IRA & Retirement Planning
Learn more about the various IRA and retirement plan options that MVP Law Group can provide. Contact us today for a Free Consultation to learn more!
IRA & RETIREMENT PLAN OPTIONS
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.
WHO WILL RECEIVE MY IRA AND/OR RETIREMENT SAVINGS
When the owner of a retirement account dies, the account can be bequeathed to a beneficiary. A beneficiary can be any person or entity that the owner has chosen to receive the funds. If no beneficiary is designated beforehand, the estate will generally become the recipient of the account.
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:
Survey your assets: Such as investments, savings, retirement plans, real estate, life insurance, annuities, businesses, other personal assets, etc.
List key contacts/relationships: Such as estate planning attorney, financial advisor and CPA to use for yourself and your family
Organize important papers: Will, Trust, deeds, beneficiary designations, life insurance policies and account statements
Estimate what you’ll need: To ensure financial security during your lifetime
Define your goals: Such as providing for your spouse, children, grandchildren, charitable donations, etc.
Get professional guidance: From an estate planning attorney, financial advisor and CPA
How MVP Law Group can help!
Problems arise when people don’t coordinate all of the correct methods of passing on their estate. If you have a well-drafted estate plan in place, you will ensure that your estate passes to whom you want, when you want, and is carried out in the manner you’ve chosen. You can rest assured that your family won’t have to endure the public process and costly matter of probate. The government won’t be able to take what you’ve spent a lifetime building. But you need to be aware of the many options that exist in estate planning – and you must choose your estate planning attorney wisely.
We offer a wealth of free information and free estate planning seminars in our area. Explore the resources available on our website or join us for a free Estate Planning Seminar.
We want you to feel confident about the choices you make – let us be your guide on the path toward preserving your family’s future.