Boynton Beach is an attractive part of Palm Beach County, Florida. Located north of Miami, this coastal town includes sites like Caloosa Park and the Seacrest Scrub Natural Area. Families adore Boynton Beach for its access to fine beaches and activities and its proximity to larger cities. If you want to help your family retain your family home in Boynton Beach and maintain the assets or wealth required to maintain their lifestyle, creating an intelligent estate plan is essential. The Millman Law Group, led by Aaron D. Millman, Esq., CPA, can provide you with personalized, thoughtful estate planning services. We can help you determine which legal documents are best for your family, such as IRA trusts. What do these trusts do for your heirs? Call The Millman Law Group to discuss your goals with your IRA trust lawyer in Boynton Beach. 

What Are IRA Trusts?

The purpose of retirement plan trusts, often known as IRA trusts, is to act as a middleman in the direct transfer of your IRA assets from you to your heirs. During this transition, relatively little money is lost in asset maintenance or inheritance taxes. There are two IRA trusts: accumulation trusts and conduit trusts. Your IRA trust lawyer in Boynton Beach can help you determine which option best suits your needs. 

The Differences Between Two Types of IRA Trusts

Conduit Trusts

The specified beneficiary and your IRA are connected through this easily understood IRA trust. The individual is named the beneficiary of the trust, and the trust is named the beneficiary of the IRA. This arrangement protects IRA assets from creditors and efficiently allows the movement of cash by establishing a trust between the conduit and the “middleman.”

If the original IRA owner passes away, conduit trusts need a series of minimum distributions. The trust beneficiary is required to calculate and remove a certain amount each year. 

Accumulation Trusts

Even though they are complex, accumulation trusts are often the best choice for people who want to protect assets in case the beneficiary is sued or save money for several generations. The trusts are preferred since they have no required minimum payment limitations and can contribute to the growth of your IRA for many years to come.

Although accumulation trusts are immune from inheritance taxes, their gains are nevertheless subject to standard income tax. The tax rate they are subject to is determined by several criteria that vary over time. To determine if this trust is appropriate for you, it is always wise to speak with your IRA trust lawyer in Boynton Beach. You can make the best decision possible since your lawyer at Millman Law Group will be aware of your estate planning goals and financial status. 

Can IRA Trusts Shield Heirs From Bankruptcy?

If one of your heirs files for bankruptcy, an IRA trust may be quite beneficial. This is because the trust manages the IRA fund, protecting the funds from being seized by creditors. An IRA trust or a spendthrift trust can be used. You have to decide which, considering your particular situation, is best for you. We can help you decide which trust would best protect your heirs and take you through the differences during a free consultation at The Millman Law Group. 

Use Additional Estate Planning Tools in Boynton Beach 

The Millman Law Group can provide you with advice on IRA trusts as well as other tools and documents related to estate planning. We can assist you in researching the following estate planning resources:

• Revocable Living Trusts
• Special Needs Trusts
• Living Wills
• Medicaid Planning
• Durable Power of Attorney
• Spendthrift Trusts
• Veteran Administration Benefits
• Life Insurance Trusts

Get in touch with your IRA trust lawyer in Boynton Beach when you’re prepared to learn how to create the best estate plan. 

Contact The Millman Law Group and Your IRA Trust Lawyer in Boynton 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.