While there are significant benefits to establishing and passing on an Individual Retirement Account (IRA), there are also consequences: estate taxes, income taxes and other legal requirements that individuals and their family members must consider.
An IRA is basically a retirement plan, or trust, that is meant to protect retirement savings of an individual from tax penalties. The laws surrounding IRAs are complex and difficult to understand. When preparing an estate plan involving a large IRA, it is crucial to work with a skilled professional who can help you navigate the rules and create the best possible outcome for your heirs.
At Buchanan & Stouffer we help individuals use estate planning tools that allow surviving family members to take maximum advantage of assets while minimizing income tax consequences from inheriting assets such as IRAs and stretch IRAs.
Since 1979, hawse have assisted individuals and families in utilizing the most effective estate planning strategies to preserve and enhance their estates and safeguard them from tax consequences. Our team of lawyers helps clients balance income tax issues, estate planning strategies and personal goals so that you and your families benefit from IRAs both now and in the future.
During a thorough, one-on-one consultation with one of our experienced attorneys, we will establish and review your long-term estate planning objectives and address issues such as:
- Identifying your beneficiaries and ensuring that they qualify under provisions of law
- Properly managing incapacitated, spendthrift and minor beneficiaries
- Crafting trust provisions that enable a trust to hold and administer a retirement plan or IRA benefits without triggering negative tax consequences
- Planning for existing assets and future assets
Like many tools, an IRA can be tremendously useful, but only if properly used. Our job with IRAs is to make sure that happens.