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MJ Byelich & Associates, LLC dba Attleboro Wealth Management is a Registered Investment Adviser. This program is solely for informational purposes. Advisory services are only offered to clients or prospective clients where MJ Byelich & Associates, LLC dba Attleboro Wealth Management and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by MJ Byelich & Associates, LLC dba Attleboro Wealth Management unless a client service agreement is in place….(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

As retirement assets are considered one of the most significant investments many Americans own, it is essential for them to plan their estate carefully. When it comes to IRA beneficiaries, there are several options available, including naming an individual or naming a trust. However, the latter can be a more complicated decision, and many people might not be aware of the pros and cons. To shed more light on this topic, a special webinar was conducted titled ‘Should you name a trust as your IRA Beneficiary?’

The debate over naming a trust as a beneficiary of an IRA is often twofold. On one side, it is believed that using a trust can offer a higher level of protection and control over where the funds go after the primary beneficiary passes away. On the other hand, there are concerns that using a trust can cause additional fees and tax implications, leading to less money going to heirs.

During the webinar, the speakers addressed some of the most common questions and concerns, such as the importance of drafting a trust that aligns with your goals, how taxes impact distribution, and the possible limitations associated with using a trust instead of naming an individual.

A few key takeaways from the conversation include understanding that trusts can help manage distributions and protect beneficiaries from over-spending, creditors, and other third-party issues. Additionally, the Internal Revenue Service (IRS) will require an RMD distribution schedule within ten years of the original IRA owner’s death, regardless of whether the funds are distributed to individual beneficiaries, trusts, or any other beneficiaries.

Furthermore, naming a trust, such as a standalone retirement trust, may be beneficial if the IRA owner has specific, unique circumstances, such as a special-needs child, or if the desired distribution is different from the standard ‘life expectancy’ distribution.

In closing, naming a trust as your IRA beneficiary should be approached with caution, and careful consideration of the different benefits and drawbacks should be made. By understanding the rules surrounding the use of trusts as IRA beneficiaries, individuals can make an informed, well-rounded decision fitting their goals and objectives. It is also advisable to consult with an experienced professional who can advise on strategies and the potential ramifications of naming a trust as an IRA beneficiary.

In conclusion, this special webinar provided a helpful discussion on a topic that can impact many individuals and families. Through continued education and understanding of estate planning, you can ensure that your assets are passed down to future generations effectively.