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The same thing with withdrawals of pre-tax money you contributed to a 401(k) or a traditional IRA throughout Withdrawals of your earnings from a Roth IRA are also not subject to that penalty. Once you turn age 70 ½ you must take Required Minimum Distributions from traditional IRAs and 401(k)s After you hit age 70 ½, you can’t contribute to a traditional IRA, but if you have earned income you can still contribute after-tax money to a Roth IRA.

Here’s a rundown of revocable or irrevocable trusts, credit shelter trusts, generation-skipping trusts Revocable Trusts Also known as a revocable living trust, this trust lets you manage your trust during Irrevocable Trusts This is the opposite of a revocable trust. Credit Shelter Trusts This trust can help wealthy married couples lower their estate taxes by maximizing Generation-Skipping Trusts This trust is established for the benefit of your grandchildren, as opposed

Many folks have the same issue with scattered finances: IRA here, 401(k) there, trust account, savings which to focus: Estate Planning: No excuses, you need to have an estate plan in place with a living trust Contributing to your 401(k)/IRA accounts and recognizing various deductions (e.g., charitable contributions Your Financial Trunk – Year-End Tips” #CharitableContributions #AssetProtection #EstatePlanningLawyer #IRAs

As a Harris County will and trust lawyer, I realize that those of us in the estate planning industry Wills and Trusts are key documents that do essentially the same thing, in theory. Cons A living trust can be more expense to set up initially. You will also have to transfer ownership of all assets that are placed in the trust. You cannot create a guardian for your children in a living trust.

ex’s beneficiary designation on separate documents like your employer-sponsored retirement accounts, IRAs beneficiary, he or she has the right to transfer all or part of the retirement assets into his or her own IRA Something like that could result in the original IRA owner’s children being legally cut out of any benefits A qualified trusts and estates lawyer can also help you deal with planning for minor children and those The law determines your beneficiaries unless you intercede” #AssetProtection #EstatePlanningLawyer #IRAs

What is a Special Needs Trust? your child; instead, they are owned by the Trust and managed by a Trustee of your choosing who will How may the assets in a Special Needs Trust be spent? Pooled Trusts are typically run by non-profits. #SpecialNeedsTrust #Trusts

to max out your retirement plan contributions through an employer-sponsored plan like a 401(k) or an IRA IRA contributions for 2015 can be made up until April 18, 2016. Giving a Charity Up to $100,000 from Your IRA. Thus, you can avoid paying income tax on an otherwise taxable distribution from an IRA by having the IRA trustee make the distribution directly to a qualified charity.

, GST trusts, or dynasty trusts. Once the trust is funded and the exemption applied, any future appreciation in trust assets is allocated to the trust beneficiaries directly. If it’s an irrevocable trust, you won’t have to pay GST tax even if the value of the trust assets increase Speak with an experienced trust attorney to set up a trust and take best advantage of the generation-skipping

The Many Advantages of Putting Property in a Trust Placing your real estate into a customized trust provides The terms of your trust stay private. trust assets. include: Revocable Living Trust : The most popular trust for property transfers in Texas. bypass trusts.

Benefits of a Revocable Living Trust A revocable trust can be a valuable tool for managing and distributing By transferring assets to a revocable living trust, you can avoid probate for the trust’s assets. over the trust’s assets. manage the trust’s assets. assets to the trust.

Revocable trusts are a very popular and useful estate planning tool, but the trust will be ineffective the trust”). In addition, revocable trusts – sometimes called “living” trusts – are incredibly flexible and can achieve However, you cannot take advantage of what the trust has to offer if you do not fund your trust with , and consult with your attorney before naming the trust as the beneficiary of your IRAs or 401(k) because

It will provide a comprehensive understanding of disability trusts, including the Special Needs Trust Types of Special Needs Trusts There are three main types of Special Needs Trusts. Needs Trusts Pooled Trusts First-Party Special Needs Trusts A First-Party Special Needs Trust is funded Pooled Trusts Pooled Trusts are managed by nonprofit organizations. This outlines the terms of the trust and designates a trustee. Next, you need to fund the trust.