Retirement Planning
Estate Planning for your retirement accounts is different than for the other types of assets that you own. It is critical to know and understand the options for planning for this special class of asset. Making sure that your retirement accounts are inherited in the right way by your children is not just for the wealthy.
Protecting Your Children’s IRA Inheritance is one of the most important things you can do for them.
A Retirement Protector Trust can create a barrier between creditors and your children who will inherit your retirement accounts. Creating a right kind of Trust will not only protect your children from a divorcing spouse, lawsuit or a bankruptcy, but it will also protect them from the state if and when they need to gain access to critical government programs such as SSI and Medicaid. In addition to the creditor protection, a Retirement Protector Trust offers you an opportunity to stretch the account through the trust, keeping the IRA, 401K or other retirement accounts in a tax deferred environment longer. The compounding effect of tax-deferral is crucial for your savings.
At First Class Counsel, we offer this special type of estate planning in order to help ensure your IRAs or other retirement accounts can stay in a tax deferral status for a lifetime after you are gone and to protect your children from divorcing spouses, lawsuits, creditors, and bankruptcies. We do this by helping you set up a Retirement Plan Trust to act as the receptacle of the required minimum distributions from your retirement accounts for the benefit of your children or other important beneficiaries after you are gone.
To learn more about our Retirement Plans and to discover if this type of trust is right for you, call our law firm today and we will schedule an appointment with one of our attorneys to go over the details of your accounts.
