Ed Slott’s Exclusive 2-Day IRA Workshop For Financial Professionals
Recently, several of our team members attended Ed Slott and Company’s Exclusive 2-Day IRA Workshop for Financial Advisors in Chicago. Not only did many of our advisory team members make the trip, but a couple of our tax accountants also attended as well. At Storen Financial, we put a heavy emphasis on education and find so much value in Ed Slott’s team and their approach to retirement planning. (Click here to learn more about this commitment to education.)
The event had a heavy focus on “planning with the end in mind,” specifically how to incorporate tax planning into your retirement plan. As Ed Slott says, and we at Storen know all too well, “Taxes are the single biggest factor that separate people from their retirement dreams.” While tax preparation is often emphasized, tax planning is the essential ingredient to working toward achieving those dreams. In many situations, tax preparation costs while tax planning saves, and what’s more, when it comes to tax-infested money, someone is going to collect on it when you pass. Do you want your legacy to be enjoyed by family or collected by the IRS? With proactive planning that keeps the end in mind, you can work toward preserving more of your well-earned money for you and your loved ones.
During this training workshop, we reviewed the latest retirement tax law changes, including those of the One Big Beautiful Bill Act. Answers to questions such as “who can stretch the 10 year payout rule,” “how do inherited IRA rules affect minors,” and “do I have to take annual RMDs,” were all addressed. Additional highlights from the event included…
Workshop highlights included…
- One Big Beautiful Bill Act – Key Changes
- Trump accounts will allow for IRA-type savings for children with no earned income and thus could become a powerful early planning tool for families.
- Qualified Business Income Deductions are now permanent, include new higher income limitations for some businesses, and even previously excluded industries can access it now (subject to income limitations).
- 1099-R tax documents will be sent out by custodians for Qualified Charitable Distributions in the future (dates coming soon).
- The importance of maintaining updated beneficiary forms on an annual basis and the various categories of beneficiaries created by the SECURE Act 2.0
- Rules surrounding non-designated beneficiaries, eligible designated beneficiaries, and when to take RMDs
- In regards to beneficiary rules, everything comes down to the original account owner’s age, whether they take RMDs, and who the beneficiaries are.
- The 25 most important IRA rules, such as IRA distribution basics, aggregating distributions, creditor bankruptcy protection of IRAs, year of death distribution and who takes it — just to name a few
- Roth conversion planning — The 3 Roth conversion questions that must be answered, estate planning with Roths, and rules if you convert under the age of 59.5
- Planning around the 10-year inherited IRA rule – When an heir is subject to the 10-year rule, most of the time they don’t want to wait until year 10 to withdraw everything. However, The 10-year rule gives you more time to plan the most efficient way to withdraw the money and save the maximum amount on tax.
Not only did our entire team take away valuable information that will help us better serve our clients, we had a great time in the process! This event was an information extravaganza, as one excited team member called it.
If you have questions about any of this information, we’d be happy to help. Please contact any member of our team for more details. (Click here for contact information.)
Blog by Kiran Sharma – Financial Advisor
Learn more about Kiran and the rest of the Storen Financial team here.
Ed Slott is not affiliated with Storen Financial and LPL Financial.