Part 3: The Comparison of Spendthrift Trust and Self-Directed IRA

by | Apr 5, 2023 | Self Directed IRA

Part 3: The Comparison of Spendthrift Trust and Self-Directed IRA




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I am not a licensed tax advisor. I do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction….(read more)


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In the world of estate planning, there are several options available to ensure that your assets are passed on to your heirs in the way that you see fit. Two popular choices are the Spendthrift Trust and the Self-Directed IRA. In this article, we will be exploring the differences between the two and which one may be right for you.

The Spendthrift Trust

A Spendthrift Trust is a type of trust that allows you to control how your assets are distributed after your death. The trust is set up with a trustee who is responsible for managing the assets and distributing them according to your wishes. The benefit of a Spendthrift Trust is that it can protect your assets from the creditors of your heirs. This type of trust is also beneficial for those who want to ensure that their heirs do not mismanage their inheritance.

However, one downside to a Spendthrift Trust is that it can be expensive to set up and maintain. Additionally, because the trustee has control over the assets, it may limit the flexibility of your heirs.

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Self-Directed IRA

A Self-Directed IRA is a retirement account that allows you to invest your assets in a variety of investments, including real estate, precious metals, and private equity. The main advantage of a Self-Directed IRA is that it allows you to control the investments in the account. This type of IRA is also beneficial for those who want to pass on their assets to their heirs as it can provide tax advantages.

One downside to a Self-Directed IRA is that the assets are not protected from the creditors of your heirs. Additionally, the IRS has strict rules regarding the management of Self-Directed IRAs, which can limit your investment options.

Which One is Right for You?

Deciding between a Spendthrift Trust and a Self-Directed IRA largely depends on your individual needs and goals. If you are primarily concerned about protecting your assets from the creditors of your heirs, then a Spendthrift Trust may be the right choice for you. However, if you are looking for more investment control and flexibility, then a Self-Directed IRA may be the best option.

It is important to consult with a financial advisor and an estate planning attorney to determine which option is best for your situation. These professionals can help you understand the benefits and drawbacks of each option and create a plan that aligns with your goals.

Conclusion

Both the Spendthrift Trust and the Self-Directed IRA are excellent options for estate planning. By understanding the differences between the two and consulting with professionals, you can create a plan that ensures your assets are distributed in the best way possible.

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