On September 13, our firm will be hosting an ICLEF national speaker seminar right here in our office! The seminar will be shown live via webcast at Troyer & Good law firm. It will be featuring Natalie Choate, Boston attorney and expert on estate planning and retirement benefits. The topic for this seminar is “Estate & Distribution Planning for Retirement Benefits.” This intensive course is designed for professionals who are experienced in general estate planning. It is also designed to add to your expertise with in-depth knowledge of how to integrate retirement benefits into clients’ estate plans.
According to the ICLEF website, this popular seminar has never been more timely, as unlimited Roth conversions and the “portable” federal estate tax exemption offer new planning opportunities (and pitfalls) for your clients. The following topics will be discussed:
- Understanding the minimum distribution rules of Code section 401(a)(9).
- Making retirement benefits payable to trusts
- How to integrate benefits in the typical estate plan
- Representing Survivors: “The Pre-Owned Retirement Plan”
- “Charitable Planning with Retirement Benefits”
- Unconventional IRA investments; prohibited transactions
- Lump sum distributions, Pre-age 59½ distributions
This course will introduce you to everything you need to know regarding your estate planning clients’ IRAs and other retirement plans. You will learn about the following:
- The minimum required distribution (MRD) rules: key to maximizing the value of your clients’ benefits. How to comply with the “MRD rules,” avoid penalties, and qualify for “stretch IRA” treatment, including lifetime and post-death MRDs, separate accounts.
- Practical ways to fit retirement benefits into the typical estate plan; the six possible choices of beneficiary (three tax-favored, three not); planning for possible law changes.
- The two types of trusts that automatically qualify for “see-through” treatment under the MRD rules, and when qualification matters. When and how to name a marital, credit shelter or other trust as beneficiary.
- Case studies: trust for minors, special needs, second marriage.
- Plus special situations, where your key knowledge can save big dollars for certain clients: pitfalls of IRA real estate and small-business investing; 10% penalty for pre-age 59½ distributions; how to advise the IRA beneficiary; disclaimers and other post-death cleanup strategies; spousal rollovers; and fixing IRA mistakes.
This course will count for 6 CLE (or 7.2 CPE) credit hours. Details for attending the event:
Date: September 13, 2017
8:00 A.M. Registration
8:30 A.M. Program Begins
11:40 A.M Lunch (ICLEF providing)
12:20 P.M. Program Resumes
3:30 P.M. Adjournment
The agenda includes a 10 minute break in the morning and afternoon
Troyer & Good, PC
6303 Constitution Drive
Fort Wayne, IN 46804
Seating: Seating is limited to 10 attendees.
Pricing: Tuition – $395 ; Pass+ Holder – $0
Registration: Register here.
If you have any questions or would like to register for the event, please visit here or contact ICLEF.
Some fun facts about estate planning…
- California became the first state to allow Living Wills in September 1976.
- The “Will of Uah” is the oldest known Will in existence and was found in a tomb in Egypt. It dates back to 2548 BC and leaves all his property to his wife, Teta.
- Historians found a Power of Attorney dated 561 BC in Mesopotamia.
- The shortest known Wills are only three words long:
“All to son” and “All to wife.”
- The longest known Will ever probated was 1,066 pages and 95,940 words and occupied four gilt-edged, leather-bound volumes. An English woman, Frederica Evelyn Stilwell Cook, holds this record.
- A recent study indicates that 11% of Britons have their internet passwords in their Last Will and Testament.
- Famous Americans who have died without a Will: Sonny Bono, Kurt Cobain,John Denver, Chris Farley, Howard Hughes, and Martin Luther King Jr.
- In 1829, James Smithson created the Smithsonian Institute through a bequest in his Last Will and Testament.
An estimated 5.5 million Americans suffer from dementia. Likely, one of your relatives or someone you know has dementia. What is dementia? Dementia is a chronic disturbance in a group of mental processes. It is not a disease but rather an umbrella term that describes a combination of signs and symptoms. Dementia can be due to many different causes. It affects a person’s memory, learning, reasoning, planning, language, attention, perception, and behavior. More than 70% of those suffering from dementia also exhibit behavioral disturbances. Common behavioral disturbances include agitation, apathy, mood swings, and psychotic symptoms.
These are some early warning signs of dementia:
- Memory difficulties that affect every day life
- Difficulty planning or solving problems
- Confusion with place and time
- Difficulty with familiar tasks at home
- Misplacing things
- Difficulty recalling words or following a conversation
- Problems with vision or perception
- Problems with judgment
- Changes in personality
- Social and work withdrawal
There are many different types of dementia and some patients have more than one type. Five types of dementia include:
- Alzheimer’s disease. 50-70% of all cases. Alzheimer’s is the sixth leading cause of death in the United States. Every 68 seconds, someone in America develops Alzheimer’s. The number of people with Alzheimer’s disease doubles with every five year interval beyond the age of 65. Early symptoms include apathy, depression, and difficulty remembering names and recent events. Later symptoms include impaired judgment, disorientation, confusion, behavior changes, and difficulty speaking, swallowing, and walking.
- Vascular dementia. 20% of all cases. A decline in thinking skills caused by conditions that block or reduce the flow of blood to the brain, depriving brain cells of vital oxygen and nutrients. This often results from a stroke or mini strokes.
- Lewy body dementia. 15-20% of all cases. Similar to Alzheimer’s, those with Lewy bodies often experience memory loss and thinking problems. However, unlike Alzheimer’s, they tend to have early symptoms such as sleep disturbances, well-formed visual hallucinations, and muscle rigidity or other parkinsonian movement features.
- Parkinson’s disease dementia. 5% of all cases. An early symptom of the disease is problem with movement. If dementia develops, the symptoms are similar to those with Lewy bodies.
- Frontotemporal dementia. 5% of all cases. Typical symptoms include changes in behavior and personality and difficulty with language. Nerve cells in the front and side regions of the brain are especially affected.
In 60% of those with early Alzheimer’s disease, the condition is not recognized by their family or evaluated by a doctor. By the time family members notice signs of dementia, it has usually developed to a moderate stage. Dementia can be diagnosed by obtaining a thorough medical and psychiatric history. The doctor will also conduct an examination of the medical, neurological, and mental status of the patient. Neuropsychological testing may be necessary. The Mini Mental State Exam (MMSE) is one of the most common screening tools for dementia in clinical practice.
How can dementia be treated? Lifestyle modifications can help delay or prevent dementia in some people. Some lifestyle changes that can be beneficial include avoiding smoking and excessive alcohol intake, engaging in physical exercise, participating in mental and social activity, and doing cognitive training. Medication can improve mental processes like memory and sometimes slow the progression of Alzheimer’s disease. Other medications can help dementia due to Parkinson’s disease or Lewy body disease. In 2012, more than 15 million family members and unpaid caregivers provided care for patients with dementia. Their contribution was valued at $216 billion.
You can find more helpful blog topics such as How to Communicate When They Have Alzheimer’s, Planning Ahead for Medicaid, and Talking to Your Parents About Assisted Living in the “Elder Law and Medicaid” tab under Topics.
“Transfer on death” (TOD) and “pay on death” (POD) accounts are your property and completely in your control during your life. At your death, they are paid or transferred to the persons you name as the recipients. No one other than you has any right to this property during your life. The property passes outside of probate to the named recipient, rather than the person listed in your Will or your heirs, when you die. You can change the beneficiaries on these accounts at any time. Real estate and personal property such as furnishings and automobiles can be transferred on death by a Deed, bill of sale, or other proper written instrument.
Payable-on-death bank accounts offer an option to keep money out of probate – just fill out a simple form at the bank naming the person you want to inherit the money in the account at your death. As long as you are alive, the person you named does not have any rights to the account. You can spend the money, name a different beneficiary, or close the account. At your death, your named beneficiary can go to the bank with proof of identity and your death certificate and receive the funds. If the bank account is joint, the pay-on-death designation does not come into play until after the death of the joint owner. Also, your retirement accounts (such as 401(k)s and IRAs) give you the option to name a beneficiary, which act the same as a pay-on-death designation.
Indiana has adopted a law (Uniform Transfer-on-Death Securities Registration Act) that allows you to name a beneficiary to inherit your stocks, bonds, or brokerage accounts. When you register ownership, you make a request to take ownership in “beneficiary form.” The beneficiary will have no rights to the stock, bond, etc. as long as you are alive. After your death, the beneficiary you named can claim the securities. Similarly, you can name someone to inherit your vehicle by indicating a beneficiary on your certificate of registration. With real estate, you can sign a Transfer on Death deed that will transfer the real estate to whom you name at your death.