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IRA & Retirement Planning 

 

IRA and Retirement Plans are also assets that are part of your Estate and should be considered when taking steps to create a estate plan that meets all of your goals.  It is important which family members or friends you would like to benefit from your estate plan, including your IRA and retirement accounts that are part of this plan.  

It is important to make a list of all of your assets so that your attorney is able to assess and come up with an estate plan that is best for you. You should then consider who you want to be the beneficiaries of these accounts. By setting up a Trust, you can make the Trust the beneficiary of these accounts so that the assets from these accounts go through the Trust, according to its terms, before reaching the beneficiaries.  You can also save money on estate taxes through this method.

There are  important tax consequences that you need to consider with these accounts and as a result it is important to speak to an experienced estate planning attorney about these concerns and to ensure that your beneficiary designations are set up correctly.