEP, Partner
Karlin & Peebles, Los Angeles, California
12:15pm - 12:30pm
BREAK & EXHIBITS
12:30pm - 1:45pm
Keynote Presentation
Jon Gallo Luncheon - General Session #10
Top Planning Techniques Today (Finding Gems in the Ashes of the Dumpster Fire)
Interest rates have skyrocketed, markets are volatile, and Congress is divided by razor-thin margins. You may believe that new tax legislation is not possible. Think again. This presentation will discuss the path of future tax legislation and innovative planning opportunities today, with an eye toward anticipated changes to the future planning landscape.
Paul S. Lee, J.D., LL.M., ACTEC, Chief Tax Strategist
Northern Trust, Chicago, Illinois
Jon Gallo Luncheon - General Session #10
Top Planning Techniques Today (Finding Gems in the Ashes of the Dumpster Fire)
Interest rates have skyrocketed, markets are volatile, and Congress is divided by razor-thin margins. You may believe that new tax legislation is not possible. Think again. This presentation will discuss the path of future tax legislation and innovative planning opportunities today, with an eye toward anticipated changes to the future planning landscape.
Paul S. Lee, J.D., LL.M., ACTEC, Chief Tax Strategist
Northern Trust, Chicago, Illinois
1:45pm - 2:00pm
BREAK & EXHIBITS
2:00pm - 3:00pm
General Session #11
Are you planning a divorce? Then let’s figure out how to divide your IRAs and Qualified Plans
IRAs, Qualified Plans and Divorce – This session will discuss how to divide an IRA income tax free in a divorce under Section 408(d)(6) of the Internal Revenue Code and the hidden issues nobody discusses. The session will also discuss the unique rules involved in dividing qualified plan benefits in a divorce, the tax ramifications to the participant and the “alternate payee.” The session also covers the concept of a qualified domestic relations order and the conflicting rules for IRAs and qualified plans when a participant neglects to change a beneficiary after a divorce.
Jere Doyle, J.D., LL.M, ACTEC, Senior Vice President
BNY Mellon, Boston, Massachusetts
Are you planning a divorce? Then let’s figure out how to divide your IRAs and Qualified Plans
IRAs, Qualified Plans and Divorce – This session will discuss how to divide an IRA income tax free in a divorce under Section 408(d)(6) of the Internal Revenue Code and the hidden issues nobody discusses. The session will also discuss the unique rules involved in dividing qualified plan benefits in a divorce, the tax ramifications to the participant and the “alternate payee.” The session also covers the concept of a qualified domestic relations order and the conflicting rules for IRAs and qualified plans when a participant neglects to change a beneficiary after a divorce.
Jere Doyle, J.D., LL.M, ACTEC, Senior Vice President
BNY Mellon, Boston, Massachusetts
*Because of the interactive nature of our Master Classes Series, these will only be available to in person attendance.