Do you have IRAs or other retirement account that you plan to leave to your loved ones? If so, proceed with caution. Most people don’t know the law has changed: inherited retirement accounts no longer have asset protection, meaning they can be seized by strangers.
How Can Inherited IRAs Be Protected? Enter the Standalone Retirement Trust
Fortunately, retirement account protection still exists but only if you take action. Many people like you are using Standalone Retirement Trusts (SRT) to protect retirement assets. The SRT is a special type of revocable trust just for retirement accounts.
A properly drafted SRT:
The Bottom Line on Protecting Inherited IRAs
Unfortunately, the Supreme Court decision has made outright beneficiary designations for IRAs and other retirement accounts risky business. However, we are here to help you decide whether an SRT is a good fit for you and to answer your questions about protecting your retirement accounts. We look forward to hearing from you.
Give us a call at 305-456-7158 and we will schedule an Estate Planning Session for you or you can click Estate Planning Session to request we call you to schedule. Either way, do not wait, be protected and have peace of mind knowing you have the right Estate Plan that will not require probate.
Yahima Suarez, Esq.
Yahima Suarez, PA