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The Best Way to Handle RMD Account Expirations

7/29/2021

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​Under the SECURE Act (2019) , beneficiary designations took on added importance because the SECURE Act introduced a 10-Year Rule wherein account custodians must distribute the total amount of the retirement account within ten years.
Non-designated beneficiaries (charities, estates, and non-see-through trusts) may have only five years to distribute the account if the participant died before his or her Required Beginning Date (the 5-Year Rule).

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Essential Tips for RMD Successor Beneficiaries

7/20/2021

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​Under the new SECURE Act of 2019 rules, Required Minimum Distributions (RMDs) for beneficiaries inherited after 2019 depend upon the date of death of the Participant. 
We added a sixth option in Step 1 to accommodate the 10-Year Rule, specifically, the “Successor Beneficiary” option. We now designate the Participant as the “Primary Beneficiary.” All follow-on beneficiaries are “Successor Beneficiaries.”

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The Best Ways to Handle RMDs for Non-Designated Beneficiaries

7/13/2021

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​A Non-Designated Beneficiary is an estate, charity, or non-see-through trust. None of these entities are natural persons.
The 2001 Required Minimum Distribution (RMD) Rules for Non-designated Beneficiaries were minimally affected by the SECURE Act of 2019. The change from 70-1/2 to 72 years of age for RMDs indirectly caused the Required Beginning Date (RBD) to slip slightly.
If the participant died before his or her RBD, the custodian must distribute the account to the beneficiary using the 5-Year Rule.

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How to Handle RMDs for Designated Beneficiaries

7/7/2021

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​The SECURE Act of 2019 dramatically altered the rules for Required Minimum Distributions (RMDs) for designated beneficiaries. The distribution of an RMD to a designated beneficiary or a successor beneficiary now depends upon the date of death of the participant.

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How to Calculate RMDs for a Spouse who Inherits

6/30/2021

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Required minimum distributions (RMDs) for spouses took a slightly new turn under the SECURE Act of 2019. The Required Beginning Date (RBD) was changed to April 1 of the year after the participant would have reached age 72. The RBD age for the past 44 years was 70-1/2.
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If the participant died before his or her RBD...

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How to Decide on RMDs for Eligible Designated Beneficiaries

6/23/2021

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​The SECURE Act of 2019 introduced a new term “Eligible Designated Beneficiary.” The Act established a 10-Year Rule as the maximum payout period for inherited retirement accounts that were inherited from participants dying after 12/31/2019, with a few exceptions. The exceptions apply to Eligible Designated Beneficiaries (EDBs), defined as follows:

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The Best Way to Track RMD 10-Year Rules for Clients

6/15/2021

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​The SECURE Act (2019) dramatically altered the retirement rules, including the introduction of a 10-Year Rule. Under this rule, account custodians must distribute the total amount of the retirement account to the inheritor within ten years. 

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Simplify Required Minimum Distribution Calculations with an RMD Wizard

6/8/2021

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​The complexity of each Required Minimum Distribution (RMD) scenario can be mind-boggling. The best approach is to set up each client scenario in a client relationship management (CRM) system such as ProTracker Advantage®.
Once the initial parameters for a client scenario are saved, an RMD Wizard may be used to rapidly compute each client’s RMD for the new year. There is no need to look up longevity factors in a table and type them into a spreadsheet.

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How to Choose the Right RMD Calculation Scenario

6/1/2021

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​The first step in calculating a Required Minimum Distribution (RMD) is to understand the client scenario. There are six possible scenarios.
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Calculating and Documenting RMDs with a CRM

5/25/2021

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CRM software for financial advisors used to calculate RMDs
​Financial advisors have a huge responsibility to assure that each client retirement account has primary and secondary beneficiary designations. These beneficiary designations should be documented within the advisor's Client Relationship Management (CRM) system.

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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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