March 2016 Workshop
Tue, March 22 2016, 1:30pm
Campus Club ABC
This is the third workshop of the trio we have presented on managing finances in retirement. The presenter is Andrew Whitman, professor of insurance in the Carlson School. His credentials include Ph.D., J.D., and C.F.P.
The workshop will review three topics:
- Distributions from retirement accounts to satisfy family needs, required minimum distributions (RMDs), and charitable purposes, as well as to reduce income taxes.
- Family planning for incapacity and death.
- Beneficiary designations and trusts to avoid probate, estate, and income taxes.
The initial part of the workshop will discuss how to satisfy retirement account distributions (RMDs) and how to reduce taxes using direct contributions to charity or converting retirement accounts to Roth IRAs. It will cover the options of retirement annuities and gift annuities to provide lifetime income, gifts to minors in UMGA accounts, and donor-advised funds—each of these with the goal to reduce income taxes.
The second section will focus on executing and communicating health care directives and property powers of attorney. It will cover the liability and options with spend down; the need to spend down to $3,000 if there is no partnership long-term care insurance; and the use of gifts and irrevocable trusts before the five-year look-back period.
The third section will focus on beneficiary designations and types of trusts to avoid probate and taxes. With a trust, your trustee takes over when you die or are incapacitated, but it should give you authority again when you regain capacity.
The workshop begins at 1:30 p.m. following the luncheon meeting March 22. Bring your friends. UMRA workshops are free and open to everyone.
If you would like to access the information presented in this series on Andrew Whitman’s Moodle, send your name and e-mail address to Vern Eidman, [email protected]
Upcoming Events
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