As a result of the SECURE Act signed into law in December 2019, most nonspouse beneficiaries have lost the ability to extend their Inherited IRA payments over a long period of time by using the Single Life Expectancy Table.
Beginning for beneficiaries of owners who died in 2020 or later, non-eligible designated beneficiaries can only extend their payout over 10-years. The most confusing aspect of this change is the transition of Single Life Expectancy to a 10-year Payout.
We will delve into who is 'grandfathered' by the old rules and who must use the new rules.
- What are the 3 new categories of beneficiaries to determine payout options?
- Which beneficiaries are 'grandfathered' under the old rules for the Single Life Payout?
- What obligations do we have to monitor a 10-year payout option?
- Who must take the RMD of the deceased owner in the year of death?
- Why is it so important that we report death distributions correctly?
- How do we set up an Inherited IRA properly?
- What happens to a beneficiary in Single Life payout dies after 2019?
- What happens if the beneficiary does not close his/her Inherited IRA in 10 years?
- What happens when a successor beneficiary inherits an IRA?
Who Should Attend?
Everyone who answers members or beneficiary questions should attend this informative Webinar including: Member Service Reps, Operations Dept., Call Center Reps, Legal Counsel, Branch Managers and anyone who would like a thorough discussion of the most legal aspects of IRA payouts after the owner's death.
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