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 can be a significant part of your estate plan. Eventually, you and your beneficiaries will need to take money out of a retirement account and pay taxes on it. There are many different types of retirement plan options to consider that have a different bearing on taxes and estate planning. These options include:
Payroll Deduction IRAs
SIMPLE IRA Plans (Savings Incentive Match Plans for Employees)
401 (k) Plan
SEP Plans (Simplified Employee Pension)
Defined Benefit Plans
Employee Stock Ownership Plans (ESOPs)
Many different considerations must be taken into account before a retirement account should be placed into a living trust. Since there may not be additional tax benefits, only potential tax problems, from using a living trust for retirement accounts, careful consideration must be taken into account. While complex, an estate planning attorney can review these considerations with you in order to determine the best option for your retirement and estate plan.
In addition, find out more with our list of available Planning Resources and Frequently Asked Questions.
How MVP Law Group can help!
Problems can occur when people don’t correctly coordinate all of the aspects 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 your chosen manner. With the right estate plan, you can rest assured that your family won’t have to endure a public process and face high probate costs. The government will also not be able to take a large portion of 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 your area. Explore the resources available on our website, join us for a free Estate Planning Seminar, and request a Free Consultation.
We want you to feel confident about the choices you make, and we can be your guide on the path toward preserving your family’s future.