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Join us in Madison for WBA’s annual Trust Conference

On May 25, 2022, WBA will be hosting its annual Trust Conference for the benefit of those involved with trust and estate planning. The one-day event held at the WBA office will assist trust professionals in staying up to date on upcoming changes in regulations, the economy, and overall trust department functions.

The conference will also feature a general session on elder abuse and undue influence by Jonathan Ingrisano and Nicholas Bezier of Godfrey & Kahn, S.C. Trust bankers and wealth managers of all levels will benefit from this session on spotting and responding to potential financial abuse of their elderly customers.

According to the World Health Organization, one in six individuals 60 years or older have experienced some form of abuse. Of this, less than 20% of financial abuse is reported by the individual or their proxies. “It is a growing problem that we can only expect to get worse as our population ages,” said Ingrisano.

This troubling trend is not only on the rise in Wisconsin, but throughout the country. As fraudsters become more sophisticated (even so that celebrities such as Stan Lee have endured financial abuse), it is important that bankers know the signs, understand their rights, and feel confident in approaching the situation.

As elder financial abuse cases rise, bankers have taken on the role of trusted advisors and observers. Trust bankers especially develop unique professional and personal relationships with their customers and have a greater ability to notice patterns, spot questionable distributions, and identify unexpected changes in their repeat customers patterns and behaviors.

“I want trust bankers to know they are empowered to do what they think is right, and their hands are not tied,” said Ingrisano. In this, the session will include advice from Godfrey & Kahn, S.C. representatives on reporting financial abuse or fraud, the tools and resources for trust bankers to consult as they work through cases, and important red flags to notice both in elderly customers and/or personal relatives experiencing such abuse.

In addition, trust bankers will also have the opportunity to learn more about how their paper trail observations on the front end can impact the actions taken by department heads or legal counsel on the back end. Through referrals or reports, bankers will learn of the avenues available to protect vulnerable members of their communities.

WBA’s Trust Conference is approved for 5.25 CTFA credit through the American Bankers Association (ABA). Register now to take advantage of this opportunity to stay ahead of upcoming regulatory changes, maintain your certification through ABA, as well as gain insight on how to better serve your community. Please contact Miranda Helt, WBA’s assistant director – education, at mhelt@wisbank.com with questions regarding the conference.

On Dec. 20, 2019, President Donald Trump signed into law the provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) which contains several provisions that will impact qualified retirement plans. Below is a high-level summary of some of the changes contained in the SECURE Act and the effective dates for these changes.  

Age-Related Required Minimum Distributions

For participants that attain age 70.5 after Dec. 31, 2019, required minimum distributions need not begin until April 1 of the year following the year they turn 72. Participants who are not 5% (or greater) owners may continue to delay beginning required minimum distributions until they retire.  

Post-death Required Minimum Distribution for Beneficiaries  

The SECURE Act eliminates the ability to “stretch” required minimum distributions over the life expectancy of a designated beneficiary. Under the new rules, a deceased participant’s plan account balance must generally be completely distributed (to a designated beneficiary) by the end of the tenth year following the year of the participant’s death. This new rule does not apply if the designated beneficiary is a surviving spouse, disabled, chronically ill, not more than 10 years younger than the participant, or a minor child of the participant. This new rule is effective for distributions related to participants who die after Dec. 31, 2019. 

Lifetime Income Disclosures Required on Participant Statements  

The SECURE Act mandates that participant statements include lifetime income estimates at least once per year. The SECURE Act further requires the Department of Labor (DOL) to issue model disclosures and appropriate assumptions. The lifetime income disclosure requirement will become effective 12 months after the DOL issues its guidance.  

Required Eligibility for Long-term Part-time Employees  

If an employer offers a 401(k) plan, effective for plan years beginning after Dec. 31, 2020, part-time employees that work at least 500 hours in three consecutive 12-month periods must be allowed to make deferrals into the 401(k) plan. As long as no employer contributions are required for these long-term part-time employees under the terms of the plan, they need not be included in the plan’s compliance testing.  

Penalty-free Withdrawal Allowed Upon Birth or Adoption

Effective for plan years beginning after Dec. 31, 2019, plans may allow participants to withdraw up to $5,000 penalty-free for expenses related to the birth or adoption of a child. The withdrawal must be made within one year of the birth or adoption. The withdrawal may be recontributed to the plan as a rollover contribution.

Increase in Maximum Auto-Increase Limit for Qualified Automatic Contribution Arrangement Plans

Effective for plan years beginning after Dec. 31, 2019, plans that use the 401(k) Qualified Automatic Contribution Arrangement Safe Harbor are permitted to automatically increase participants' deferral election percentage up to a maximum of 15%. The previous maximum auto-increase limit was 10%.

Nonelective 401(k) Safe Harbor Plan Changes

Effective for plan years beginning after Dec. 31, 2019, the SECURE Act makes the following changes for nonelective 401(k) safe harbor plans:  

  • The safe harbor notice requirement is eliminated. 
  • Plan sponsors may adopt the 3% nonelective safe harbor mid-year as long as the plan is amended at least 30 days prior to the end of the plan year. 
  • Plan sponsors may adopt a 4% nonelective safe harbor anytime prior to the due date for making Average Deferral Percentage (ADP) refunds (generally the last day of the following plan year). 

Pooled Employer Plans (Open Multiple Employer Plans)

Effective for plan years beginning after Dec. 31, 2020, the SECURE Act allows unrelated employers to participate in a single plan. Pooled employer plans are intended to allow small employers/plans to generate some economies of scale. 

Late 5500 Filing Penalties Increase 

Effective for forms due after Dec. 31, 2019, the IRS late filing fee for Forms 5500 increases from $25/day to $250/day with the maximum per form going from $15,000 to $150,000. If eligible, these late filing fees may be reduced by filing under the Delinquent Filer Voluntary Correction Program. 

There are many more changes made by this legislation. The focus of this update has been on the issues that will have the greatest impact on Associated Bank’s retirement plan clients.

Landon is Senior ERISA & Compliance Advisor | Wealth Management & Institutional Services, Associated Trust Company, N.A. 

By, Ally Bates

Q: Can an Account Be Put Into a Trust, LLC, or Other Entity?

A: It depends on what the customer means.

WBA has recently begun receiving questions as to whether a customer can put their accounts into an entity such as a trust or LLC. In most instances, this involves a situation where the customer has received advice from a third party. The customer has been told by a third party to put an account into an entity. The customer then approaches the bank with this request but is unable to provide further instruction on how to accomplish the task. An example would be a customer who asks to put their LLC account into their trust. Whether that is possible depends on what the customer means by “put into.”

As far as WBA is aware, there is currently no statutory mechanism by which “put into” has any legal significance. Meaning, when a customer asks to put an account into an entity, there is no law that governs what should occur. Thus, the customer will need to provide more information as to what they mean. For example, in the above example, the customer has asked to “put their LLC account into a trust.” The possibilities as to what this might mean are numerous. The customer might mean:

  • The trust is now a member/manager of the LLC, or
  • The trust is now an owner of the LLC, or
  • The LLC is a trustee of the trust, or
  • The LLC is a beneficiary of the trust, or
  • Any number of other possibilities.

The above possibilities may have bearing on the customer’s relationship with the bank. Without knowing which, if any, possibilities are true, the bank cannot know how the relationship is affected. When a customer asks to put an account into an entity, the bank will likely want to have a follow-up conversation with the customer. Depending on how well the customer understands what they intend to do, they may be able to explain and provide relevant documentation to support their request. If not, they may need to return to the third party who gave them the advice and ask for instruction on what is meant by “put in.”

Note: The above information is not intended to provide legal advice; rather, it is intended to provide general information about banking issues. Consult your institution's attorney for special legal advice or assistance.

By, Scott Birrenkott

Q: Can a power of attorney act on an IRA or Trust Account?

A: Yes, but only if the power of attorney (POA) agreement permits it.

The extent of an agent’s authority to act under a POA agreement will always depend on the language within the agreement.

Wisconsin’s Uniform Power of Attorney for Finances and Property Act under Chapter 244 governs POA agreements in Wisconsin. Chapter 244 provides for general authority with respect to banks and other financial institutions. One general power granted under statute permits an agent certain actions on an account. Account is a defined term under Wis. Stat. 705.01(1). That definition is broad enough to include an IRA.

For a trust account, an additional consideration to make is that of granting authority. A trust is a separate legal entity from an individual, meaning it has its own interests and authorities distinct from that of an individual person. A power of attorney agreement creates authority between a principal (the person granting authority) and an agent (the person granted authority). A POA agreement giving authority to act on the finances of a natural person principal does not automatically mean the agent can act on accounts owned by a trust, even if the principal is a trustee of the trust. Because a trust account has its own authority and ownership interests, the principal must grant an agent authority to act through their powers as trustee. Authority to do so is derived from the trust agreement.

If a financial institution is unsure about its interpretation of the scope of an agent’s authority within a POA agreement, WBA recommends working with an attorney to receive a legal opinion.

By, Scott Birrenkott

Q: Can a Deposit Account with a Payable on Death Beneficiary have a Contingent Beneficiary?

A: No. Wisconsin Section 705 covers non-probate transfers at death. WBA does not read section 705 to permit contingent beneficiaries.

The WBA payable on death beneficiary designation form was created in accordance with the below interpretation of Wisconsin Section 705 and thus does not permit contingent beneficiaries. It has been WBA’s longstanding opinion that the POD statute does not permit identification of contingent beneficiaries to accounts governed by Subchapter 1 of the Chapter 705. Accounts covered by this statute include most standard checking, savings and certificate of deposit accounts established by a standard deposit account agreement.

The POD statute specifies who is entitled to payment on a POD account on the death of the last surviving accountholder. Under 705.06(1)(c), the funds are paid to the beneficiaries who survive the death of the last surviving accountholder. If none of the beneficiaries survive, the funds are paid to the estate of the last surviving accountholder. This is the way the WBA form is drafted.

The statute provides a second option under 705.04(2)(d), under which funds otherwise payable to a beneficiary who predeceases the death of the last surviving accountholder, would pass to the beneficiary's issue who would take under 854.06(3).

When the option to pay the beneficiary's issue was added to the POD statute, it was WBA’s understanding that the decision was made not to draft for this option. We believe that not all persons would want the issue (without identification of specific children) to receive payment. Further, the bank would not have any easy way to identify all of the issue who would be entitled to the payment. The identity of a person's issue can change throughout the term of the account.

However, the statute does not permit any other payment of fund in a POD account. The statue does not authorize payment to named contingent beneficiaries.

The WBA POD beneficiary form was drafted to follow the above. Thus, if a bank wishes to contract in a way to appoint contingent beneficiaries for a customer's deposit account we recommend working with the bank's own counsel to either modify WBA's form or create a separate designation. If your bank does not use WBA forms we recommend consulting with your forms drafters to determine what their interpretation of Section 705 is with respect to contingent beneficiaries.

Note: The above information is not intended to provide legal advice; rather, it is intended to provide general information about banking issues. Consult your institution's attorney for special legal advice or assistance.

By, Scott Birrenkott

Events

Customers and clients are getting letters and substantial bills from the IRS saying they owe taxes on money that was moved from one financial institution to another and one of the banks did not report the transaction correctly to the IRS. It is not rocket science. It is a 3-piece puzzle with questions that must be asked and answered:

  • What kind of plan is it coming from?
  • What kind of plan is it going into?
  • Does the customer have the ability to use the funds in between?
  • Once you truly get the answers to these questions, the reporting of the movement of funds defaults according to the IRS regulation.

What You’ll Learn

  • Difference between an IRA Rollover and a QP Rollover
  • 60-day rule and once-per-12-month rule
  • Difference between and IRA rollover and an IRA transfer from IRA to IRA
  • Difference between a ‘Recharacterization’ and a ‘Roth Conversion’
  • Rules governing rollovers and transfers after the owner reaches age 72
  • How non-spouse beneficiaries move money between retirement plans

Who Should Attend
Every employee who is responsible for processing IRA deposits received by the bank. Operations department, call center, CSRs and anyone else responsible for answering customer’s questions regarding movement of retirement funds.

Instructor Bio

Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, TX. With over 35 years in the financial industry, Konarik has focused her expertise on the retirement account area and is currently providing live training and webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Registration Options

Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279

  • Available Upgrades:
    • 12 Months OnDemand Playback + $110
    • 12 Months OnDemand Playback + CD + $140
    • Additional Live Access + $75 per person

In this 2-hour IRA Audit webinar, you will learn that incomplete or incorrect IRA paperwork may be a red flag for bank auditors. Whether you are scanning and imaging your IRA documents, or placing copies in a paper folder, now is the time — while the client is alive — to make sure you have everything you need and get rid of what you don’t.

Since IRAs have had some of the most major changes of any bank product in the last couple of years, updated training is one of the key elements of maintaining proper procedures and making sure the IRS reporting is correct to match what the client is reporting on their own taxes. Samples of audit worksheets will be provided in Word format.

What You’ll Learn

  • Proper documentation to open, close, move, and maintain an IRA
  • Record retention of closed IRA files
  • How to review IRA procedures and documentation flow
  • Checking the IRA transactions for proper coding and reporting
  • Reports generated by your system to review IRS reporting before it is submitted
  • How to correct mistakes found in the IRA Audit
  • 25 of the most common mistakes found during an IRA audit
  • Different types of IRA audits

Who Should Attend
Anyone who is in charge of checking IRA transactions and files, and is responsible for making sure the IRS reporting is correct, as well as internal auditors checking bank IRA files should attend. Also, anyone who is responsible for checking newly attained IRA files due to a bank merger would greatly benefit from attending this informative Webinar.

Instructor Bio
Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, TX. With over 35 years in the financial industry, Konarik has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Registration Options

Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279

  • Available Upgrades:
    • 12 Months OnDemand Playback + $110
    • 12 Months OnDemand Playback + CD + $140
    • Additional Live Access + $75 per person

In the past 2 years, you have probably fielded lots of questions from your clients regarding the many IRA changes and, most specifically, about how they affect beneficiary payouts. This can greatly affect estate and financial planning strategies. Just when we thought we had the answers, in February 2022, the IRS released NEW proposed regulations effecting beneficiary payouts that are expected to take affect this year and make a hybrid of the ‘pre-SECURE Act’ rules and the new SECURE Act rules that became effective 1/1/2020.

In addition, Congress has passed a sweeping retirement update that will go to the Senate and possibly be passed before the end of the year and signed into law — a.k.a. The SECURE Act 2.0. This may extend the age for beginning RMDs from IRAs and have other very substantial changes all to be discussed in this essential webinar.

What You’ll Learn

  • New federal income tax withholding rules
  • When an IRA owner postpones their first RMD
  • When beneficiaries have optional distributions and/or must take an RMD
  • Different types of beneficiaries for payout options
  • Which age used to calculate Single Life payments to a beneficiary
  • Who is required to take the deceased owner’s RMD and report to the IRS
  • 9 red flags of beneficiary payouts

Who Should Attend
Anyone who is remotely involved with IRAs and answering client’s questions on the old and new IRA distribution rules — especially to beneficiaries. Customer service reps, financial and estate planners, IRA operations department, tellers, call centers, and frontline personnel would all benefit from this informative webinar.

Instructor Bio
Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, TX. With over 35 years in the financial industry, Konarik has focused her expertise on the retirement account area and is currently providing live training and webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Registration Options

Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279

  • Available Upgrades:
    • 12 Months OnDemand Playback + $110
    • 12 Months OnDemand Playback + CD + $140
    • Additional Live Access + $75 per person

On the first day of this 2-day Live Stream training, we will build the foundation for IRA information including reviewing the most common-used terminology and the required forms for opening, closing and moving IRAs — including the different types of beneficiary designations. Then we will cover the IRA plan types and their rules and regulations for a Traditional IRA, Roth IRA, and Simplified Employee Pension Plan (SEP IRA).

What You’ll Learn

  • IRA Terminology – Top 20 Terms
  • Explanation of IRA Forms – Not Forms Specific – (Please have your own forms available including Application, Contribution form, Distribution, Rollover Review or Certification and any other commonly used forms)
  • Beneficiary Designations including Primary and Contingent
  • Qualifications, 2022 Contribution, Income Phase-out limits, Age Limits and other new regulations for a:
    • Traditional IRA
    • Roth and Conversion Roth
    • SEP IRAs contributions and IRS reporting
  • Differences between “postponed” and “repayment” contributions.

Who Should Attend
Anyone newly involved in IRAs as well as knowledgeable IRA personnel who need a review of the changes for the IRA products. The Cost of Living Adjustment for 2022 contributions will be included in the training. Attending both days gives you a comprehensive understanding of the basic and advanced issues of IRAs.

Instructor Bio
Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Konarik has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Registration Options

Live Stream: Includes access to the recording for 12 months:  $1049

On the second day, you will better learn and comprehend the complicated areas of Rollovers and Transfers, and IRA Distributions to owners and beneficiaries and IRS reporting. This will result in a better picture of this confusing topic incorporating the new rules as part of the SECURE effective 2020, as well as the proposed regulations released in February 2022 and expected to take effect this year, changing beneficiary payout options — again!

What You’ll Learn

  • Updated legislative regulations on IRAs as the result of the SECURE 1.0 and 2.0 and the 2022 Cost of Living Adjustments
  • QP Rollovers and IRA Rollovers and Transfers
  • Distributions to Owners and Beneficiaries
  • New rules on Federal Income Tax Withholding
  • Before age 59½ – reporting the penalty exceptions
  • RMDs at age 72 – including mandatory notices
  • 9 Biggest Mistakes of IRA Beneficiary Payouts
  • Rules on new proposed rules on non-spouse beneficiary payout requirements beginning in 2022
  • Overview and Explanation of IRS Reporting Requirements

On Day 2, you will better-learn and comprehend the complicated areas of Rollovers and Transfers, and IRA Distributions to owners and beneficiaries and IRS reporting. This will result in a better picture of this confusing topic incorporating the new rules as part of the SECURE effective 2020, as well as the proposed regulations released in February 2022 and expected to take effect this year, changing beneficiary payout options — again!

Who Should Attend
Anyone remotely involved in processing IRAs or answering client questions will greatly benefit from this fact-filled Live Stream IRA class. It works best if you have attended the IRA Basic Day 1 class and/or have been working with IRAs for at least 2 years.

Instructor Bio
Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Konarik has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Registration Options

Live Stream: Includes access to the recording for 12 months $1,049

Trusts are a horse of a different color. They have distinct parameters and more risk than regular deposit accounts. Likewise, other fiduciary accounts must be treated differently. This webinar will address those differences, risks, documentation, authorizations, and potential pitfalls.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:

  • Use the proper tools to evaluate and mitigate the risks associated with trust and fiduciary accounts
  • Define the legal concept of fiduciary duty regarding trust, custody, conservator, and other fiduciary accounts
  • Explain the legal requirements to open a trust or other fiduciary account
  • Understand the specific CIP and beneficial ownership information that must be obtained for fiduciary accounts
  • Distinguish between when your institution serves only as a depository versus when it serves as a fiduciary

WEBINAR DETAILS
Opening a deposit account for a trust is substantially different — and riskier — than opening an account for an individual. Although many people inappropriately treat trust property as their own individual property, your financial institution must recognize the trust as a separate legal entity from the individual. Otherwise, trust beneficiaries may claim that your financial institution should have known that the trustee was using the deposit account for his/her individual purpose or otherwise in breach of his/her fiduciary duty.

This webinar will explain everything you need to know about opening trusts and other fiduciary accounts, including proper account documentation, authorization requirements, and red flags. In addition, you’ll learn how to reduce the risk of loss when dealing with trusts and other fiduciary accounts.

WHO SHOULD ATTEND?
This informative session will be beneficial to all deposit operations personnel, trust operations personnel, officers, managers, compliance personnel, internal auditors, and attorneys.

TAKE-AWAY TOOLKIT

  • Checklist of items to review and evaluate when opening a deposit account for a trust or other fiduciary
  • Employee training log
  • Interactive quiz
  • PDF of slides and speaker’s contact info for follow-up questions
  • Attendance certificate provided to self-report CE credits

This course is eligible for 1.8 AAP/APRP credits.

Note: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.

PRESENTER
Elizabeth Fast, JD, CPA – Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane Britt & Browne LLP where she specializes in the representation of financial institutions. Fast is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a master of business administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was general counsel, senior vice president, and corporate secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.

REGISTRATION OPTIONS

  • $245 – Live Webinar Access
  • $245 – OnDemand Access + Digital Download
  • $350 – Both Live & On-Demand Access + Digital Download

WBA’s Trust Conference is an all-encompassing event that concentrates on updating its attendees on new and upcoming changes in regulations, the economy, and overall trust department functions. Join us for this year’s WBA Trust Conference being held at the WBA Office on May 25th. The conference will kick off at 9:00 a.m. and adjourn at approximately 3:00 p.m.

The WBA Trust Conference is approved for 5.25 CTFA credit through ABA.

Who Should Attend?

The conference is designed for all those that are involved in trust and estate planning, including trust officers, wealth managers and trust administrators.

Topics Include:

  • WBA Update and Government Relations Update – Wisconsin Bankers Association, John Cronin
  • Trust Code Update & Trust Administration Panel
  • Preparing for the New RMD Regulations – Ascensus – Ben Maas
  • Cryptocurrency – Compliance Alliance – Julia Gutierrez
  • Recognizing and Responding to Elder Abuse and Undue Influence – Godfrey & Kahn, S.C. – Jonathan Ingrisano & Nicholas Bezier

Registration Information:

Trust Section Members:

  • $220 – Per Attendee

WBA Bank Members – Non Trust Section Members:

  • $245 – Per Attendee

WBA Associate Members

  • $245 – Per Attendee

Attendee Registration: The registration fee of $245/attendee includes conference materials, lunch and refreshment breaks. Members of the WBA Trust Banking Section* receive a discounted registration fee of $220/attendee.

 

*Membership in the WBA Trust Banking Section is by bank – all employees of section member banks can register at the discounted rate. Please contact WBA’s Scott Birrenkott via email with any questions regarding section membership.

Refund Policy: A refund, less a $25 administrative fee, is provided for cancellations requested on or before Thursday, May 13, 2021.

As a result of the SECURE Act signed into law in December 2019, most nonspouse beneficiaries have lost the ability to extend their Inherited IRA payments over a long period of time by using the Single Life Expectancy Table.

Beginning for beneficiaries of owners who died in 2020 or later, non-eligible designated beneficiaries can only extend their payout over 10-years. The most confusing aspect of this change is the transition of Single Life Expectancy to a 10-year Payout.

We will delve into who is ‘grandfathered’ by the old rules and who must use the new rules.

What You Will Learn

  • What are the 3 new categories of beneficiaries to determine payout options?
  • Which beneficiaries are ‘grandfathered’ under the old rules for the Single Life Payout?
  • What obligations do we have to monitor a 10-year payout option?
  • Who must take the RMD of the deceased owner in the year of death?
  • Why is it so important that we report death distributions correctly?
  • How do we set up an Inherited IRA properly?
  • What happens to a beneficiary in Single Life payout dies after 2019?
  • What happens if the beneficiary does not close his/her Inherited IRA in 10 years?
  • How do the new payout rules affect a trust or estate beneficiary?
  • What happens when a successor beneficiary inherits an IRA?
  • How do we recalculate beneficiary Single Life Payouts using the new tables?

Who Should Attend?
Everyone who answers customers or beneficiary questions should attend this informative Webinar including: customer service reps., operations dept., call center reps., legal counsel, trust and investment officers, branch managers, and anyone who would like a thorough discussion of the most legal aspects of IRA payouts after the owner’s death.

Presenter
Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Konarik has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Registration Options

Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts – $279
Available Upgrades:
12 Months OnDemand Playback + $110
12 Months OnDemand Playback + CD  + $140
Additional Live Access + $75 per person

In the ever-changing world of IRAs, it is always important to keep up with the latest IRS updates to the rules and regulations. Not to mention, you never know what Congress may slip in at the end of the year to turn the financial world upside down.

What You Will Learn

  • IRA Cost of Living Adjustments for 2022
  • Qualified Charitable Distributions reporting correctly
  • Updated Life Expectancy Tables
  • Recalculating payments to beneficiaries in a Single Life Expectancy Payout
  • 2022 IRA/IRS Reporting Calendar
  • January Required Notices
  • 1099-R reporting corrections

Who Should Attend?
All CSRs, Operations personnel, Call Center staff, retail, trust and investment advisors who wish to make sure they are giving their customers/clients the most up-to-date information.

Presenter
Patrice M. Konarik is president of Sunwest Training Corp. founded over 25 years ago and is located in the Texas Hill Country near San Antonio, Texas. With over 35 years in the financial industry, Patrice has focused her expertise on the retirement account area and is currently providing live training and Webinars on IRAs and Health Savings Accounts on a nationwide basis. She has a BS in Management Science from New York’s Binghamton University. Many state banking associations and other organizations use her as their main source for training on these complicated topics.

Registration Options

  • Live Plus Five (days) – $265
  • OnDemand Recording – $295
  • CD-ROM – $345
  • Live Plus Six (months) – $365
  • Premier Package – $395

A Probability Scorecard is like the yard markers on a football field. The yard markers give you a clear, definitive look at how much ground has to be covered before you score points; or in the case of defense, how much ground you have left to defend.

An effective Sales Probability Scorecard tells you almost exactly the information you have and might be missing and the likelihood of closing a specific opportunity. Wouldn’t that be helpful? You may already use a tool or system in your sales process that is meant to track the status of deals in your sales pipeline. But if the sales enablement tool you are using isn’t built around an effective selling system, then it will be not be predictive and will not help relationship managers close more business.

Covered Topics

A milestone-centric sales process that breaks down the specific steps required to effectively create, qualify and close business.
How to establish the factors important to qualify the prospect (can be industry specific)
How to create a baseline for what a “closeable opportunity” is (i.e. 70% score is considered closeable)

Who Should Attend?

RMS and MSRs in all lines of business, tellers, LOB leaders, supervisors and training managers.

Presenter

Dan Fischer, Sales Development Expert, has 28 years of financial sales and sales management experience working in the banking and insurance industries. During that time, he has developed a life-long passion for coaching along with an understanding of how to motivate salespeople. Using all the many tools and techniques from his past experience, Dan is focused on helping salespeople and sales leaders become top quartile in their efforts. When he is not at work, Dan can usually be found with his wife of 33 years and family. Dan’s “Why” gets him up every morning… “to inspire, motivate and have a positive impact on people through my passion to help them achieve beyond what they imagined.”

For 27 years, Anthony Cole Training Group has been helping banks and other financial service organizations close their sales opportunity gap by helping them sell better, coach better and hire better. Our Mission: Grow People, Grow Organizations.

Registration Options

“Live” Web connection – $265
6-month “OnDemand” website link only – $295
CD-ROM and e-materials only – $345
Live plus OnDemand website link – $365
Premier Package: Live, OnDemand link, and CD-ROM plus – $395