Impact of amended UPAIA § 409

Steven B. Gorin (partner, Private Client practice group, Thompson Colburn LLP) has recently published his article entitled Principal and Income Act Amendment Saves the Marital Deduction for Retirement Plans, Prob. & Prop., March/April 2009, at 12.

Here is an excerpt from the article’s introduction:

In summer 2008, the Uniform Law Commission amended section 409 of the Uniform Principal and Income Act * * *.  The amendment responds to the IRS’s criticism of how the UPAIA treats individual retirement accounts [] and certain qualified retirement plans held by marital trusts.  This article provides the necessary background, describes the IRS’s concerns, explains the UPAIA amendment, and discusses the planning implications.