For many Americans, their largest asset is their IRA or Retirement Plan. They want these assets to pass on to their children after they die, but they are concerned about asset protection for the children. They don’t want a lifetime of work and savings wiped out by some of the real-life difficulties that families can have. They may have concerns about a beneficiary getting divorced, beneficiaries who have creditor problems, are spendthrifts, or are just not prepared to receive large sums of money yet, special needs, or other concerns. But they want to make sure their beneficiaries are able to defer IRA distributions as much as possible to delay and minimize the taxes the beneficiary will pay. For these beneficiaries, a carefully drafted trust can provide this asset protection and still allow the beneficiary to defer the taxes.
The Potter Law Firm knows the rules surrounding protecting these retirement assets. We have provided assistance to many individuals and families in North Carolina and Kentucky who want to make certain they are securely passing on these retirement assets to their children and grandchildren. Give us a call at (704) 944-3245 if you’re in North Carolina near Charlotte, (606) 324-5516 if you’re located in Ashland and (859) 372-6655 in Northern Kentucky to find out more. You can also contact us online to speak with a member of our legal team about your personalized retirement protection planning.