IRA Trust Lawyer in Palm Beach County

Find your IRA trust lawyer in Palm Beach County at The Millman Law Group!

If you and your family reside in Palm Beach County, you know how appealing this community can be. Located along Florida’s Atlantic coast, Palm Beach County extends into the state’s rural center and includes the northern edge of the Everglades. Historical Gilded Age homes are still standing, and attractions like the Palm Beach Zoo make this county appealing for folks of all ages. Creating a smart estate plan is essential if you want to maintain your family’s Palm Beach County home and transfer property, assets, and wealth to your heirs. The Millman Law Group, led by Aaron D. Millman, Esq., can help you create a personalized plan with advanced estate planning tools. These tools include an IRA trust. What can these trusts do for your heirs? The Millman Law Group and your IRA trust lawyer in Palm Beach County can help you determine what is best for your family. Contact The Millman Law Group today to get started.

Understanding IRA Trusts

Retirement plan trusts, sometimes called IRA trusts, serve as a “middleman” in transferring your IRA assets from you to your heirs. During this changeover, little money is lost in inheritance or asset maintenance taxes. Accumulation trusts and conduit trusts are the two types of IRA trusts. Whichever choice best meets your objectives may be determined with the assistance of your IRA trust lawyer in Palm Beach County.

The Two Types of IRA Trusts

Conduit IRA Trusts

This easy-to-understand IRA trust links your IRA to the designated recipient. The individual is named the beneficiary of the trust, while the trust is the beneficiary of the IRA. This structure effectively permits the flow of funds while shielding IRA assets from creditors.

Conduit trusts require a succession of minimum payouts in the event of the original IRA owner’s death. The trust beneficiary is expected to determine and deduct a specific sum each year.

Accumulation IRA Trusts

Accumulation trusts are typically the greatest option for individuals who wish to store money for several generations or safeguard assets if the beneficiary is sued. The trusts are the better option because they don’t have any minimum payment requirements and can continue contributing to your IRA for many years.

Gains in accumulation trusts are nevertheless subject to regular income tax even though they are exempt from inheritance taxes. Several variables that change over time affect the tax rate they are subject to. It is always advisable to consult your IRA trust lawyer in Palm Beach County to determine if this trust is right for you. Your attorney at Millman Law Group will be aware of your financial situation and estate planning objectives, enabling you to make the best choice available.

How IRA Trusts Can Shield Heirs From Bankruptcy

In the event that one of your heirs files for bankruptcy, an IRA trust might be quite helpful. This is because the trust manages the IRA fund, which keeps the money safe from creditors. You can use an IRA or spendthrift trust to protect your heirs. You must choose the one that is ideal for you, given your unique circumstances. During a free consultation at The Millman Law Group, we can walk you through the differences and assist you in determining which trust will be better for your beneficiaries.

Advanced Estate Planning Tools in Palm Beach County

You can receive guidance on IRA trusts from The Millman Law Group in addition to other estate planning resources and documents. We can help you look into the following tools for estate planning:

When you’re ready to find out how to draft the ideal estate plan, contact your IRA trust lawyer in Palm Beach County.

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