Patrice Konarik, Sunwest Training
In most cases, IRAs and Qualified Plan funds hold the largest value in a trust client’s portfolio. The larger the balance, the greater the possibility for the clients to receive IRS letters with bills attached - if their transactions are not handled correctly in the trust department. In this IRA Update session, we will focus on the potential time-bombs ticking in your client files including:

• Understanding the different qualifications for the IRA plan types
• Traditional, Roth, Conversion Roth, SEP and SIMPLE IRAs
• Rollover and Transfers
• Solving the 3-piece puzzle of defining and reporting Qualified Plan Rollovers and IRA Rollovers and Transfer correctly. Not understanding the difference has resulted in clients receiving bills for hundreds of thousands of dollars owed for moving an IRA from one institution to another and the financial institutions reporting the transaction incorrectly.
• Qualified Charitable Distribution Exception and why it will become more attractive this year
• Beneficiary Payouts
• 9 red warning flags of paying out to a beneficiary
• Payout options available to beneficiaries depending on owner’s age at death and type of beneficiary
• Paying out to a trust or estate vs. an individual beneficiary
• Setting up Inherited IRAs – why are they necessary?
• The latest status on the Department of Labor Fiduciary Rules

Kristi Barger, Relyance Bank
Over the next several decades, baby boomers will pass down their assets to children and grandchildren. Of the assets transferred, it is estimated that 52.34% of those assets will be considered “unique” or “hard to value”. This includes personal residences, closely held stock, mortgages and notes, limited partnerships, farm assets and oil/gas/mineral assets. These assets can be extremely profitable. However, it is imperative that trust departments (1) equip and train their administrators to handle these types of assets (2) mitigate the inherent risk that is associated with them and (3) price services commensurate with time required for various fiduciary duties.