Retirement IRA Trusts

The IRA Retirement Trust is a preferred method to give to the beneficiaries of your retirement account. Rather than simply naming beneficiaries for your IRA accounts, we recommend instead prepare one or more IRA retirement trusts to protect your beneficiaries, who are perhaps your children and grandchildren. Here are some of reasons why this makes good sense:
  • Choose future beneficiaries
  • Protection from Creditors
  • Utilize the Stretch for Income Tax Benefits – the trustee ensures that the inherited IRA would continue to be managed and stretched over the beneficiary’s lifetime.
  • Protect the IRA from Poor Judgement or Inappropriate Distributions by having a trustee in charge of an inherited IRA.

Irrevocable Trusts

An irrevocable trust cannot be amended, modified, changed or revoked. The written terms of the trust agreement are set after the trust has been created. An irrevocable trust can’t be modified or terminated without the permission of the beneficiaries or in some cases the court. The main reason for setting up an irrevocable trust is for estate and tax considerations. We can prepare an irrevocable trust that meets your needs.

Charitable Remainder Trusts

In a charitable remainder trust (CRT), an irrevocable gift is made to a tax-exempt irrevocable trust. You get back a stream of payments for life. A CRT is most advantageous with highly appreciated assets. One of the main benefits of these trusts is that you can donate assets whose value has grown significantly while avoiding the tax on the long-term capital gain on contributed appreciated property. This charitable giving strategy generates income and can enable you to pursue your philanthropic goals while also helping provide for living expenses.