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The following article will cover:

  • Protecting Retirement Assets with a Trust.
  • Creating a Retirement Trust.
  • Minimizing Estate Taxes in Estate Planning.

Protecting Retirement Assets In A Trust

Can A Trust Protect My Retirement Assets?

A trust can help protect your retirement assets, especially from estate tax liability. While retirement assets are already protected from creditors by law, it is crucial to ensure that your beneficiary designations are up to date.

Leaving assets in a trust can protect them from creditors after the spouse and ensure that they are distributed to the appropriate beneficiaries. In the case of special needs children, a trust can protect the assets and prevent the termination of benefits or mismanagement of the assets.

How Is A Retirement Trust Created?

A retirement trust can be incorporated into your estate plan as part of your revocable living trust. The language allowing for the creation of a retirement trust should be included in your estate plan to facilitate its establishment on a contingency basis. This will enable the trust to manage and distribute the retirement assets according to the stipulated rules.

Can You Help A Client Plan To Minimize Estate Taxes?

Estate tax planning can involve using various legal strategies, including trusts and irrevocable trusts, to minimize taxes. Though an estate planning attorney may not be directly involved in minimizing income taxes, they can coordinate with financial professionals to ensure proper planning.

Taxes, whether income or estate taxes, will need to be paid eventually, so it is essential to include tax planning in your overall estate plan. Taking advantage of IRS regulations to minimize taxes is both legal and advisable.

For more information on Protecting Retirement Assets In A Trust, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (972) 366-7201 today.

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