Whenever I learn something new, I just can not wait to share it with my readers. I attended a seminar this week and we discussed how one might leave their retirement plan to a loved one. The tax favored approach would be to to:
1. Leave it in Trust to a young individual. The life expectancy of that individual will be used to determine the payout period.
2. Leave your retirement benefits outright to your spouse. There are all kinds of benefits to the surviving spouse, one of which is the rollover into their own retirement account. This benefit is not available to other beneficiaries.
3. Leave it in Trust to a Charity
The least tax favored arrangement for retirement benefits would be
1. Leaving it to an older individual
2. Leaving in Trust for the spouse
3. Leaving it to your Estate
So you want to think about this very important asset when having your estate planning done.
Contact my office for a free consultation about this and other estate planning matters.
1. Leave it in Trust to a young individual. The life expectancy of that individual will be used to determine the payout period.
2. Leave your retirement benefits outright to your spouse. There are all kinds of benefits to the surviving spouse, one of which is the rollover into their own retirement account. This benefit is not available to other beneficiaries.
3. Leave it in Trust to a Charity
The least tax favored arrangement for retirement benefits would be
1. Leaving it to an older individual
2. Leaving in Trust for the spouse
3. Leaving it to your Estate
So you want to think about this very important asset when having your estate planning done.
Contact my office for a free consultation about this and other estate planning matters.
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