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standalone trust—which is also known as an “IRA trust,” an “IRA stretch trust” or an “IRA protection trust.” But the assets in a standalone IRA trust are protected by trust law, and they’re also protected from trust. The accumulation trust is better if you require additional protection for the beneficiary who’s in a

For instance, is it better to put money in a Roth IRA or a traditional IRA? US News says in its recent article “Should You Contribute to a Traditional IRA or a Roth IRA?” This does not hold true for a Roth IRA. Reference: US News (May 19, 2016) “Should You Contribute to a Traditional IRA or a Roth IRA?” #AssetProtection #IRAs #RothIRA #TaxPlanning

Here are few ideas: If tax rates increase, qualified accounts don’t give you any protection from future Remember that when you set up a trust, your IRA cannot be retitled to your trust. The quick solution is to overcome this by simply changing the IRA’s beneficiary to their trust. Talk with an estate planning attorney to be certain that the IRA’s beneficiary is a trust that qualifies #EstatePlanningLawyer #IRA #401k #403b #Medicaid #VeteranBenefits #Trusts #RequiredMinimumDistributionRMD

In order to save for retirement, some individuals are considering converting their traditional IRAs to Roth IRAs in order to maximize their low-income years in a challenging economy. A big benefit of Roth IRAs is that, unlike a traditional IRA or 401(k) account, there are no required Traditional IRA account holders who convert their accounts into a Roth IRA must pay income tax on the A Roth can help to protect you from increased tax rates that you’ll encounter during your working life

One-third of U.S. households own at least one type of IRA, so chances are that you might inherit one USA Today’s article, “If you inherit an IRA, make a plan before doing a thing,” lists 10 common inherited IRA mistakes: Failing to set up the inherited IRA properly Using the incorrect Life Expectancy Tables—the beneficiary Failing to make a trustee-to-trustee transfer in the establishment of an Inherited IRA—no 60-day rollover rule here Including other non-inherited IRA funds to an inherited IRA Not confirming

more likely you are to favor a traditional IRA over a Roth IRA. About a third of Roth IRA investors are younger than 40, compared to just 15% of traditional IRA investors At the same time, just 24% of Roth IRA investors are older than 60, compared to 39% of traditional IRA investors, according to IRA account data from 2007-2014. into a traditional IRA.

If you’re here, you may be in the process of inheriting an IRA retirement account from your parent or Examples of these accounts include IRAs, 401(k)s, and pension plans. on inherited IRAs, your options depend on your relationship with the deceased. Traditional IRAs and Simple IRAs Both traditional IRAs and simple IRAs are subject to taxes when the Roth IRAs Inherited Roth IRAs are not subject to income tax when received by a beneficiary.

Creating a trust just might be the solution to help your family manage those expenses. Irrevocable Trust Shifting a loved one’s assets from “countable” to “non-countable” assets is best done through an irrevocable trust. Under an irrevocable trust, a trustee is named to manage the fund. But the trust also helps enable you or your loved one become eligible for Medicaid.

Asset protection is the legal action taken to protect your assets from creditors, divorce lawsuits, and Trusts. What Assets Can and Cannot be Protected? When Is the Best Time to Start Planning to Protect My Assets? the bank that you want to protect.

of the year to extend the law that let people make a tax-free donation of up to $100,000 from their IRA The RMD must be transferred directly from the IRA to the charity to be tax-free. Now that this law is permanent, IRA administrators have begun to simplify the process. Otherwise, the IRA administrator will write the check and send it directly to the charity. , contact the charity ahead of time and let it know a check will be coming from your IRA.

If you have been asked to serve as trustee for someone’s trust, it is your responsibility to successfully Read the trust- The trust will have all the information you need to carry out the wishes of your loved it is important to always think of their interest when it comes to the trust. that you should not borrow money or lend money to anyone from the trust. Invest trust funds prudently and productively – For this step we strongly suggest that you consult with

Retirees now must depend more on nonguaranteed sources of income—like 401(k)s and IRAs—to cover expenses Kiplinger’s (August 2016) “Shifting Gears from Saving to Spending in Retirement” #AssetProtection #IRA