IRA & Retirement Planning

Retirement Plans and Estate Planning

At first glance, the concept of Individual Retirement Accounts (IRA), 401(k)’s and other retirement plans seems simple enough: A structured way to save for your golden years while deferring taxes on your growing nest egg. Unfortunately, that simple idea becomes one of the most complex areas of estate planning once IRS rules are applied.

Maximizing the Value of Your Retirement Assets

To ensure you are protected, an estate planning attorney must consider tax reduction techniques as they apply to your individual situation, and interpret complicated income tax rules and IRS regulations. Fortunately, our estate planning attorneys immerse themselves daily in the questions and concerns that IRA investors face in planning their estates.

6 Steps to Begin Planning
As you take steps to organize your affairs, decisions must be made concerning which family members are intended to benefit from the estate plan, which include your IRA and other retirement assets. Each choice you make may have important tax consequences. Consider these steps as you start to plan:

(1)  Survey your assets including investments, savings, retirement plans, real estate, life insurance, annuities, businesses, and other assets.

(2) Determine key relationships with certain individuals including a qualified estate planning attorney, financial adviser, and accountant.

(3) Organize important papers: Wills, Trusts, Deeds, Beneficiary Designations, Life Insurance Policies and Financial Statements.

(4) Estimate what you will need to ensure Financial Security during your lifetime.

(5) Define your goals for your family.

(6) Seek professional guidance from a qualified Estate Planning Attorney, Financial Adviser, and Accountant.