Find your IRA trust lawyer in Boca Raton at The Millman Law Group!
Life in Boca Raton is appealing to people of all ages. This southeastern coastal Florida city is known for its wonderful beaches, parks, and golf courses. Families and individuals alike can enjoy visiting the Red Reef Park and its Gumbo Limbo Nature Center or stroll through the Boca Raton Museum of Art. You can create a legacy for your family by establishing a home in Boca Raton. You can also prepare for your family’s future by estate planning with The Millman Law Group. Our firm, led by Aaron D. Millman, Esq., CPA, features a team of skilled and experienced estate planning attorneys. We can help you understand all the tools you can use to preserve your estate for your heirs. One tool is an IRA trust. How can this trust benefit your family? Call The Millman Law Group today to discuss your estate with your IRA trust lawyer in Boca Raton.
What Are IRA Trusts?
IRA trusts, also known as retirement plan trusts, are designed to be vessels for your IRA funds to pass from you directly to your heirs. During this transfer, the funds incur minimal loss from asset maintenance or inheritance taxes. There are two distinct types of IRA trusts: conduit and accumulation trusts. Your IRA trust lawyer in Boca Raton can help you determine which suits your needs better.
The Two Types of IRA Trusts
Conduit Trusts
This IRA trust acts as a straightforward link between your IRA and the intended beneficiary. The trust is named as the IRA beneficiary, and the individual is named as the trust beneficiary. This arrangement makes the conduit trust the “middleman,” efficiently facilitating a transition of funds and protecting IRA funds from creditors.
Conduit trusts require a series of minimum distributions after the original IRA owner dies. The trust beneficiary will need to calculate and withdraw a mandated amount each year.
Accumulation Trusts
Accumulation trusts are complicated but often the preferred solution for people looking to maintain wealth across several generations or protect assets when the beneficiary may face litigation. The trusts are preferred because they do not have required minimum distributions and can serve as a vessel for your IRA to grow for years to come.
Accumulation trusts avoid inheritance taxes but are still charged standard income tax on their gains. The rate at which they are taxed depends on numerous factors that change over time. It’s always best to decide if this trust is best for you with the help of your IRA trust lawyer in Boca Raton. Your Millman Law Group attorney will understand your finances and goals for your estate and can help you make the most effective decision.
How Can IRA Trusts Protect Heirs From Bankruptcy?
IRA trusts can be particularly useful when one of your heirs is at risk for bankruptcy. This is because the trust owns the IRA fund, which protects the assets from being seized by creditors. You may decide between using an IRA trust or a spendthrift trust. Based on your specific situation, deciding which is best can be difficult. The Millman Law Group offers free consultations where we can explain the differences to you and help you evaluate which trust will better protect your heirs.
Explore Additional Estate Planning Tools in Boca Raton
The Millman Law Group can recommend IRA trusts as well as other estate planning tools and trusts for you to utilize in Boca Raton. We can assist you in exploring the following estate planning resources:
- Revocable Living Trusts
- Durable Power of Attorney
- Living Wills
- Life Insurance Trusts
- Medicaid Planning
- Veteran Administration Benefits
- Spendthrift Trusts
- Special Needs Trusts
Get in touch with your Boca Raton IRA trust attorney now if you’re prepared to learn how to create your perfect estate plan.
Contact The Millman Law Group and Your IRA Trust Lawyer in Boca Raton
Millman Law Group, PLLC is one of the only law firms that offers life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team specializes in special needs trusts and catering to any age demographic because we know that it’s never too early to start preparing for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, LinkedIn, and Pinterest. You can also contact us at 561-463-6480.