Drafting under the SECURE Act – Expanded and Updated with Scenarios & Sample Language
Steve Gorin and Steve Trytten, the current and immediate past chairs of ACTEC’s Employee Benefits Committee, discuss options available to clients under various scenarios in light of the SECURE Act. In the exclusive LISI Webinar, they provide background about planning options in light of July 2020 comments that ACTEC made about unresolved issues under the SECURE Act. Discussion of scenarios includes options for outright distributions, conduit trusts, accumulation trusts for one or more beneficiaries, and charitable remainder trusts.
Their drafting tips include:
- Various clauses, including:
- Accumulation trust clause without an eligible designated beneficiary (EDB), including such a clause’s effect on powers of appointment;
- Automatic switch to a single beneficiary trust for the benefit of a disable or chronically ill EDB;
- Automatic switch to a conduit trust for other EDBs (not usually recommended but there in case you need it);
- Option to convert trust to a conduit trust;
- Option to eliminate accumulation trust restrictions when not needed;
- Option to eliminate beneficiaries; option to create incomplete gift so assets are included in the beneficiary’s estate to avoid GST tax without general power of appointment (GPA), because GPA may violate accumulation trust rules;
- Option to create beneficiary deemed-ownership of IRA distributions;
- Sample accumulation trust;
- Sample conduit trust;
- Sample for no provisions except a power to amend;
- Sample nonexempt conduit for traditional IRA paired with accumulation trust for balance.
These resources are offered as tools that may be used when appropriate, and what is appropriate depends on the client’s family situation, the estate planner, and the trustee. They will discuss their views (and others they have heard) about when each clause may be more appropriate or less appropriate. Join both Steves in exploring this new world!
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