Berks County Experienced, Proven IRA Beneficiary Trust Lawyers Near Reading, PA
Our IRA Beneficiary Trust Lawyers have 40 years’ experience protecting the IRAs of residents in Berks County communities around Reading, PA.
Many people don’t use up all of their IRA in retirement. Your IRA may represent one of the most significant assets you have to pass on to your children, grandchildren, and other family members.
Careful Estate Planning is crucial. Consult with our IRA Beneficiary Trust Lawyers to avoid making expensive mistakes. Mistakes can significantly reduce the benefits loved ones receive.
How IRA Beneficiary Trusts Protect You and Your Family in Pennsylvania
Many people don’t even think about IRAs as part of their Estate planning. That’s because retirement accounts usually allow you to name a beneficiary.
On the surface, it appears assets in your retirement account automatically transfer to your beneficiary. In reality, merely having the IRA transfer to a beneficiary can result in considerable tax losses as well as other problems.
Setting up an IRA Beneficiary Trust transfers assets to the Trust… not directly to your beneficiaries. Here’s why this is advantageous.
The Advantages of IRA Trusts
There are three main advantages to having your IRA transferred to a Trust.
- Trusts provide more control than an IRA alone. If you set up your IRA early in your working career, you chose a beneficiary. You may have listed a parent, current spouse or child. However, over time you may get divorced, your parents may pass on. Many other events can happen in your life. Despite this, not everyone remembers to update their beneficiaries. With an IRA Trust…
- you can name a beneficiary and also a contingent beneficiary who will inherit the IRA in the event your beneficiary passes on before you do; and
- plus, you’re more likely to update and correct beneficiaries, so your IRA is bequeathed according to your wishes.
- It protects the IRA from withdrawal. An IRA Trust can regulate withdrawals. Limiting withdrawals ensures your beneficiaries
- can’t overdraw on the IRA;
- won’t be violating tax rules; or
- won’t reduce interest and tax-free increases in the account.
- A Trust protects the IRA from beneficiaries. If your beneficiary
- is a minor, he or she may not be able to withdraw the money. With a Trust, you can name a Trustee and still leave the money to a child or other minor;
- has special needs, a Trust can ensure they have a Trustee to help guide them in financial decisions; and
- lastly, has financial difficulties, marital problems or other challenges, a Trust prevents them from overdrawing the account. It also protects the IRA from being targeted by creditors, Bankruptcy proceedings, or other legal proceedings.
Now is the Time to Contact Our IRA Beneficiary Trust Lawyers
In conclusion, plan now to protect one of the most significant assets in your Estate. Contact Us Online or Call Us at 610-670-9000 for your personalized consultation. We have the experience and proven track record to protect your IRA, your entire Estate and best interests of loved ones.
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