LA MIRADA – Karl Kim, CFP, CLTC of Retirement Planning Advisors, Inc., completed his semester training with the American IRA Experts at Ed Slott and Company, LLC by attending a workshop held from 20-22 october.
The invitation-only workshop was attended by members of Ed Slott’s Master Elite IRA Advisor GroupS; he provided in-depth technical training on advanced retirement account planning strategies, tax law changes and estate planning techniques. The workshop also presented updated guidance on the SECURE Act in response to the IRS issuing proposed new regulations earlier this year that affect many parts of the current law.Karl Kim
“When the IRS released its draft regulations for the SECURE Act, it was essentially the final nail in the coffin for the use of IRAs for wealth transfer or estate planning.” said Ed Slott, CPA, founder of Ed Slott and Company, AARP columnist, professor of practice at the American College of Financial Services, and nationally recognized IRA expert who was named “The Best Source of IRA Advice” by The Wall Street Journal. “While these regulations have little effect on clients over their lifetime, they can have a big impact on the backend if their advisor doesn’t implement the right tax-saving strategies.
“I commend Karl for consistently prioritizing his education in this ever-changing retirement planning landscape. He goes above and beyond to provide informed and accurate financial advice to his clients when they need it most. Through this ongoing training, Karl can implement the latest retirement, tax and estate planning strategies on behalf of his clients.
Training highlights from this event include:
• A detailed overview of the 2022 Required Minimum Distribution (RMD), including updates on determining Required Start Dates (RBDs) and the “still active” exception
• A comprehensive IRA update on the latest changes to IRA tax laws, new tax strategies, rulings, court cases and planning opportunities
• A special presentation by Vicki Rackner MD, Director of Engaging Doctors, on how financial advisors can better serve physicians
• An overview of cryptocurrency in IRAs, including details on how to invest, potential risk factors, and advice from the DOL
• An overview of 2022 year-end gift planning, including a review of estate tax history and gift tax benefits
The workshop also included an in-depth look at how to help customers make key bearing decisions and walked participants through a step-by-step assessment process to help determine whether it is best to ride, stay put or retire.
Guest speaker Kirsten M. Lewis, Esq. with The Bowden Law Firm, LLC gave a special presentation on Best Practices for Counseling Families with Special Needs Beneficiaries, while guest speaker Shannon L. Evans, JD presented on Strategies to Better Avoid Trust Disasters IRA. Members of Ed Slott’s Master Elite IRA panel of advisors also reviewed relevant and advanced case studies and private letter decisions.
The training was delivered by Ed Slott and Company’s team of retirement experts, including Ed Slott, CPA; Sarah Brenner, JD; Andy Ives, CFP, AIF; Ian Berger, JD; and Shannon Evans, Esq., Ed Slott and Company and many advisors from Ed Slott’s Master Elite IRA Advisory Group are go-to resources for lawyers, CPAs and other financial advisors because of their intimate knowledge and expertise. advanced in all areas of retirement accounts and distribution planning.
This workshop also provided Continuing Education (CE) credits approved by the American College, CFP Board, IRS, and NASBA for retirement savings and income planning, federal tax law topics, general financial education and accounting.
Members of Ed Slott’s Master Elite IRA group of advisors have year-round access to Ed Slott and Company’s team of retirement experts for consultation on a variety of advanced planning topics. Membership also includes workshops, webinars, tax law updates, step-by-step processes, such as the Complete IRA Care Solution 30-module planning guide, and more.
Members also have access to exclusive worksheets, brochures and presentations, including a seven-step checklist for IRA trust planning after the SECURE Act, a presentation on gift planning and tips for disarming the new retirement savings time bomb, as seen in Ed Slott’s latest bestseller. and a public television special they can use when working with clients.
“The retirement planning landscape is constantly changing, and this year is no different,” Kim said. “Now more than ever, it’s essential that I keep up to date with the latest rules, regulations and policy changes. Through my membership in Ed Slott and Company, I am confident in my abilities to serve my clients’ best interests as the news continues to roll, always equipped with the latest retirement laws and strategies and a administrative support team.
“Even though the SECURE Act was passed more than two years ago, advisors and consumers still have questions about the latest retirement and tax laws,” Slott said. “Working with an advisor who has access to the latest retirement planning information and advanced technical training helps ensure that your hard-earned nest egg is protected now and in the future.”
Kim can be contacted for further information on the IRA and retirement related matters. Visit www.RetirementPlanningAdvisors.com or call (714) 994-0599.