IRA Trust Lawyer in Highland Beach

Partner with your IRA trust lawyer in Highland Beach with the Millman Law Group.

Are you a resident of Highland Beach, Florida? This beautiful town, located along the East Coast of Florida and in lovely Palm Beach County, is highly appealing to folks of all ages. In addition to stunning beaches, you can find the Atlantic Dunes Park, Gumbo Limbo Nature Center, and Bark Park Dog Beach. With proximity to other cities like Boca Raton and Miami, Highland Beach is a great place to create roots for generations of your family. If you want to preserve your assets, property, and wealth for your family after your death, creating an excellent estate plan is essential. The Millman Law Group, established by Aaron D. Millman, Esq., CPA, can help you navigate this process. We can help you explore all potential estate planning tools, including such documents as IRA trusts. If you are ready to work with your IRA trust lawyer in Highland Beach, you can contact The Millman Law Group today.

Why Individuals Use IRA Trusts

IRA trusts, also known as retirement plan trusts, serve as a “middleman” in transferring funds from your IRA to your heirs. There is essentially little tax loss on inheritance or asset upkeep throughout this changeover. IRA trusts come in two varieties: conduit trusts and accumulation trusts. Your IRA trust lawyer in Highland Beach can assist you in deciding which course of action best meets your objectives.

The Two Types of IRA Trusts

Conduit Trusts

The designated beneficiary and your IRA are connected by means of this straightforward IRA trust. The beneficiary of the IRA is the trust, and the beneficiary of the trust is the individual. This tactic successfully keeps creditors from taking ownership of IRA assets while maintaining cash flow.

Following the death of the original IRA owner, a series of minimum distributions must be placed into conduit trusts. The trust beneficiary must then calculate and deduct a certain amount each year.

Accumulation Trusts

Generally speaking, accumulation trusts are the best option for preserving money for future generations or safeguarding assets in the event that the recipient is sued. They are a better option because they have no minimum payment requirements and can make contributions to your IRA for a longer period of time.

Gains in accumulation trusts are liable to normal income tax even if they are not subject to inheritance taxes. Several factors that change over time may affect the tax rate. To determine whether this trust is appropriate for you, it is always a good idea to consult with your IRA trust lawyer in Highland Beach. You can make the greatest choice possible when your Millman Law Group attorney knows your financial situation and estate planning objectives.

How IRA Trusts Can Help Protect Heirs From Bankruptcy

An IRA trust may be beneficial if one of your heirs files for bankruptcy. This protection occurs because the trust in charge of the IRA fund will shield the money from creditors. To protect your heirs, you can create a spendthrift or IRA trust. In order to assist you in selecting the trust that would optimize the advantages for your beneficiaries, The Millman Law Group provides free consultations. We will go over the details of each trust to make sure you make the choice that best suits your needs.

Comprehensive Estate Planning Tools in Highland Beach

You may receive guidance on IRA trusts and other estate planning matters from the Millman Law Group. We can help you look into the following resources for estate planning:

Get in touch with your IRA trust lawyer in Highland Beach when you’re prepared to discuss your estate planning goals and plans for your family’s future.

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