Pub. 5 2016 Issue 4

June 2016 15 l e a d i n g a d v o c a t e f o r t h e b a n k i n g i n d u s t r y i n k a n s a s Justin Stull (standing), Karen Smart, and Curtis Overton all of First National Bank of Hutchinson Eric Seifert, First Bankers’ Banc Securities, Inc., and Mark Knackendoffel, The Trust Company, Manhattan enjoyed a friendly conversation at the trade show. Lindsay Piegza, Chief Economist at Stifel Nicolaus, evaluated the speed of economic growth and the effects of Federal Reserve bank policy. Attendees enjoy conversation and networking at the evening reception. The newly inducted Kansas Trust Division President Julie Dalton, Southwest National Bank, Wichita thanked the outgoing President Curtis Overton, First National Bank of Hutchinson, for his dedicated service to the division. Joe Williams III, The Commerce Trust Company gave the first half of the presentation on Mid-Year Outlook for the Financial Markets and the Impact of Fed Action. Natalie Choate, Nutter McClennen & Fish, closed the conference with a presentation on retirement planning. started with some positive points about Roth IRA’s and how they can work for the top 1% and the rest of us, followed by how to prepare for the elimination of stretch IRA’s and alternative options for the planning process. Viewing the portability of estate tax exemption as a godsend for clients who have assets largely tied up in retirement benefits, she also pointed out the attacks the IRS has put on the self-directed IRA, outlining the prohibitive transaction rules. Natalie favors getting rid of the life expectancy payout because it is complicated. She thinks a fixed payout that is the same for everyone and up to the age of 21 for minors is good because it gets minor children to maturity. She had many excellent examples and stories for rules for IRA to IRA rollovers and Roth conversions as planning tools.