COURSE DESCRIPTION
Other than a personal residence, the largest single asset class consists of financial assets. These accounts may be 401(k)s or IRAs, annuity or insurance contracts, or a variety of brokerage or bank accounts. The crucial planning aspect of these types of accounts or contracts is that they can be transferred through beneficiary designations. Though a seemingly simple expedient, beneficiary designations vary among types of accounts and each comes with its own nuances – and traps, which can lead to severely adverse tax and practical outcomes. This program will provide you with a real-world guide to understanding, reviewing, and drafting beneficiary designations in trust and estate planning.
- How beneficiary designations vary depending on the type of custodial account involved
- Differences among retirement accounts, bank accounts, brokerage accounts, life insurance policies
- How designations differ depending on the type of beneficiary – individual, institutional, trust, etc.
- “Payable on Death” agreements for bank accounts
- Practical guidance on how designations are made & common drafting traps
Speaker:
Jeremiah W. Doyle, IV is senior vice president in the Boston office of BNY Mellon Wealth Management, where he provides integrated wealth management advice to high net worth individuals on holding, managing and transferring wealth in a tax-efficient manner. He is the editor and co-author of “Preparing Fiduciary Income Tax Returns,” a contributing author of Preparing Estate Tax Returns,and a contributing author of “Understanding and Using Trusts,” all published by Massachusetts Continuing Legal Education. Mr. Doyle received his B.S. from Providence College, his J.D. form Hamline University Law School, and his LL.M. in banking from Boston University Law School.