Members of Ed Slott’s Master Elite IRA Advisor GroupSM Attend Semiannual Workshop on the Latest Retirement Account Planning Strategies, Estate Planning Techniques, and Tax Laws
Greg Storen, President and Advisory Services Director of Storen Financial, completed his semiannual training with America’s IRA Specialists at Ed Slott and Company, LLC by participating in a workshop that took place May 9-10, 2024. The invite-only workshop was attended by members of Ed Slott’s Master Elite IRA Advisor GroupSM; it provided in-depth technical training on advanced retirement account planning strategies, tax law changes, and estate planning techniques. The workshop also featured the latest updates on the SECURE 2.0 Act provisions that are taking effect in 2024 as well as an overall “schemes and scams” theme as guest speakers discussed different types of scams and for what you should watch out.
“As new laws and policies continue to go into effect, the landscape of retirement planning continues to shift, presenting both opportunities and complexities which result in more confusion than ever before for many Americans. This has ultimately raised the demand for heightened attention from both consumers and advisors alike when it comes to financial planning,” said Ed Slott, CPA, founder of Ed Slott and Company, Professor of Practice at The American College of Financial Services® and nationally recognized IRA Expert who was named “The Best Source for IRA Advice” by The Wall Street Journal. “In this environment of perpetual change, advisors play a crucial role as guardians of financial security,” he continued. “I commend Storen for continuously prioritizing his education and going above and beyond to deliver informed and accurate financial guidance to his clients in a time when it’s needed most. With this ongoing training, Storen can be ahead of the latest legislative developments and innovative strategies to empower clients to navigate the evolving terrain of retirement planning with confidence and clarity.”
Training highlights from this event include:
- An updated look at the SECURE 2.0 Act, including provisions that take effect in 2024 such as:
- Three new ways to potentially access retirement dollars while avoiding the 10% early distribution penalty (emergency expenses, domestic abuse, and “in-plan emergency savings accounts”)
- 529-to-Roth IRA rollovers
- The ability to exempt Roth plan dollars – like in a 401(k) – from the lifetime Required Minimum Distribution (RMD) calculation
- An advanced look at Roth SEP plan and Roth SIMPLE plan contributions, as both were available in 2023 due to the SECURE 2.0 Act. However, the actual implementation proved difficult for many.
- “Red flag” scams to avoid including:
- Using multiple entities to conceal illegal transactions within an IRA
- Making unrealistic claims
- Using legal tax breaks to make an investment opportunity sound legitimate
- A comprehensive IRA update on the latest IRA tax laws changes, new tax strategies, rulings, court cases, and planning opportunities
- A special presentation by guest speaker Robert Powell, CFP®, RMA®, Editor/Publisher of Retirement Daily on TheStreet discussing safeguarding wealth and navigating today’s most perilous scams and schemes
Guest speaker Joseph Clark, CFP®, with Financial Enhancement Group Trust Services hosted a breakout session on legacy plans, while guest speaker David Hays with Comprehensive Financial Consultants hosted another breakout session on creating and maintaining a great business. Guest speaker Shannon L. Evans, J.D. presented on how to stress test estate plans. Members also reviewed relevant, advanced case studies and private letter rulings.
A special presentation was also made announcing the upcoming release of Slott’s new, highly anticipated book, “The Retirement Savings Time Bomb Ticks Louder.” Currently available for preorder, the book is the ultimate guide to reclaiming control of your financial future and keeping more of your money—no matter what Congress comes up with next. With fully up-to-date information, including updates stemming from the SECURE 2.0 Act, this book provides an easy-to-follow plan that is an entertaining and informative must-read for any American with a retirement savings account. Readers are encouraged to visit irahelp.com/timebomb for a list of retailers and to claim an exclusive bonus video content offer for those who purchase the book during preorder, “Ed Slott’s Top 5 Biggest Changes Retirement Savers Need to Know Post-SECURE 2.0.”
Training was provided by Ed Slott and Company’s team of retirement experts, including Ed Slott, CPA; Sarah Brenner, JD; Andy Ives, CFP®, AIF®; Ian Berger, JD; and Shannon Evans, Esq. Ed Slott and Company and the advisors in Ed Slott’s Master Elite IRA Advisor GroupSM are the go-to resources for attorneys, CPAs, and other financial advisors because of their intimate knowledge and advanced expertise in all areas of retirement accounts and distribution planning. This workshop also provided approved continuing education (CE) credits through The American College, CFP® Board, IRS, and NASBA for retirement savings and income planning, federal tax law topics, general financial education, and accounting.
Members of Ed Slott’s Master Elite IRA Advisor GroupSM have year-round access to Ed Slott and Company’s team of retirement experts for consultation on a variety of advanced planning topics. The membership also includes workshops, webinars, tax law updates, step-by-step processes, such as the Complete IRA Care Solution™ 30-module planning guide, and so much more. Members also have access to proprietary worksheets, pamphlets, and presentations, including a 7-step checklist for IRA trust planning after the SECURE Act, SECURE 2.0 key effective dates, and tips to disarm the new retirement savings time bomb, as seen in Ed Slott’s latest book that they can use when working with clients.
“Retirement planning is in a constant state of flux, and this year is no different,” said Storen. “That’s why prioritizing ongoing education remains paramount for me. Being part of this esteemed group of financial professionals gives me an abundance of resources, including a dedicated team of IRA Experts supporting me behind the scenes. I am confident that I am equipped to provide my clients with the most informed and effective strategies for their retirement goals.”
“I am immensely proud of the dedication displayed by each member of our ongoing study group. In these uncertain times, these top advisors are rising to the occasion, offering invaluable guidance to Americans nationwide,” said Slott. “As each year brings an array of new retirement and tax planning laws and policies, our members stand at the forefront of the industry, equipped with the expertise necessary to adeptly navigate their clients through the ever-evolving landscape.”
About Ed Slott and Company, LLC
Ed Slott and Company, LLC is the nation’s leading provider of technical IRA education for financial advisors, CPAs and attorneys. Ed Slott’s Elite IRA Advisor GroupSM is comprised of 500 of the nation’s top financial professionals who are dedicated to the mastery of advanced retirement account and tax planning laws and strategies. Slott is a nationally recognized IRA distribution specialist, best-selling author and professional speaker. He has hosted several public television specials, including Ed Slott’s Retirement Freedom! and is also the co- host of The Great Retirement Debate podcast, available on all major platforms, including Spotify, Apple, Stitcher, and Amazon. Visit irahelp.com for more information.
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Blog by Greg Storen, MBA – President/ CEO, Advisory Services Director
Learn more about Greg and the rest of the Storen Financial team here.
This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year on conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take and required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. Ed Slott is not affiliated with LPL Financial.