"You and your team did an exemplary job with my request. I also wanted to thank you for your attention to detail, and going beyond the scope of our discussion. I'm impressed with the friendly professionalism the staff has displayed in the short time I've been a client, and together with my father's vote of confidence in your firm, DL has already far exceeded any expectations I may have had. "
- Rhonda F. | TestimonialsIRA planning has become very important now that the IRS is requiring minimum distribution rules. It is very important that a client properly fund the IRA for maximum tax deferred growth due to the IRA often being one of the largest assets owned. It is not only important for the IRA owner to determine whom the beneficiary will be, but also how the beneficiary will receive the required distributions. Without a proper plan and a Roseville Attorney to help you make that plan, the IRA owner may find the beneficiary withdrawing and depleting the account quickly, which can bring about unnecessary income taxes and eliminate the powerful benefits and protections of long-term tax postponement.
Roseville attorney, Duncan Law | Duncan Tax, recommends using a trust when it comes to figuring out how the RIA amount will be distributed. A trust offers several advantages when it comes to resolving how the beneficiary will receive the RIA amount. When you use a trust, you will have the peace of mind that the long-term tax deferral will be accomplished. Leaving the IRA to a trust with a dependable trustee can assure that only the minimum required distributions are taken. Doing this will allow your beneficiaries to receive the extended tax referral and will give them the chance for wealth building.
A trust can also give the peace of mind to the original IRA owner that the right people will eventually inherit his or her IRA assets. It can protect your assets from the claim of spouses, creditors, lawsuits, bankruptcies, etc. An IRA can protect against a spouse after a divorce, or against the beneficiary’s poor spending habits or money management skills, and can preserve a beneficiary’s need for government benefits such as SSI and Medicaid. Ask your Roseville Attorney how a trust can protect your IRA assets.
You may use two types of trusts as an IRA beneficiary: the Conduit Trust and the Accumulation Trust. To learn more about these trusts, talk to your Roseville Attorney. There are advantages and disadvantages to each, and discussing them with your Roseville Attorney will help you decide which one is best for your unique situation.
If you have a 401 (k) or other company retirement plan, start considering how you will protect it long term. Discuss with your Roseville attorney about the benefit of an IRA account in order to have their non-spouse beneficiaries take maximum advantage of the income tax stretch and asset protection an IRA Inheritance Trust can provide you.
It is important that you protect your assets, especially when your family will be heavily relied upon them for future financial needs. To find out how we can help guide you on the right path and help you protect your assets, call Roseville Attorney Duncan Law | Duncan Tax.
