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qualified estate planning attorney to ensure that you are doing all you can to effectively build and protect If you’re self-employed, look at a SEP IRA or Solo 401k that allow you to contribute more than a traditional IRA. basic estate planning documents in place: a will, powers of attorney, healthcare proxy, and perhaps a trust

A trustee is the person who will manage the assets that are in your trust. regarding assets in your trust. best interest of the trust beneficiaries. It is critical that a trustee follows the terms of the trust documents and the trust creator’s instructions #TrustAdministration #trustplanning #Trusts

This lets you name a person you trust to make financial and legal decisions for you if you can’t for Draft a Living Trust. A trust allows you to transfer property to your heirs without going through probate. A trust lets you specify when and how your heirs will receive assets, which is particularly helpful with money you earmark for that care will be spent, ask an estate planning attorney to create a detailed trust

Rollovers Individuals over the age of 70 may donate up to $100,000 a year to charities directly from the IRA count towards any required minimum distributions, or RMDs, that account holders must make from their IRAs Bequest in your Will or Revocable Trust One of the simplest and most direct ways to benefit a charity upon passing is to leave a bequest in your will or revocable trust. A bequest is a statement in your will or trust explaining how much you would like to leave to benefit

Life estate and inter vivos trust also are considered non-probate assets.   your reference: Assets held in joint tenancy with rights of survivorship Retirement accounts such as IRAs Life insurance proceeds that do not have the estate named as a beneficiary Assets held in a living trust If you would like to speak to a probate lawyer today to set up an estate plan to best protect your assets

don’t get ripped off,” tells of a retired high school teacher’s husband who—at age 82—was trying to protect Unfortunately, he was duped into purchasing an equity indexed annuity product that was totally unsuitable The insurance agent actually convinced the man to combine the funds from an IRA with non-qualified assets That, along with many seniors being more polite and trusting, often makes them marks for schemes by unscrupulous sales reps pushing inappropriate insurance and other financial products.

Property in trust. If you place property into a trust, the property passes to the beneficiaries of the trust, not according It is usually better to set up a special needs trust to provide for the child. If you would like your gifts to be conditional, a trust may be the better tool to use. In many of the cases mentioned here, a trust may be the best option.

instance, a couple, or in many instances, a surviving spouse, may have more than he or she needs in an IRA A simple swap strategy will let you use an IRA to provide a gift for charity, rather than your other This switch is accomplished by making the beneficiary of an IRA a charitable bequest. Philanthropy through IRAs is often an overlooked strategy. If you want to donate to charity and have no heirs, using the IRA is a no-brainer.

When will you need to start withdrawing from your respective retirement accounts like IRAs and 401(k) like a durable power of attorney, the executor of your estate, and the status of your will and living trust Mount Telegram (June 24, 2016) “Retirement and estate planning is a family affair” #AssetProtection #IRAs

If you end up unemployed due to a major health crisis, this will help you cover your costs and protect Do this in your fifties because the premiums will be cheaper and you’ll have protection if you need care Get a Roth IRA. If you don’t already have a Roth IRA account, consider adding one for tax-free income in retirement. You can make after-tax contributions to a Roth IRA or convert traditional IRA money to a Roth IRA if

Establish a Revocable Living Trust You can easily avoid probate in Texas by setting up a revocable living trust. With a revocable living trust, you have full control over your assets during your lifetime, and they The successor trustee can manage the trust assets without court intervention. Protection against challenges: Revocable living trusts can help minimize the risk of legal challenges

Protect Your Assets from Tax Liability To live out your retirement as stress-free as possible, you will Many use trusts to do just that, which will allow for more of your assets to be passed down to your loved IRS rules for calculating the required minimum distribution from IRAs and qualified retirement plans