Parkland, Florida, is a part of Broward County. This city is located within the Miami metropolitan area, with access to beautiful beaches as well as Pine Trails Park and Terramar Park. Just next to Parkland sits the Everglades, making Parkland a lovely place to live for those who love the natural beauty of Florida. If you love living in Parkland with your family and want to make sure your hard-earned assets and wealth are passed down successfully, estate planning with an expert is essential. Your estate planning lawyer at The Millman Law Group can help you plan for the future of your family by using a variety of estate planning tools and documents. One of these tools is an IRA trust. If you want to learn how IRA trusts and other documents can help you create an efficient estate plan, contact The Millman Law Group to find your best IRA trust lawyer in Parkland. 

Understanding IRA Trusts

Retirement plan trusts, sometimes called IRA trusts, serve as a “middleman” in transferring assets from your IRA to your heirs. There is very little tax loss on inheritance or asset maintenance during this transition. Conduit trusts and accumulation trusts are the two varieties of IRA trusts. Your IRA trust lawyer in Parkland can assist you in determining which course of action best meets your objectives.

The Two Types of IRA Trusts

Conduit IRA Trusts

This straightforward IRA trust creates a link between your IRA and the designated recipient. The individual is named as the beneficiary of the trust, while the trust is named as the beneficiary of the IRA. This approach effectively prevents creditors from taking possession of IRA assets while maintaining cash flow.

When the original IRA owner passes away, conduit trusts mandate a series of minimum distributions. Then, each year, the trust beneficiary must calculate and deduct a certain amount. 

Accumulation IRA Trusts

Accumulation trusts are typically the greatest option when it comes to preserving money for several generations or safeguarding assets in the event that the recipient is sued. The trusts are a better option because they don’t have any minimum payment requirements and can make contributions to your IRA for an extended period of time.

Gains in accumulation trusts are liable to ordinary income tax even if they are not subject to inheritance taxes. Several variables that change over time may impact the tax rate. To discover if this trust is appropriate for you, it is always good to talk with your IRA trust lawyer in Parkland. Since your Millman Law Group attorney will be aware of your estate planning objectives and financial situation, you might be able to make the best choice available.

How Your IRA Trust Can Shield Heirs From Bankruptcy

If one of your heirs files for bankruptcy, an IRA trust might be of great assistance. This is because the trust that manages the IRA fund shields the money from creditors. To protect your heirs, you can establish a spendthrift trust or an IRA. The one that best fits your unique circumstances must be chosen. Free consultations are available from The Millman Law Group to assist you in selecting the trust that will benefit your beneficiaries the most. We can discuss the distinctions so you feel confident in your ability to make an informed choice. 

Consider More Estate Planning Tools in Parkland

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: 

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

Get in touch with your IRA trust lawyer in Parkland when you’re ready to discover how to draft your best estate plan. 

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

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.