At the end of 2019, the most significant federal retirement reform in more than a decade was passed by the U.S. Congress. A month later, a national leading expert on estate planning shared his views on the legislation changes to 150 professional advisors (attorneys, CPAs, trust officers and financial advisors) attending the Community Foundation of Sarasota County’s Distinguished Speaker Series and Southwest Florida Estate Planning Council’s Joint Council meeting held at Michael’s On East on January 21.
Featured speaker Alan S. Gassman of Gassman, Crotty & Denicolo, P.A. reviewed the recent enactment of the SECURE Act (“Setting Every Community Up For Retirement Enhancement”) which passed on December 19, 2019. The SECURE Act is considered the most significant retirement reform in more than a decade and affects the retirement landscape for nearly all Americans by reforming regulation on traditional IRAs (independent retirement accounts) and retirement plans. Although it has no impact to spouse beneficiaries, it has eradicated “stretch” payouts for non-spouse beneficiaries – primarily IRA account owner’s children (see more on Betsy's blog on the SECURE Act).
After sharing the latest regulatory changes, Gassman turned to his specific area of expertise: creditor and trust planning strategies. Gassman specializes in representing physicians who are prone to malpractice lawsuits and spent time discussing the use of limited liability companies (LLC) and limited partnership structures to preclude estate tax inclusion when the contributor to an LLC or partnership has retained the right to determine if and when there will be distributions from the entity. Participants learned the basic and intermediate functions of a 678 trust, and how 678 trusts can reduce income taxes under IRS Section 199A. Participants also learned about key charitable and creditor protection structuring.
Distinguished Speaker Series is an educational and networking resource for all professional advisors and is offered complimentary as a thank you for referring clients to the Community Foundation. Through a signature series of lectures presented by nationally recognized estate planning and tax experts, advisors can earn advanced education credits and stay abreast of current trends and updates in wealth planning.