Webinar - Once Registered you will receive a zoom invite 3 days out from the live event.
About the Presentation: Commentators appear to be almost uniform in proclaiming the demise of so-called stretch IRAs and other defined contribution plan benefits, including 401Ks, after the SECURE Act was signed by the President in late December of 2020. Before 2020, designated beneficiaries could receive benefits from IRAs and 401Ks over their entire lifetimes. The new rule, however, is that, with certain exceptions (including a surviving spouses), the IRA and 401K benefits must all be paid out within 10 years of the account owner's death.
For example, a child having a 30-year life expectancy, who previously could have received the IRA or 401K benefits over 30 years, must now fully withdraw the benefits within 10 years of the account owner’s death. Further, not only must all of the tax on IRA and 401K benefits be paid much earlier than previously, but the income tax rate payable on the benefits will likely be much higher than it was before, because the income will typically now be bundled into the recipient’s or recipients’ peak earning years.
This presentation will explain the SECURE Act, and will examine various strategies for minimizing the Act’s punitive impact on IRAs and 401Ks.
About the Speaker: Jim Blase is a 38-year experienced estate planning attorney with offices in St. Louis, Missouri. He is also an adjunct professor in the Villanova University School of Law graduate tax program, and in the St. Louis University School of Law. Jim spent the first 17 years of his legal career with the St. Louis law firms Thompson Coburn (then Thompson Mitchell) and Armstrong Teasdale, the latter where he also served as chair of the firm’s Trusts & Estates department. Jim is a 1981 graduate of Notre Dame Law School, where he served as Managing Editor of the Notre Dame Law Review, and is a 1982 graduate of the New York University Law School Graduate Program in Taxation, where he served as Graduate Editor of the Tax Law Review. Jim also owns a Certified Public Accountant certificate from the State of Missouri. The author of over 50 articles for various tax and estate planning professional publications, Jim is also the author of the new book, Estate Planning for IRAs and 401Ks, as well as the 2017 book, Optimum Estate Planning: Explanation and Sample Forms, and the 2019 books, Keep it for Your Children: Theodore Roosevelt’s 1903 Western Trip, and St. Jacinta of Fatima: The Good Shepherdess.
Jim provides a complimentary link to his new book on Estate Planning for IRAs and 401Ks here.