Retirement Account FAQ
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We Can Answer Your Questions About Retirement Accounts

Many clients with retirement accounts have plenty of questions. And when they have uncertainties, it is important to talk with an experienced estate planning attorney. You want to make sure that your nest egg will last for you and your loved ones after you are gone.

Walker Law Group, L.L.C., has represented thousands of clients in Alexandria and throughout Louisiana since 1976. That’s more than four decades of experience providing reliable insight into ​managing retirement accounts. Our firm has assembled this list of frequently asked questions.

Q: What happens to my retirement account when I die?

A: The money and other assets in your retirement account will be passed along to the beneficiaries you have designated. At that point, your beneficiary must carefully make decisions as to what to do with the money and other assets in your retirement account. They must have the skill and maturity to address asset management, estate planning, financial planning and tax planning at the same time. This is why it is crucial for your beneficiaries to talk with a skilled estate planning attorney. Matters can be further complicated since different sets of choices exist for spouses and nonspouses. Among the options a former spouse has is rolling over the funds into their own retirement account, leaving it alone or withdrawing out regular distributions.

By leaving a retirement account to your beneficiary through a trust, you can be sure that your beneficiary has several options and the opportunity to make the right decisions after getting the proper advice from an experienced professional.

Q: Why should I designate a trust as the beneficiary of my retirement account?

A: When it comes to asset protection, control and wealth preservation, the limited choice of simply naming an individual as the beneficiary of your retirement account is woefully inadequate. Fortunately, a properly drafted trust can be employed as a go-between to overcome the inadequacies of being limited to only naming a beneficiary of a retirement account.

Naming a trust on behalf of a designated beneficiary of a retirement account creates an opportunity for advisers and beneficiaries to pause at the death of the account owner, and review the existing circumstances at the time and weigh options regarding the distributions – before irreversible financial elections are made. Then, after the pros and cons of each option are considered, the beneficiary can make an informed decision about whether to receive the inherited retirement account via the trust or to allow the retirement account go to the beneficiary free of trust. 

Attend A Seminar

If you want to learn more about how you can maintain control of your retirement accounts following death, Walker Law Group, L.L.C., is prepared to help you. With more than 40 years of experience, Mr. Walker leads a number of educational seminars to help community residents properly prepare and administer their assets. Contact us online or by calling 318-445-4516.

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