RETIREMENT ACCOUNTS & SOCIAL SECURITY BENEFITS IN ESTATE PLANNING
Online Replay Seminar
ITEM #:  2540532301   |   EVENT CODE:  461706    |   CREDIT STATUS:  APPROVED
MEMBER PRICE
$195.00
STANDARD PRICE
$245.00
MSBA MEMBER, NEW LAWYER, AND OTHER DISCOUNTS, IF APPLICABLE, WILL BE APPLIED DURING CHECKOUT.

IN-PERSON PASSHOLDERS:
You may use your Pass to register for the online replay at no charge.

ONLINE

Monday, July 18, 2022

9:00 AM - 4:40 PM

Live ONLINE Replay – Highly-Rated Seminar!
In-Person Passholders – You may use your Pass to register for the online replay at no charge.

Retirement Accounts and Social Security Benefits in Estate Planning

Learn How These Benefits Fit in an Overall Estate Planning Strategy


A key component for retirement planning involves an analysis of a client’s retirement accounts and the amount of their Social Security benefits. The SECURE Act influenced our ability to save money for retirement and has altered how we will use the funds over time. While some of the SECURE Act’s provisions were administrative in nature or intended to raise revenue, most of the changes were taxpayer-friendly measures designed to boost retirement savings. Thus, these changes have had a significant impact on estate planning. Also, knowing the amount of your client’s monthly Social Security benefit and deciding when they should start receiving those benefits are essential for determining how these benefits fit into an overall estate plan. This seminar will take a deep dive into retirement accounts and Social Security benefits and will provide tips and best practices for helping your clients navigate these complex programs to create an effective overall estate plan.


OUR FACULTY WILL DISCUSS:

  • Retirement Accounts in Estate Planning 101
  • 4 Key Tips for Naming Beneficiaries for Retirement Accounts
  • Navigating the Required Minimum Distribution (RMD) Rules
  • SECURE Act: Rethinking Estate Planning with Retirement Accounts
  • Getting Into the Weeds on Social Security Benefits and Answering Your Tough Questions
  • Planning Strategies for Including Social Security and Retirement Benefits in Your Client’s Overall Estate Plan
  • And much more!


SPECIAL OFFERS FOR ATTENDEES:
Instructions on how to receive these bonus benefits will be provided to attendees on the day of the course.

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Originally presented April 27, 2022.

Welcome & Introduction  (10 MINUTES)
– James T. McNary, Course Chair 


Retirement Accounts in Estate Planning 101
  (45 MINUTES)
Retirement assets generally transfer directly to properly designated beneficiaries without passing through probate. This session will help you get familiar with how your client’s assets will flow, both for their retirement and then to their heirs. Coordinating all your client’s resources in meeting their retirement spending needs, while also managing them effectively to control the tax consequences, can ultimately enhance both your client’s retirement and estate outcomes.
– Bill Meyer 


4 Key Tips for Naming Beneficiaries for Retirement Accounts
  (30 MINUTES)
When we set up a 401(k), IRA or other retirement account, we are faced with a beneficiary form that asks for both the primary and the contingent beneficiary or beneficiaries. If the account holder dies with the beneficiary undesignated, it will end up in probate court – no place to leave grieving loved ones. This session will provide tips and best practices for naming beneficiaries on retirement accounts. Topics will include:

  • Naming a spouse as the beneficiary 
  • Leaving an account in the deceased spouse’s name
  • Naming a spouse and another beneficiary
  • Choosing alternate beneficiaries

– Amanda N. Juelson


Navigating the Required Minimum Distribution (RMD) Rules
  (30 MINUTES)
Funds held in retirement accounts cannot be kept there indefinitely. The required minimum distribution (RMD) is the minimum amount you must withdraw from your accounts each year once you reach a certain age. This session will cover:

  • When withdrawals must begin 
  • How to calculate the RMD
  • The withdrawal rules and penalties for failing to comply
  • A summary of the SECURE Act’s impact on retirement plans

– Derek M. Dockendorf & Wendy Carlson Frame


Retirement Accounts and Their Impact on Medical Assistance Eligibility
  (30 MINUTES)
For many Medical Assistance applicants, retirement accounts are one of their biggest assets. If you do not plan properly for your clients, retirement accounts can count as an available asset and affect their Medical Assistance eligibility. This session will provide an overview of the Medical Assistance rules as they pertain to retirement accounts and will provide practical tips for advising your clients on their best course of action under common circumstances.
– Mary Frances Price


SECURE Act: Rethinking Estate Planning with Retirement Accounts
  (60 MINUTES)
Using fact scenarios that may arise in your practice, this session features an updated analysis of the continued impact of the SECURE Act on post-death distributions from qualified retirement accounts and will explore various planning strategies and options to effectively structure these distributions for your clients.
– Bryan Jamison


Social Security and Retirement Planning 101
  (45 MINUTES)
All of us have been paying social security our entire working careers, and for many clients, their benefits play an important role in their overall retirement plan. But what do we really know about social security? This session will provide an overview of social security benefits and will cover the following topics:

  • What are social security benefits and who gets them?
  • The three main types of social security retirement benefits based on an individual’s work record – retirement benefits for the worker, spousal benefits, and survivor benefits
  • What factors determine the amount of your social security benefits?
  • The future state of social security

– Cindi K. Hill


Getting Into the Weeds on Social Security Benefits and Answering Your Tough Questions
  (60 MINUTES)
Clients will often ask their estate planning attorney, “What’s the best age to start receiving retirement benefits?” According to the Social Security Administration, there’s no “best age” for receiving benefits. Instead, the answer to this question is a very personal one and requires a thorough analysis of a client’s individual and family circumstances. This session will answer your tough social security questions and will provide helpful advice and guidance for you when advising your clients on these important retirement decisions.
– Brian Rudolph & Rhonda Whitenack 


Planning Strategies for Including Social Security and Retirement Benefits in Your Client’s Overall Estate Plan – A Scenario-Based Discussion
  (60 MINUTES)
Over the course of the day, you have learned the role retirement accounts and social security benefits play in a client’s overall estate plan. Join our panel of experienced estate planning attorneys in this scenario-based session as they discuss what planning they would recommend for various circumstances. Learn more advanced estate planning tips and explore what strategies make the most sense for your clients based on common scenarios.
– Jennifer L.J. Gilk, Bill Meyer & Ivory S. Umanah
– James T. McNary (moderator)

$195 MSBA members / $195 paralegals / $245 standard rate

Other discounts that may apply:

Scholarships available!
Need-based scholarships are available for in-person and online seminars. For further information or to obtain a scholarship application, contact us at 800-759-8840 or customerservice@minncle.org.

Minnesota CLE is applying to the Minnesota State Board of CLE for 6.0 standard CLE credits. The maximum number of total credits attendees may claim for this program is 6.0 credits.

MEMBER PRICE
$195.00
STANDARD PRICE
$245.00
MSBA MEMBER, NEW LAWYER, AND OTHER DISCOUNTS, IF APPLICABLE, WILL BE APPLIED DURING CHECKOUT.

IN-PERSON PASSHOLDERS:
You may use your Pass to register for the online replay at no charge.

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