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Damage Control Wealth Transfer Using Life Insurance for Retirement Plan Assets

DAMAGE CONTROL WEALTH TRANSFER USING LIFE INSURANCE FOR RETIREMENT PLAN ASSETS

Cost Free
Presentation Length 1.0 hour

Recorded DateOctober 7, 2021
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

For account holders dying after 12/31/2019, the SECURE Act eliminated what was commonly referred to as the "Stretch IRA" option allowing designated beneficiaries of IRAs and defined contribution plans (DCPs) to take required minimum distributions over their life expectancies.

Such designated beneficiaries, other than eligible designated beneficiaries, are generally now required to fully liquidate these plan assets within 10 years of the end of the calendar year in which the account holder passes away. Accelerating the distribution of IRA and DCP assets over a shorter period of time can exacerbate the damage caused by income taxation on a family's long-term wealth accumulation. Unfortunately, there is nothing that can be done to reverse the damage.

In this course, attendees will learn several life insurance-based strategies that can help control the damage and provide a way for parents to leave a more tax-efficient legacy to their children, grandchildren, and any beloved charitable organizations.

Learning Objectives:


  • List the nuances and implications of the new RMD rules for designated beneficiaries of IRAs and DCPs under the SECURE Act

  • Identify how Roth conversions, life insurance, and charitable strategies can be employed to help minimize taxation and potentially increase a taxpayer's financial legacy

  • Determine  how to design life insurance policies to optimize the projected long-term wealth transfer results

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Beaconwealthconsultingsouth

Susan is a private wealth specialist creating customized solutions for high-net-worth individuals and families. Susan's extensive estate, insurance, and tax planning expertise is the basis for the comprehensive, multi-generational plans that she develops for her clientele and family offices.

Susan’s expertise in the life and long-term care insurance area comes from her work as a Senior Manager at Price Waterhouse and the many years that followed working with the industry’s brightest minds as an independent broker and consultant. Susan is the driving force behind the AICPA’s risk management track at Engage, the annual Advanced Personal Financial Planning conference, and currently chairs the conference subcommittee.

Susan is also actively involved in women's empowerment to help women take charge of their finances, especially before any of the 6Ds occur: Death, Divorce, Disability, Disaster, Dementia, and Debt. Be Prepared Not Scared® is her motto. She runs an annual women’s panel at Engage to help women share experiences, fears, and best practices to increase gender equality in the industry.

Susan carries numerous professional certifications and designations and is recognized among her peers for her leadership, advocacy, and philanthropy, and is a frequent speaker at industry events. Much of Susan's expertise was acquired while she was a senior tax manager at PriceWaterhouse, LLC (1987- 1992), and as a senior tax consultant with Deloitte, Haskins & Sells (1984-1987). She founded her firm in 1992.

Susan graduated magna cum laude from Fairfield University in 1984 with a BS in Accounting and lives with her husband in Naples, Florida. She enjoys photography, painting, and traveling. She is a proud member of the Daughters of the American Revolution. She is most proud of launching her two adult children!

Susan has earned the right to use the Certified Public Accountant (CPA), Personal Financial Specialist (CFS), and Certified Financial Planner (CFP) designation.

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Michael Fontanini, MT, CFP, CLU

Lion Street
VP, Advanced Sales And Design
[email protected]
(512) 776-8453

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Michael Fontanini, MT, CFP, CLU is Vice President, Advanced Planning and Design with Lion Street, Inc., a national network of fiercely independent life insurance and wealth management advisors. Michael specializes in developing sophisticated life insurance solutions to meet the sophisticated needs of high net worth and business owner clients of the 190 Lion Street firms nationwide and manages a team of four advanced case design consultants. Prior to Lion Street, his background consisted of diverse experience with several life insurance companies in the areas of personal financial planning, life insurance product development and advanced markets.

Michael has earned a Master of Taxation (MT) Degree and Estate Planning Certificate through the Graduate Tax Program of Villanova University Charles Widger School of Law and Villanova School of Business, as well as the designations of Certified Financial Planner (CFP) and Chartered Life Underwriter (CLU). He is FINRA series 7 and 26 registered, a current member of the Wealth Transfer Committee and Estate Tax Working Group committee for the Association for Advanced Life Underwriting (AALU) and a former member of the Advanced Sales Committee for LIMRA.

About Our Presenter

Beaconwealthconsultingsouth

Beacon Wealth Consulting South (BWC) is a boutique firm located in Naples, Florida which specializes in creating tailored financial plans for high net worth families. Susan's expertise in estate, insurance, and tax planning is the basis for the comprehensive, multigenerational plans that she develops for her clients.

BWC is also an independent insurance brokerage firm that often partners with other planners who do not have insurance expertise. BWC customizes life insurance plans for the high net worth clients in the context of the family’s overall financial plan, often integrated with sophisticated estate and retirement planning strategies.

BWC prides itself on successful collaboration with the clients’ team of advisors and/or family office. Susan Joy Bruno, the firm’s founder, and is a nationally recognized CPA/PFS for her work in life insurance planning.

Susan recently launched “The Beacon Method” which is a consulting service to help CPAs launch a financial planning practice or simply help financial planners take their practices from good to great. Some of the topics she will cover include:

  • How to leverage junior staff members to help them grow while also making your clients happier
  • How and why to add women to your practice
  • How to use the 6Ds fire drill to motivate your clients
  • How to add more graphics for your visual learners
  • How to add life insurance consulting or brokerage to your practice without compromising your objectivity or integrity