IRA Trust Lawyer in Deerfield Beach

Find your IRA trust lawyer in Deerfield Beach at the Millman Law Group.

Do you live in Deerfield Beach, Florida? Just south of Palm Beach County, this town features attractions such as the International Fishing Pier, Royal Palm Yacht and Country Club, and Sullivan Park. This can be a wonderful place to set down roots and raise generations of family members. If you wish to maintain your home in Deerfield Beach and preserve your assets for future heirs, you must carefully plan your estate with an experienced attorney. The Millman Law Group, led by Aaron D. Millman, Esq., CPA, can help navigate estate planning and the many documents and trusts that can help you craft a secure plan. One such trust is an IRA trust. How can an IRA trust help your family after your death? Your IRA trust lawyer in Deerfield Beach can help you understand. To get started, contact your lawyer at The Millman Law Group today.

Why People Choose to Use IRA Trusts

IRA trusts, also referred to as retirement plan trusts, act as a “middleman” when it comes to moving money from your IRA to your beneficiaries. During this transition, there is minimal tax loss on inheritance or asset maintenance. There are two types of IRA trusts: accumulation trusts and conduit trusts. Your IRA trust lawyer in Deerfield Beach can help you determine the best course of action to achieve your goals.

Comparing the Two Types of IRA Trusts

Conduit Trusts

Through this simple IRA trust, your IRA is linked to the specified recipient. The trust is the IRA’s beneficiary, and the individual is the trust’s beneficiary. This strategy effectively preserves cash flow while preventing creditors from acquiring IRA assets.

After the original IRA owner passes away, conduit trusts must receive a number of minimum distributions. The beneficiary of the trust must then figure out and subtract a specific amount annually.

Accumulation Trusts

In general, accumulation trusts are the greatest choice for protecting assets for future generations and providing protection in the event that the beneficiary is sued. Because they may contribute to your IRA for a longer length of time and have no minimum payment limitations, they are a superior choice.

Even while gains in accumulation trusts are exempt from inheritance taxes, they are nonetheless subject to regular income tax. The tax rate may be impacted by a number of variables that fluctuate over time. It is always a good idea to speak with your IRA trust lawyer in Deerfield Beach to determine if this trust is right for you. When your Millman Law Group lawyer is aware of your financial status and estate planning goals, you can make the best decision possible.

How Can IRA Trusts Protect Your Heirs From Bankruptcy?

In the event that one of your heirs declares bankruptcy, an IRA trust can be advantageous. The trust overseeing the IRA fund will protect the funds from creditors. You may choose to set up an IRA or spendthrift trust to safeguard your heirs. The Millman Law Group offers free consultations to help you select the trust that will maximize benefits for your beneficiaries. To ensure that you choose the trust that best meets your needs, we will go over the specifics of each one.

Advance Estate Planning Tools for Your Deerfield Beach Family

The Millman Law Group may offer you advice on IRA trusts and other estate planning tools. We can assist you in investigating the following estate planning resources:

When you’re ready to discuss your estate planning objectives and plans for your family, contact your IRA trust lawyer in Deerfield Beach, Florida.

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