There are a significant number of clients who have much of their wealth invested in qualified retirement plans, individual retirement accounts (IRAs), and Roth individual retirement accounts (Roth IRAs).  Because these assets are subject to both potential income and estate tax, as well as potential early withdrawal penalties and penalties for the failure to take required minimum distributions, they take on added importance in making sure the proper income and estate planning techniques are applied. 

Income taxes are usually due when the assets in a qualified retirement plan or IRA are distributed.  In addition, unless an exception applies, if distributions are taken before age 59½, there is an early withdrawal penalty tax on top of the regular tax.  The client needs to know when there will be an income tax event and the techniques that are available to avoid this result.  With proper planning, income taxes can be minimized and the “tax shelter” effect of having assets held in such retirement arrangements can be maximized. 

The experienced practitioners on the faculty discuss the basics of the required minimum distribution rules, their application, and how the negative tax effect of receiving such distributions can be minimized. How to appropriately designate a trust beneficiary is also discussed.

The program spends time on understanding how to draft the governing qualified retirement plan or IRA beneficiary designation form. The proper designation is especially important since not only does the designation provide who is to receive the retirement assets, but determines how fast assets must be paid out at death under the required minimum distribution rules.

The program also discusses non-spousal IRA rollovers, the ability to directly rollover amounts from qualified retirement plans to Roth IRAs, and Roth IRA conversions. Special opportunities for the use of retirement assets in Medicaid planning are covered, including a status report on where we are on the application of the new estate recovery rules to qualified retirement plans and IRAs.

Whether you are a full-time trusts and estates practitioner or a lawyer who only occasionally drafts estate and financial planning documents, the presentations at this seminar from experienced speakers who deal with these issues daily, along with the written materials, will provide you with a basic understanding of the issues surrounding income and estate planning for qualified retirement plans and IRAs.  Such understanding is critical in adequately counseling your clients and by the way, helpful to your own personal retirement accounts as well.  

Program Topics

• Understanding the Basics of the Required Minimum Distribution Rules

• Planning with Trusts

• How to Draft the IRA Beneficiary Designation Form

• Medicaid Planning with Retirement Assets

• Roth IRA Conversions

Program Faculty

Chair and Moderator

Peter K. Kelly, Esq.
Ruskin Moscou Faltischek PC
—Uniondale

Speakers
 
Adam J. Gottlieb, Esq.
Ruskin Moscou Faltischek, P.C.
—Uniondale

Paul Hyl, Esq.
Genser Dubow Genser & Cona LLP
—Melville

Patricia C. Marcin, Esq.
Farrell Fritz, P.C.
—Uniondale

Ilene D. Samuel, Esq.
L'Abbate, Balkan, Colavita & Contini, L.L.P.
—Garden City

Lori A. Sullivan, Esq.
Jaspan Schlesinger LLP
—Garden City

Statewide Program Planning Co-Chairs

Brian K. Haynes, Esq.
Bond, Schoeneck & King, PLLC
—Syracuse

Patricia J. Shevy, Esq.
The Shevy Law Firm, LLC
—Albany

Total MCLE Credits 4.0
Ethics MCLE Credits 0.0