Choate on Cares: Helping Clients Navigate Two New Planning Scenarios

By Natalie B. Choate Esq. On May 8, 2020

CARES Act

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Purchase Recording

Join Natalie Choate for a discussion of the new CARES Act, which impacts retirement benefits in two important ways – minimum distributions are “cancelled” for 2020, and special tax breaks are permitted for coronavirus-related distributions.

Natalie will address the following items for each of these topics:

Minimum Distributions Cancelled for 2020

How the suspension of 2020 minimum distributions works, mechanically
Special rules for deferred 2019 RMDs and 5-year rule payouts
The impact on DB plans and annuities
The effect on QCDs – is it time to do Roth conversions?
What about people who already took their 2020 RMD – they can “roll it back in,” but…
What about the 60 day deadline?…the once per 12 months limit?
What if the person took monthly payouts, or made QCDs….or DIED?

Special Tax Breaks for Coronavirus-Related Distributions

Definition of “CRD”
No 10% tax for those under age 59.5
$100,000 maximum
Pay the tax over 3 years, or…
Roll it back IN within 3 years.

Don’t miss this opportunity to hear from the expert in this challenging area that impacts clients of all levels of wealth.

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Speaker

Natalie B. Choate Esq.

Natalie B. Choate practices law in Boston, Massachusetts, with the firm of Nutter McClennen & Fish LLP. Her practice is limited to consulting on estate planning and retirement benefits matters. Her books Life and Death Planning for Retirement Benefits and The QPRT Manual are leading resources for estate planning professionals. Miss Choate is a former chairman of the Boston Bar Association Estate Planning Committee, which she founded in 1981, and its ERISA and Employee Benefits Law Committee, from 1990-1992. She is a former Regent of the American College of Trust and Estate Counsel and former Chairman of its Employee Benefits Committee. She is a member and former officer of the Boston Probate and Estate Planning Forum. She was named “Estate Planner of the Year” by the Boston Estate Planning Council, and was one of the first 10 attorneys to receive the “Distinguished Accredited Estate Planner” award from the National Association of Estate Planners and Councils. She is listed in The Best Lawyers in America. She is an editorial advisor for several professional periodicals: Trusts and Estates, Ed Slott’s IRA Advisor, The Leimberg Information Service Employee Benefits Newsletter and Keeping Current. Her articles have been published in ACTEC Notes, Trusts and Estates and Estate Planning magazine. She is a contributing author and former coeditor of the book Drafting Wills and Trusts in Massachusetts. She authors a monthly column on retirement benefits for MorningstarAdvisor.com. Miss Choate has taught professional-level courses in estate planning for ALI-ABA (the American Law Institute-American Bar Association), American College of Trust and Estate Counsel, International Association of Financial Planners, MCLE, the Boston and Massachusetts Bar Associations, and other organizations, and has spoken at the Heckerling, Notre Dame, Heart of America, New England, Southern California, Mississippi, Southern Federal, and many other Tax Institutes. She has lectured in 49 states, the District of Columbia, and Puerto Rico. Her comments on estate and retirement planning have been quoted in The Wall Street Journal, Newsweek, Kiplinger’s Personal Finance, Forbes, Financial Planning, USA Today, and Financial World magazines. A Boston native, she is a graduate of Radcliffe College and Harvard Law School.