Preserve assets for your heirs with your IRA trust lawyer in Delray Beach.
Delray Beach is appealing to many people of all ages. Attractions like the Pineapple Grove Arts District and Cornell Art Museum make this smaller Florida city a creative oasis. Cultural and natural sites like the Morikami Museum, Japanese Gardens, and Wakodahatchee Wetlands make Delray Beach a vibrant and diverse place to live. Creating a robust estate plan is essential if you want to preserve your Delray Beach home, assets, and wealth and pass it down to your heirs. The Millman Law Group, led by Aaron D. Millman, Esq., CPA, is here to help you make the best decisions for your family. One of these choices may be to use an IRA trust. What is an IRA trust? Call The Millman Law Group to discuss your estate plan with your IRA trust lawyer in Delray Beach.
Understanding IRA Trusts
Retirement plan trusts, sometimes called IRA trusts, are intended to serve as conduits for directly transferring your IRA assets from you to your heirs. The money loses very little in terms of inheritance taxes or asset upkeep throughout this transfer. Conduit and accumulation trusts are the two different categories of IRA trusts. Whichever best meets your needs can be determined with the assistance of your IRA trust lawyer in Delray Beach.
The Two Kinds of IRA Trusts
Conduit Trusts
This IRA trust serves as an easy-to-understand conduit between the designated beneficiary and your IRA. The trust is named IRA beneficiary, while the individual is named the trust beneficiary. By creating a trust between the conduit and the “middleman,” this structure effectively facilitates the transfer of funds and shields IRA funds from creditors.
Following the death of the initial IRA owner, conduit trusts mandate a succession of minimum distributions. An annual specified amount must be calculated and withdrawn by the trust beneficiary.
Accumulation Trusts
Although sophisticated, accumulation trusts are frequently the best option for those wishing to preserve money for several generations or safeguard assets in the event that the recipient is sued. The trusts are favored because they may help your IRA grow for years to come and do not have mandatory minimum payout requirements.
Although accumulation trusts are exempt from inheritance taxes, their earnings are still subject to regular income tax. Many variables that change over time determine the tax rate they are subject to. It’s always advisable to consult your IRA trust lawyer in Delray Beach to see whether this trust is right for you. Your lawyer at Millman Law Group will be aware of your financial situation and your estate planning objectives, enabling you to make the best choice possible.
How Do IRA Trusts Shield Heirs From Bankruptcy?
An IRA trust might be especially helpful if one of your heirs faces bankruptcy. This is so that the assets are shielded from creditors’ seizure since the trust controls the IRA fund. You can choose to use a spendthrift trust or an IRA trust. You must determine which is ideal for you, given your unique circumstances. The Millman Law Group provides free consultations during which we can walk you through the differences and assist you in determining which trust will best safeguard your heirs.
Utilize Additional Estate Planning Tools in Delray Beach
The Millman Law Group may advise you on using IRA trusts in addition to other estate planning documents and tools. We can help you look into the following resources for estate planning:
- Life Insurance Trusts
- Revocable Living Trusts
- Special Needs Trusts
- Veteran Administration Benefits
- Spendthrift Trusts
- Living Wills
- Durable Power of Attorney
- Medicaid Planning
When you’re ready to discover how to draft the ideal estate plan, contact your IRA trust’s lawyer in Delray Beach.
Contact The Millman Law Group and Your IRA Trust Lawyer in Delray Beach
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.