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ProTracker RMD Calculator Assistant
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Successor Beneficiary Case Study

11/12/2024

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Most financial advisors are comfortable computing a Required Minimum Distribution (RMD) for a Participant who is alive. When the Participant dies and the Designated Beneficiary also dies, a Successor Beneficiary situation comes into play.

The ProTracker Advantage® RMD Calculator and Tracking Assistant handles Successor Beneficiary situations with ease. Here’s a recent case:

Fact Set:
  • Participant (Dad Jones) died at 86 in 2006
  • Designated Beneficiary (Son Jones) was born in 1949 and died at 73 in 2022
  • Granddaughter (Sarah Jones) inherited as the Successor Beneficiary
  • 12/31/2023 IRA balance was $201,200.70

Computation:
Dad died in 2006 (before 2020) and after his Required Beginning Date (04/01/1992)
Son inherited and started taking stretch RMDs in 2007 at age 58
Son’s longevity factor (“N”) in 2007 (age 58) was 28.9
Son died in 2022
Granddaughter inherited and continued the Son’s N-1 stretch IRA
As of 2024, seventeen (17) years have elapsed since Son inherited in 2007
Granddaughter’s factor for 2024 is Son’s 28.9 - 17 = 11.9
Granddaughter has to follow the 10-year rule starting from 2022 (when Son died), so IRA must be fully distributed by 12/31/2032

Click the button below for a live demo of the ProTracker RMD Calculator and Tracking System.
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Stop Using Spreadsheets for RMD Calculations

8/17/2022

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Many firms struggle with calculating Required Minimum Distributions (RMDs) using spreadsheets or, worse, a financial calculator. Of course, when participants are alive and taking RMDs, the calculations are simple. But even that situation is slightly compounded by the new 2022 longevity tables. Some advisors we have spoken with did not realize the tables had changed.

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Inherited Roth Account

8/8/2022

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​When a spouse inherits a Roth IRA from a decedent spouse, there are two options to acquire the asset and manage the Required Minimum Distributions (RMDs).

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A Focus on RMD Client-based Services

6/27/2022

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Clients can be segmented by assigning multiple services on the client services screen. Once services are assigned to clients, groups may be created to focus on those receiving a specific service, such as Required Minimum Distributions (RMDs).

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Beneficiary Tracking for Required Minimum Distributions (RMDs)

5/25/2022

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​When it comes to Required Minimum Distributions (RMDs), a client’s relatives play a significant role when retirement account beneficiaries are established.

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Address Features

5/17/2022

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Addresses and telephone numbers stored in client relationship management (CRM) software should be capable of meeting a variety of the firm’s communication needs. For example, envelopes should be printable directly from the CRM. 
In ProTracker Advantage, right-clicking on an address provides an extensive menu of capabilities, including

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Finally, a CRM with a robust search feature

4/18/2022

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​A robust client relationship manager (CRM) is essential to harness data for effective prospect and client communications. Recording every contact interaction facilitates prompt responses to customer questions and client queries. In successful firms, the mantra is, “If it is not in the contact manager, then it didn’t happen.”

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Workflow Management for Financial Advisors

3/10/2022

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Providing consistent client support is always a challenge, especially when clients are segmented according to their needs. ProTracker Advantage provides financial advisors with a robust workflow management capability.

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Free Migration from Junxure to ProTracker Advantage CRM

2/28/2022

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​We have been getting calls regarding the announced retirement of Junxure CRM. Junxure was acquired by AdvisorEngine several years ago. Franklin Templeton has since acquired AdvisorEngine. Other client relationship management (CRM) software products have suffered similar fates.

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The Fastest Way to Track RMD 10-Year Rule Accounts

10/12/2021

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​When the SECURE Act (2019) altered the retirement rules, investment advisors became burdened with managing the new 10-Year Rule. Under this rule, account custodians must distribute the total amount of the retirement account to the inheritor within ten years. During the 10-year period, clients need to be apprised of the remaining years left within the 10-year period.

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    Author

    Warren J. Mackensen
    Company president and experienced financial advisor.

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ProTracker RMD Calculator Assistant logo
ProTracker RMD Calculator Assistant was developed to take the headache out of calculating and tracking RMDs, which has become even more odious with the new SECURE Act. Our experience as advisors gives us a unique understanding of your needs, and our goal is to make your business more efficient.

To learn more about ProTracker Advantage® (CRM) for your firm, fill out our CRM evaluation form. We respond to all inquiries.
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