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How Do I Use an IRA Trust?

NEST EGGThere are many different types of effective trusts to accomplish specific things in retirement and estate planning. Unfortunately though, many people don’t ever consider the use of trusts because of the perception that they are only for the ultra-wealthy. Actually, trusts are used by millions of people who just simply care about what happens to their wealth once they pass away. So, are you trustworthy?

The Kokomo Perspective recently posted an article titled “Are You Trustworthy?” The article explains that due to all the recent rule and distribution changes to IRAs and other retirement accounts, the IRA Trust has become much more popular and effective. An IRA Trust is a special type of revocable living trust that’s designed to receive your IRA accounts for the benefit of your loved ones after you pass away. The IRA Trust offers both protection and control.

The original article explains that an IRA is frequently one of the largest assets passed on to beneficiaries. However, as we hear about in the news, the inheritance of large sums of money by children or other heirs unable to handle wealth can cause many problems. The U.S. Supreme Court held last year that inherited IRAs are not protected from bankruptcy, so many individuals worry about losing an inherited IRA to creditors, divorce, taxes, or reckless spending. These concerns have sent many IRA owners searching for a better way to protect this money for their heirs.

You can learn more about this topic as well as other strategies on our website under the tab entitled: estate planning in Virginia. Be sure you also sign up for our complimentary e-newsletter so that you may be informed of all the latest issues that could affect you, your loved ones and your estate planning.    

Reference: Kokomo Perspective (March 29, 2015) “Are You Trustworthy?”

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Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.