IRA Trust Lawyer in Lake Worth

Create an effective estate plan with your IRA trust lawyer in Lake Worth.

Lake Worth, Florida, also known as Lake Worth Beach, is a wonderful place for families to settle. Located in beautiful Palm Beach County, about 63 miles north of Miami, Lake Worth provides access to beaches and parks Florida residents love. If you adore your Lake Worth family home and want to make sure you can pass it down to your heirs, along with your hard-earned assets and heirlooms, you must establish an excellent estate plan. The Millman Law Group, founded by Aaron D. Millman, Esq., CPA, can help you create the best estate plan for your assets. We use a variety of estate planning tools, including an IRA trust. What is an IRA trust, and how can it help you pass down your assets? Contact The Millman Law Group today to discuss how different trusts may benefit you and to partner with your IRA trust lawyer in Lake Worth.

What Are IRA Trusts?

Retirement plan trusts, often known as IRA trusts, act as a “middleman” when transferring funds from your IRA to your heirs. During this transition, there is virtually minimal tax loss on inheritance or asset upkeep. There are two types of IRA trusts: accumulation trusts and conduit trusts. Whichever course of action best suits your goals may be determined with the help of your IRA trust lawyer in Lake Worth.

The Two Kinds of IRA Trusts

IRA Conduit Trusts

This simple IRA trust establishes a connection between the specified recipient and your IRA. The individual is the beneficiary of the trust, while the trust is the beneficiary of the IRA. This strategy preserves cash flow while successfully preventing creditors from seizing control of IRA assets.

Conduit trusts require a succession of minimum distributions to be made after the original IRA owner dies. The trust beneficiary must then compute and deduct a specific amount annually.

IRA Accumulation Trusts

When it comes to conserving money for several generations or protecting assets if the beneficiary is sued, accumulation trusts are usually the best choice. Because the trusts can contribute to your IRA for a longer length of time and have no minimum payment limitations, they are a superior alternative.

Even while gains in accumulation trusts are not subject to inheritance taxes, they are nevertheless subject to regular income tax. The tax rate may be impacted by a number of elements that fluctuate over time. It is always a good idea to speak with your IRA trust lawyer in Lake Worth to find out if this trust is right for you. Your Millman Law Group attorney will be knowledgeable about your financial condition and estate planning goals, so you may be able to make the best decision possible.

How Your IRA Trust Helps Protect Heirs From Bankruptcy

In the event that one of your heirs files for bankruptcy, an IRA trust can be quite helpful. This is so that the funds are protected from creditors by the trust that oversees the IRA fund. You may set up an IRA or a spendthrift trust to safeguard your heirs. You have to select the one that most closely matches your particular situation. The Millman Law Group offers free consultations to help you choose the trust that will maximize the benefits to your beneficiaries. We can go over the differences so you can be sure you’re going to make the right decision.

Explore Additional Estate Planning Tools in Lake Worth

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

When you’re ready to learn how to create the greatest estate plan possible, contact your IRA trust lawyer in Lake Worth, FL.

Contact The Millman Law Group and Your IRA Trust Lawyer in Lake Worth

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.