Broward County, Florida, is an excellent place to establish a home and long-lasting relationships. Broward County is located on Florida’s East Coast, with Miami to the south and Palm Beach to the north. Cities like Fort Lauderdale and Hollywood help make this county the second-most populous in Florida. If you want to preserve your family’s lifestyle in Broward County, passing down hard-earned assets and wealth is essential. Your estate planning lawyer at The Millman Law Group can help you plan for your family’s future by using a variety of estate planning tools and documents. Depending on your specific circumstances, an IRA trust may be a beneficial tool for your family. If you want to learn more about different trusts and estate planning methods, contact The Millman Law Group to find your IRA trust lawyer in Broward County.

What Are IRA Trusts?

Trusts for retirement plans, often known as IRA trusts, act as a “middleman” when transferring assets from your IRA to your heirs. There is minimal tax loss on inheritance or asset upkeep during this transition. There are two types of IRA trusts: conduit trusts and accumulation trusts. With the help of your IRA trust lawyer in Broward County, you can decide which option best serves your goals.

The Two Kinds of IRA Trusts

Conduit IRA Trusts

This simple IRA trust establishes a connection between your IRA and the chosen beneficiary. The trust is designated as the beneficiary of the IRA, while the individual is identified as the beneficiary of the trust. This arrangement successfully keeps funds flowing while protecting IRA assets from creditors.

Conduit trusts require a succession of minimum payouts when the original IRA owner dies. The trust beneficiary is then required to determine and deduct a specific sum every year. 

Accumulation IRA Trusts

When it comes to protecting assets in the event that the beneficiary is sued or wants to preserve money for several generations, accumulation trusts are usually the best choice. The trusts are a superior choice because they can contribute to your IRA for a long time and have no minimum payment limitations.

Although gains in accumulation trusts are free from inheritance taxes, they are nevertheless subject to ordinary income tax. The tax rate is liable to be determined by several variables that vary over time. To ascertain if this trust is appropriate for you, it is always wise to speak with your IRA trust lawyer in Broward County. You may make the best decision possible since your attorney at Millman Law Group will be aware of your estate planning goals and financial status. 

How IRA Trusts Help Shield Your Heirs From Bankruptcy 

An IRA trust may be a significant help if one of your heirs files for bankruptcy. This is because the funds are protected from creditors by the trust that oversees the IRA fund. You can use an IRA or a spendthrift trust to safeguard your heirs. You have to select the one that best suits your particular situation. The Millman Law Group offers free consultations to help you decide which trust would work best for your beneficiaries. We can go over the differences so you feel comfortable making a wise decision. 

Explore Additional Estate Planning Tools in Broward County

The Millman Law Group is here to help you navigate estate planning, including advice on IRA trusts. We can assist you in researching the following estate planning resources: 

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

When you’re prepared to learn how to create the best estate plan, contact your Broward County IRA trust attorney. 

Contact The Millman Law Group and Your IRA Trust Lawyer in Broward County

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.