Breakfast Education Meeting
Estate Planning Under the Secure Act and Other Tax and Estate Law Changes of the Last Decade
Will their plans be in trouble if they do nothing and they just assume that everything will be OK?
They may be in for some big surprises.
Come and learn some of the key components you and your clients should be taking into account to determine whether their plans are in jeopardy. Neil Lubarsky will share with us his insights in this area to help us identify those clients who need to update their plans.
Please join us on May 6 for our first Zoom Education Meeting.
Catherine M. Censullo, CPA, PFS
Chair, Education Committee
About the Speaker
Neil R. Lubarsky, Esq.
Our presenter, Neil R. Lubarsky, Esq., an estate planning, elder law, tax and asset protection attorney with offices in Purchase, NY, will explain how the Secure Act in many cases negatively affects, and for most individuals significantly shortens, the period of time over which IRA beneficiaries are required to draw down distributions and pay income tax thereon, as well as which beneficiaries are still eligible to take IRA distributions over their life expectancies and which existing IRA beneficiary trusts will no longer function as planned. Also discussed will be how to minimize the risk of clients having to pay New York State estate taxes, sometimes at marginal estate tax rates in excess of 100%, by properly utilizing each spouse's New York State estate tax exemption, and by using various gifting options designed to avoid the tax. Attendees will also learn how to minimize the risk of clients having to pay future federal estate taxes, in an uncertain tax law environment, by properly utilizing portability and spousal lifetime access trusts. Moreover, the benefits of various types of asset protection trusts, as well as how and when irrevocable trusts can be changed, will be addressed.
" Estate Planning Under the Secure Act and Other Tax and Estate Law Changes of the Last Decade"
- Secure Act Impact on Stretch IRAs
- Stretch IRA Exceptions
- Impact on IRA Beneficiary Trusts
- Proper utilization of the NYS Estate Tax Exemption to Minimize Taxes
- Gifting Options
- Proper Utilization of Portability
- Spousal Lifetime Access Trusts (SLATs)
- Asset Protection Trust Types and Benefits
- How and When to Change Irrevocable Trusts
We hope you are doing well and staying safe during these unprecedented times. With the current need for social distancing, the Council has decided to host meetings on Zoom for the time being. Our upcoming breakfast meeting next Wednesday morning, May 6 at 8:30 AM, will be our trial run to see if this is a viable platform going forward.
If you are new to Zoom, please do the following in advance of the meeting:
- Go to https://zoom.us
- Either create a free account if you want to host your own meetings, or click on “Resources” in the upper right corner, drop down to “Download Zoom Client”
- Download the correct version for the device you are using – Mac, Windows, Android, etc.
- You will receive information for the scheduled meeting, either as a hyperlink or as a Meeting ID number and password. You can click on the link and it should open up Zoom automatically. If that doesn’t work, you may need to launch the Zoom app and manually enter the Meeting ID number and password when prompted.
- We recommend that you take a few minutes to do this in advance of the actual meeting date so you are comfortable with how it works. You will quickly become an expert at Zoom, it’s easy and works well.
Here are a few “Zoom etiquette” guidelines for attending a meeting:
- You may be asked for a second password to enter the meeting. This will be provided to you in advance. Please do not share passwords with non-EPC members.
- When you enter the meeting you should Mute yourself (microphone icon in the lower left corner). The Host of the meeting can also mute you automatically so that only the presenter is heard when they are speaking. PLEASE be sure to Mute yourself if there is background noise at your location – kids, dogs, phone ringing, etc.
- To Unmute yourself if you are directed to participate, either click again on the microphone, or press Space Bar to unmute temporarily.
- You may choose to be seen by everyone if you “Start Video” – lower left next to microphone. Or you may choose to “Stop Video” if you do not want to be seen.
- There is a Chat balloon at the bottom of the screen – mouse down and it will appear. You may send a Chat message to everyone, or to a particular person privately using the drop-down menu. Be careful – this is akin to “Reply All” on email, and you want to make sure you are Chatting only with the desired recipient.
If you have questions about setting up Zoom in advance, or want to do a trial Zoom call, please contact Mike Rosenman at (914) 523-6075 and he will be happy to walk you through it.