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Leigh Hiltion, Denton Estate Planning Lawyer
NAELA Conference

Last month I attended the National Academy of Elder Law Attorneys (NAELA) Conference in Seattle.  I enjoyed learning what is new in Medicaid, Supplemental Needs Trusts and Veteran’s Aid and Attendance.  

I attended a session on Veteran’s Benefits. One of the things I learned was that a claim for Veteran’s Benefits can be filed where the claimant lives or where a responsible party lives.  This will give us more flexibility in where we file. Part of the session was on responding to a Demand for Overpayment. A Veteran can send a Request for Forgiveness of Debt within 180 days of when a decision is made. This will work if there are not any assets and there was no fraud or misrepresentation. Read more about the conference on Leigh's blog.

This month’s article is the third in a series on protecting inherited retirement plans.

Protecting Inherited Retirement Plans - Part 3

Now that we have covered how you can protect the assets of your heirs' inherited IRAs, it's time to move on to the rules for withdrawing assets from an inherited IRA. Our last article will cover pros and cons of creating a Retirement Plan Trust to be the beneficiary of an IRA.

What Rules Apply?

The rules on how rapidly withdrawals must be taken from an inherited IRA differ depending on who or what the beneficiary is. There are a series of questions that guide that determination.

Question Number One - Can the Account Be Divided into a Separate Account for Each Beneficiary?

If, under the beneficiary designation, before December 31 of the year following that of the participant/owner's death a separate account can be and is established for each beneficiary, a separate determination will be made for each account. If, however, the separation cannot be made, the distribution rule that applies to the whole account is the one that would be applicable to the least privileged beneficiary.

Question Number Two - Is There a "Designated Beneficiary"?

The least stretch opportunity is afforded to the beneficiary that is or the class of beneficiaries that contains a beneficiary that is other than a "designated beneficiary." To learn more about protecting inherited retirement plans, visit our blog.

Thank you for the referrals!

  • Michael Foster
  • Sebastian Silen
  • Sara Marotto
  • Kyle Radclif
  • Cliff Feeler
  • Pete McClesky
  • Alex Nameth
  • Marsha Atcheson
  • Robin Ross
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