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Special Needs Planning and SECURE 2.0: Impact on Trusts, Multiple IRA Beneficiaries, and Tax Issues

Note: CPE credit is not offered on this program

Recording of a 90-minute CLE video webinar with Q&A

This program is included with the Strafford CLE Pass. Click for more information.
This program is included with the Strafford All-Access Pass. Click for more information.

Conducted on Tuesday, June 11, 2024

Recorded event now available

or call 1-800-926-7926

This CLE course will guide elder law attorneys on SECURE 2.0's impact on special needs planning. The panel will discuss regulatory and tax rules stemming from SECURE 2.0 and challenges for retirement benefits, trusts, and distributions. The panel will also provide effective special needs planning techniques in light of the rules, such as structuring or modifying trusts, inherited IRAs, and navigating the challenges of multiple beneficiaries.

Description

Special needs planning is an integral part of elder law practice. To ensure effective special needs planning for clients, counsel must know the nuances of key provisions of the SECURE Act 2.0, tax rules, and inherited IRAs, as well as navigating the challenges of multiple beneficiaries.

The SECURE Act 2.0 has a significant impact on trusts named as IRA beneficiaries. While most of these trusts will be limited to a 5 or 10-year payout, there are exceptions for trusts with special needs beneficiaries, so long as certain requirements are met. If so, then required minimum distributions can be made over the beneficiary's life expectancy.

Also, counsel must know when special needs trusts are appropriate, how to draft first- and third-party special needs trusts to protect clients' public benefits, and how to administer the trusts. Practitioners must also be aware of pitfalls when amending or modifying special needs trusts and consider how guardianship and special needs mesh.

Listen as our panel of elder law practitioners discusses regulatory and tax rules stemming from the SECURE Act 2.0 and challenges for retirement benefits, trusts, and distributions. The panel will also offer critical points to understand and weigh when drafting first- and third-party special needs trusts.

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Outline

  1. Overview of the SECURE Act and SECURE 2.0 for elder law attorneys
  2. Challenges for retirement benefits, trusts, and distributions
  3. Drafting special needs trusts
  4. Best practices and pitfalls to avoid

Benefits

The panel will review these and other key issues:

  • What is the impact of the SECURE Act 2.0 on special needs planning?
  • What are the challenges for retirement benefits, trusts, and distributions?
  • What are the challenges of inherited IRAs and multiple beneficiaries?
  • How can counsel best protect public benefits when drafting special needs trusts?
  • What are the tax issues to consider in the drafting process?
  • What pitfalls may arise when amending special needs trusts?

Faculty

Clifford, Patrick
Patrick J. Clifford
Certified as an Elder Law Attorney by the National Elder Law Foundation
Clifford Senior Law

Mr. Clifford devotes his practice to elder law. He is a member of the Elder Law Section of the State Bar of Nevada and...  |  Read More

Michaelson, John
John P. Michaelson
Owner and Managing Partner
Michaelson Law

Mr. Michaelson is the owner and managing partner of Michaelson Law. Since joining the firm in 2003, he has enjoyed...  |  Read More

Access Anytime, Anywhere

Strafford will process CLE credit for one person on each recording. All formats include course handouts.

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