IRA Estate Planning Problems | #RichLifeLawyer Show 70
When it comes to estate planning and IRA’s most people think simply designating a beneficiary to take the IRA when you pass is good enough.
But that’s not exactly the case.
There are a few reasons why this is a problem.
First, the beneficiary has complete control to withdraw all of the funds at once. That sounds like it might be fine, except for one problem: when they pull that money out, assuming you had a traditional IRA, they will have to pay income tax on that.
Second, assuming that the first problem happens, the beneficiary loses thousands and thousands of dollars that would have been accumulated in time as the asset grew.
Third, and finally, when they get this money it is open to creditors to attach and for other unscrupulous people to swoop in and try to take advantage.
If you’ve got a sizable IRA understand that simply designating a beneficiary is not enough.
You should consider trust planning to make buy antibiotics online from canada sure the asset is maximized and it is used for the right purposes.
Christopher Small knows how to help people get rich and live forever. He is more than just an estate planning lawyer. He wants to help you create legacy.
That’s what The #RichLifeLawyer Show is all about. It’s his way of providing awesome value for free. The goal of this show is to give you life hacks that will help you build wealth, create generational wealth, and protect your family.
You’ll find information here on estate planning, financial planning, productivity, finance, self-improvement, family protection, tax avoidance, and anything else Christopher thinks will help improve your quality of life (and after-life).
Christopher is a Bellevue estate planning lawyer with CMS Law Firm LLC. He is a speaker, a blogger, a husband, a father, a golfer, and really good at helping people create the life of their dreams.