Description
Gain an understanding of how to include benefits in an estate plan.Employerprovided benefit plans may be a substantial portion of a participant’s wealth that may be inherited. This presentation will help you recognize these assets and understand the impact on the beneficiary of inheriting them and the various tax consequences and distribution rules. You will also learn the importance of beneficiary designations and the pitfalls of failure to plan, update and maintain these designations on the participant’s overall estate plan.
Date: 2023-09-26 Start Time: End Time:
Learning Objectives
The Types of Benefits That May Be Inherited and Tax Consequences to the Beneficiary
• Accrued Compensation Including Vacation/PTO, Bonuses/Commission, and Deferred Compensation
• Life Insurance
• Nonqualified Deferred Compensation Plans Including 457 Plans for Nonprofit and Governmental Employees
• Qualified Retirement Plans Sponsored by Employer Including Defined Contribution, Defined Benefit, 401(K), 403(B)
Retirement Plan Distributions to Beneficiaries, Timing, Taxation and Required Minimum Distributions. Spouse
• Minor Children
• Other Eligible Designated Beneficiaries
• Designated Beneficiaries
• Ineligible Beneficiaries
Pitfalls for Participants to Avoid Regarding Their Benefits and the Impact on Their Beneficiaries. Not Being Aware of the Value of Benefits Provided
• Failure to Name Beneficiaries
• Failure to Understand the Tax Consequences to Named Beneficiaries
• Failure to Update Beneficiaries for Changes in Circumstances
Pitfalls for Employers and Plan Administrator and Advisors
• What Can Go Wrong?
• Estate Planning Professionals • Employee Benefit Plan Considerations
CLE (Please check the Detailed Credit Information page for states that have already been approved) ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
