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IRA Beneficiary Payout Options

This program will focus on which options are available to which beneficiaries depending on the IRA owner's date of death.

OnDemand
Recorded Thursday,
March 10th, 2022
Presented by Patrice Konarik
2.5 CEU Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • IRAs
  • Bank Legal Counsel
  • Branch Manager
  • Compliance Officer
  • Customer Service Representative
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • New Accounts Representative
  • Private Banker
  • Teller
  • Trainer
  • Trust Officer

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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 You Will Learn

  • 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?
  • How do the new payout rules affect a trust or estate beneficiary?
  • What happens when a successor beneficiary inherits an IRA?
  • How do we recalculate beneficiary Single Life Payouts using the new tables?

Who should attend

Everyone who answers customers or beneficiary questions should attend this informative Webinar including: Customer Service Reps, Operations Dept., Call Center Reps, Legal Counsel, Trust and Investment Officers, Branch Managers and anyone who would like a thorough discussion of the most legal aspects of IRA payouts after the owner's death.

"I have attended many of Patrice's live seminars, she is a great trainer and is so knowledgeable on the IRA products." -- Rhonda Prasifka, Citizens State Bank

Patrice Konarik

Instructor Bio

Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Patrice has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Credit Information

Recommended for 2.5 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.

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