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Advanced CLE

2021 Beneficiary Designations in Retirement Accounts: Protecting a Lifetime of Savings


Total Credits: 1.2 MCLE, 0.0 Kansas Credit

Practice Area:
Trusts, Estate Planning & Probate
License:
Access for 1 year(s) after program date.

Dates


Description

Other than a personal residence, the largest single asset class consists of financial assets. These accounts may be 401(k)s or IRAs, annuity or insurance contracts, or a variety of brokerage or bank accounts. The crucial planning aspect of these types of accounts or contracts is that they can be transferred through beneficiary designations. Though a seemingly simple expedient, beneficiary designations vary among types of accounts and each comes with its own nuances – and traps, which can lead to severely adverse tax and practical outcomes.  This program will provide you with a real-world guide to understanding, reviewing, and drafting beneficiary designations in trust and estate planning.

  • How beneficiary designations vary depending on the type of custodial account involved
  • Differences among retirement accounts, bank accounts, brokerage accounts, life insurance policies
  • How designations differ depending on the type of beneficiary – individual, institutional, trust, etc.
  • “Payable on Death” agreements for bank accounts
  • Practical guidance on how designations are made & common drafting traps

Materials

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