Florida is a sought-after destination for retirees and families alike, offering stunning coastal views, warm weather, and a vibrant lifestyle. Whether you reside in Miami, Palm Beach, Fort Lauderdale, or along Florida’s scenic coastline, establishing a solid estate plan is essential for protecting your family’s assets and ensuring a smooth transfer of wealth to future generations.

One effective estate planning tool is an IRA Trust, which allows you to transfer retirement funds to your beneficiaries in a controlled and tax-efficient manner. With proper structuring, an IRA Trust can help maximize inheritance benefits, protect assets from creditors, and ensure that funds are distributed according to your wishes. This strategy can be particularly valuable in Florida, where many retirees want to secure their financial legacy while minimizing complications for their heirs.

At The Millman Law Group, Aaron D. Millman, Esq., CPA specializes in estate planning solutions tailored to Florida residents. Whether you live in Miami-Dade, Broward, or Palm Beach County, our team is here to guide you through the process of setting up an IRA Trust that aligns with your financial goals.

Contact The Millman Law Group today to consult with an experienced IRA Trust lawyer in Florida and take the next step in safeguarding your family’s future.

Why Do People Choose to Use IRA Trusts? 

IRA trusts, sometimes 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 Florida can help you determine the best course of action to accomplish your goals.

Comparing the Two Types of IRA Trusts

Conduit Trusts

This is a simple IRA trust that links your IRA to the selected recipient. The trust is the IRA’s beneficiary, and the individual is the trust’s beneficiary. This strategy effectively safeguards cash flow and prevents creditors from acquiring IRA assets.

After the original IRA owner passes away, conduit trusts must receive a number of minimum distributions. A certain sum must then be calculated and subtracted annually by the trust recipient. 

Accumulation Trusts 

In general, an accumulation trust is the greatest choice for protecting assets for future generations and providing defense in the event that the recipient is sued. They may contribute to your IRA for a longer length of time and have no minimum payment limits, making them a better choice.

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

How Do IRA Trusts Shield Beneficiaries From Bankruptcy? 

In the event that one of your heirs declares bankruptcy, an IRA trust can be advantageous. The trust that oversees the IRA fund will protect it from creditors. You may also choose to set up an IRA or a 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. We will review each trust’s specifics to ensure you choose the one that best meets your needs. 

The Millman Law Group Offers Comprehensive Estate Planning Tools

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:   

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

When you’re ready to discuss your estate planning objectives and family plans, get in touch with your IRA trust lawyer in Florida at The Millman Law Group. 

Contact The Millman Law Group and Your IRA Trust Lawyer in Florida

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.