318.445.4516

Greg Walker Law

318.445.4516

Retirement Account Protection

WHAT HAPPENS TO YOUR RETIREMENT WHEN YOU PASS AWAY?


When you die and have an individual designated as the beneficiary for your retirement account, that person can take a lump sum payment and get access to all your money at once. For some individuals, this scenario is no big deal.

But for anyone wanting to leave a financial legacy, the situation presents problems. Fortunately, recent changes in the way the IRS governs minimum required distributions makes it easier to spread your wealth to subsequent generations. The IRS changed the way it governs minimum distributions from retirement accounts to trusts. From a planning perspective, the modification was good news because it allows trust beneficiaries to “stretch out” the taxable required minimum distributions, in come situations, over multiple lifetimes.

7 STEPS TO LEAVING YOUR FAMILY A FINANCIAL LEGACY

1

Keep control

2

Know the law

3

Know your predators

4

Be prepared if your health fails

5

Plan now while you can

6

Work with qualified professionals

7

Know the costs and benefits

How to Ensure a Legacy of Lifetime
Income for Your Loved Ones

FAQ


Q.What happens to my retirement account when I pass away?
Q.Why should I designate a trust as the beneficiary of my retirement account?
Q.I’ve heard that if a trust is designated the beneficiary, then the retirement account must be paid out in five years?