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Proven Strategies to Protect Your Family from New Death Tax 2020

An Attorney’s Guide to Beating the SECURE Act

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Webcast

STARTThu., Jul. 16, 2020
9:00 AM
ENDThu., Jul. 16, 2020
4:30 PM
CLE 5 sub/1 eth PRICE Regular: $299.00
New Attorney: $150.00
Subscribers Pay: $0.00

About

Little-Known Tax Law Changes Within the SECURE Act Will Confiscate Hard-Earned IRA and Retirement Dollars from Unprepared Attorneys

New Course Teaches Attorneys Six Strategies to Protect Hard-Earned IRA and Retirement Dollars from Government Confiscation

The government has just put an end to the greatest tax break for retirement accounts in U.S. history by signing the SECURE Act into law which essentially kills the “stretch IRA.” Subject to exceptions, your heirs will no longer be able to defer tax on Inherited IRA benefits over their lifetime. The SECURE Act will require your children and grandchildren to pay taxes on your IRA and retirement plan within 10 years of your death. A more appropriate name for this law would be the Extreme Death-Tax for IRA and Retirement Plan Owners Act.

The changes that the SECURE Act has made to the Tax Code could reduce your IRA and retirement plan by 1/3—or even more—after you die. Just think about how many years you worked and contributed to your IRA and 401(k), and now the IRS will dip into it heartily after you pass. Think of how much more earning your next two generation of heirs could have accumulated with that extra 1/3 earning interest in an Inherited IRA or better yet an inherited Roth IRA of their own.

I have known that the key components of this law were coming for 5 years and have developed 6 wealth-protection strategies that could shield your financial legacy from these devastating changes in the tax laws. I am sure you will find this course illuminating, profitable and entertaining.

The Best Estate Plan for Married Attorneys, Combined with Optimal Trust Planning for IRAs and Retirement Plans After the SECURE Act

A Clear Explanation of the NEW Tax Law SECURE Act:

  • How do required minimum distributions of inherited IRAs and retirement plans work under the old law versus the newly enacted SECURE Act?
  • How will this change impact your family and your legacy?
  • The few good things about the SECURE Act that attorneys can utilize.

Do your existing wills, trusts and IRA beneficiary designations need to be changed?

Aggressive Action That Must Be Taken to Preserve your Estate:

  • How to ensure financial security for the surviving spouse, and potentially save hundreds of thousands to pass on to your heirs after the SECURE Act.
  • Proven strategies to protect your family, now and in the future.

Learn the how, when, and why to naming trusts as beneficiaries of IRAs or Retirement Plans.

Trusts:

  • The SECURE Act has major implications for trusts: are you one of many Americans who need to redraft their trusts now that the SECURE Act has become law?
  • Are old conduit trusts OK or do they doom the beneficiary to massive taxation?
  • Should your heirs inherit your IRA directly, or would naming a trust be safer?
  • Trusts for minors, or children and grandchildren with special needs.
  • Should you avoid probate?
  • Are sprinkle trusts right for you and your family after the SECURE Act?
  • Charitable trusts will become much more important. Are they appropriate for you?
  • Do you need one of our classic trusts, like the “I don’t want my no-good son-in-law to inherit one red cent of my money trust?”

We will combine our newest thinking with some of our classic strategies for protecting your children or grandchildren from themselves, but also creditors, possibly including their spouse. Please note that many existing trusts have language that could prove devastating to your family and most IRA and retirement plan owners don’t know anything about them.

You don’t want young beneficiaries getting too much money too early in a way that would negatively impact their lives. And you don’t want younger beneficiaries spending your money irresponsibly. On the other hand, trusts for adult children are frequently inappropriate—and this course will help you distinguish when you should and should not have a trust.

Trusts could also cause massive income tax acceleration after your death, especially under the SECURE Act. Do you have an existing trust? Changes likely must be made to avoid unnecessary massive taxation! Learn what trusts should look like after the SECURE Act.

How to Stop Pending Changes in Tax Laws from Enabling the IRS to Legally Take Up to 1/3 or More of Your IRAs and Retirement Plans in Taxes After Your Death

This section of the course will go beyond wills, trusts and beneficiary designations of IRAs and retirement plans and look at different strategies you should likely consider. By combining strategic Roth IRA Conversions, Social Security optimization, and gifting strategies, attorneys can keep wealth in your family...and out of Uncle Sam’s hands! 

For years we have stressed that attorneys desperately need to be concerned with income taxes, including the income tax that will be due when your IRAs and retirement plans are distributed. Now, that income tax problem is on steroids.

There are a lot of pro-active steps attorneys could take now that will enhance your financial security as well as that of your children. We will explore a variety of strategies that will reduce the impact of the SECURE Act for you and your family.

  • Roth IRA conversions and now Roth 401(k) and Roth 403(b) conversions are a critical tool to cut taxes for you and your children. Learn how to use Roth conversions to minimize taxes on your IRA income for decades for both you and your heirs.
  • Learn how to optimize Social Security strategies in light of the SECURE Act.
  • Gifting strategies for maximizing IRA and retirement plan wealth after the SECURE Act. In this course, we’ll explore different forms of gifting and the best timing for gifting. 
  • How to avoid massive taxation of your plans after the SECURE Act.
  • The numbers behind some of our favorite strategies and why they work.

This information-packed section with Roth IRA analysis, peer-reviewed and vetted by the American Institute of CPAs’ most prestigious tax journal, can help you get more tax benefits from a Roth IRA conversion, and more security for your family. And it’s newly updated to maximize your savings under the SECURE Act.

Solving the Investor’s Biggest Dilemma: How to Stop Volatility from Crushing Your Retirement Nest Egg in the Next Downturn

Market ups and downs are a fact of life. Most attorneys have already weathered a couple of downturns prior to reaching retirement. But, as a retiree or as someone nearing retirement, a sudden downturn can be catastrophic. There is always the risk that by the time the market rebounds (as, historically, it has done), it may be too late to salvage your life savings. How can you better protect yourself from life-altering losses when the market takes a dive? 

We know that historically, long-term market returns have far outpaced returns on fixed income streams. The appeal of fixed income streams, however, is their apparent safety. But remember, investing exclusively in fixed income virtually guarantees you lose purchasing power to inflation and taxes. The “safe” route can have you pinching pennies and cutting coupons instead of enjoying life in your golden years. In contrast, investing exclusively in the market leaves you open to financial ruin in the event of a significant downturn. So, what should you do? 

  • Here are some non-solutions: market timing, commercial annuities (more on those as a component of the SECURE Act) and other high commission and high-fee products.
  • Here are some elements of the solution you’ll discover at the workshop: low-cost index investing, appropriate asset allocation, and optimal tax planning.
  • To discover the last element that we think is the real key, you’ll have to attend the course.

The Lange-edge provides a customized mix of these important strategies and instruments. 

MEET THE INSTRUCTOR

James Lange, CPA/Attorney
Lange Legal Group, LLC, Pittsburgh

Jim is a returning instructor who consistently receives excellent evaluations. Jim’s PBI courses have been offered in Pittsburgh, Mechanicsburg and state-wide via simulcast. 

Jim’s estate and tax planning strategies have been endorsed by The Wall Street Journal (36 times), Newsweek, Money, Smart Money, Reader’s Digest, Bottom Line, Kiplinger’s and most recently, Forbes magazine. Jim has authored five peer-reviewed articles in Trusts & Estates. Jim is a regular contributor for Forbes.com, and his expertise on Roth IRA conversions was solicited for an article in the February 2019 issue of Forbes magazine.

With 35 years of retirement and estate planning experience, James Lange and his team have drafted 2,701 wills and trusts, as well as sophisticated beneficiary designations for IRAs and other retirement plans using Lange’s Cascading Beneficiary Plan. They have also administered hundreds of estates whose families have benefitted from these plans.

Mr. Lange is the author of seven best-selling books, including three editions of Retire Secure!, endorsed by Charles Schwab, Larry King, Ed Slott, Jane Bryant Quinn, Roger Ibbotson, and 50 other experts; The Roth Revolution, endorsed by Ed Slott, Natalie Choate, and Bob Keebler; The $214,000 Mistake, How to Double Your Social Security and Maximize Your IRAs endorsed by Larry Kotlikoff, Jonathan Clements, Paul Merriman, and Elaine Floyd, and Retirement Plan Owner’s Guide to Beating the New Death Tax endorsed by Burton Malkiel, Jack Tatar, Bill Losey, and Stephan Leimberg.  

Comments from Your Colleagues Who Have Attended Jim’s PBI Course

“Best course I have attended in 40+ years of practice. Insight and examples were very practical.”
“Please let Jim know that I have been attending Pennsylvania Bar Institute for 5+ years and I think he gave the best CLE I’ve ever had there.”
“Great program! Lots of practical advice and info about Roth IRA conversions. I learned a lot!”
“Excellent job! Loving this seminar! Glad my CLE courses included yours.”

Tuition includes lunch and Jim's best-selling books: Retire Secure and The Roth Revolution. Course materials are not available for separate purchase.

Practice Areas

Faculty

NameFirm/Company
James Lange J.D., CPA Lange Legal Group LLC
Faculty may vary by location.
PBI reserves the right to substitute speakers at all programs.
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