Shawn Weera On the Important Steps Leading to a Successful IRA Trust

There are several steps that must be taken to ensure the outcome achieved is consistent with the IRA owner’s wants and needs.

Grand Rapids, MI - April 16, 2018 /MarketersMedia/ —

For years, trusts have been thought to be the safest way to protect one’s assets and leave a legacy for others once the individual has passed. It is even common to see owners of Individual Retirement Accounts (IRA) designate a trust as the beneficiary in order to gain more control over how their assets will be distributed post mortem. While the benefits of doing so are undeniable, elder law attorney Shawn Weera recently revealed that there are still several steps that must be taken in order to ensure that the outcome achieved is consistent with the IRA owner’s wants and needs.

Almost anyone or anything can be made the beneficiary of an IRA, explained Weera. However, if it is a non-person, all of the account owner’s assets must be allocated within five years, and they are provided little control over how it is done. A trust would generally fall under this category, but if it is valid under state law an exception applies, and the oldest underlying beneficiary of the trust will determine the distribution options. Individuals often choose this method when they would like to schedule asset disbursement as opposed to lump-sum payments, allocate funds for specific purposes, such as financing education or housing, or provide for children from a previous marriage. For many Americans, they simply wish to gain more control over the disposition of their estate. Any conditions the IRA owner would like to be met can be established in a trust, which would then be made the responsibility of the trustee to comply with.

Shawn Weera went on to discuss a few measures that must be followed to ensure that designating a trust as the beneficiary of an IRA is the solution that it is meant to be. To begin with, the account owner should confirm that all provisions are acceptable to the IRA custodian and that they meet regulatory requirements. When designing any trust, an elder law attorney or other estate planning professional should be consulted for assistance with the language and the various complex process that must be carried out. When all parties involved have a clear interpretation of the provisions and an understanding of the applicable laws, it is much easier to guarantee that the IRA owner’s estate planning needs are met and maximized.

Shawn Weera, JD, MFP, is a nationally recognized asset protection expert and the President of the Law Offices of Shawn Weera. As a licensed elder law attorney, he has been helping retirees preserve their assets through wise and efficient planning for over 15 years. Weera currently provides long-term strategic solutions in the areas of estate, Medicaid, and veteran benefits planning. He is a member in good standing of the State Bar of Michigan, the Grand Rapids Bar Association, and the National Association of Elder Law Attorneys. Several times each month, he holds free seminars in the Grand Rapids area, where he educates attendees about a wide range of issues affecting Michigan retirees.

Shawn Weera - Michigan Elder Law Attorney: http://shawnweeranews.com

The Elder Law Firm P.C. - Home - Facebook: https://www.facebook.com/MichiganElderLaw

Shawn Weera - On New Medicaid Estate Recovery Laws: https://finance.yahoo.com/news/shawn-weera-medicaid-estate-recovery-203800822.html

Contact Info:
Name: SWN
Email: contact@shawnweeranews.com
Organization: ShawnWeeraNews.com

Source URL: https://marketersmedia.com/shawn-weera-on-the-important-steps-leading-to-a-successful-ira-trust/331571

For more information, please visit http://shawnweeranews.com

Source: MarketersMedia

Release ID: 331571

Latest News

The Latest: Mayoral hopefuls want explanation of prosecutors

Mar 27, 2019

CHICAGO — The Latest on the case against "Empire" actor Jussie Smollett (all times local): 7 p.m. The two candidates seeking to succeed Chicago Mayor Rahm Emanuel are asking for a more detailed explanation for the dropping of charges against "Empire" actor Jussie Smollett. Former federal prosecutor Lori Lightfoot says the public has to be told what the underlying basis was for the Cook County State's Attorney Office's decision Tuesday. Lightfoot noted when the charges against Smollett were announced, it looked like prosecutors had a very airtight case against the actor for allegedly staging a phony attack and claiming he...

Trump border emergency survives as House veto override fails

Mar 27, 2019

WASHINGTON — The Democratic-led House failed Tuesday to override President Donald Trump's first veto, salvaging his effort to steer billions of extra dollars to erecting border barriers and delivering a victory to the White House in a constitutional and political clash that's raged for months. Lawmakers voted 248-181 to overturn Trump's veto, but that fell 38 votes shy of the required two-thirds margin. Just days after Attorney General William Barr announced that special counsel Robert Mueller had found Trump didn't scheme with Russia to help his 2016 election, Tuesday's vote bolstered Trump's drive to build a wall along the boundary...

Weary Venezuelans adapt to more nationwide power cuts

Mar 27, 2019

CARACAS, Venezuela — Venezuelans reacted with despair and resourcefulness on Tuesday as nationwide power cuts closed schools and businesses, paralyzing a nation that was only starting to recover from its worst blackouts earlier this month. The new outages, which began Monday, forced people to follow now-familiar routines: scour neighborhoods for food in the few shops that were open or seek out the few spots where they could find a signal on their mobile phones and get in touch with family and friends. The collapse of the power grid was yet another setback for a country whose oil reserves made it...

GOP lawmakers set goal of summer vote for trade deal

Mar 27, 2019

WASHINGTON — President Donald Trump and House Republicans moved to build congressional support for the U.S.-Mexico-Canada trade accord on Tuesday with lawmakers selling the plan as offering big benefits for American workers. But prospects remain uncertain as Democrats are in no hurry to secure a political victory for the president. GOP lawmakers emerged from a White House meeting knowing they likely have a narrow window to push it through both chambers of Congress, given that lawmakers tend to avoid tough trade votes during election season. "There are a lot of big wins for American workers in this agreement," said House...

Southwest 737 Max makes emergency landing in Orlando

Mar 27, 2019

ORLANDO, Fla. — A Southwest Airlines Boeing 737 Max made a safe emergency landing Tuesday in Orlando, Florida, after experiencing an engine problem, the Federal Aviation Administration said. The crew declared an emergency after taking off from Orlando International Airport around 2:50 p.m., and returned to the airport safely. No passengers were on board, and the aircraft was being ferried to Victorville, California, where Southwest is storing the airplanes. The 737 Max was grounded in the U.S. March 13 after a deadly crash involving a Max in Ethiopia on March 10. It was the second fatal crash involving the airplane....

Search

Deck Biz is an intelligent platform providing international and regional business news updates. You won’t get these insights elsewhere other than Deck Biz.

Contact us: sales@deckbiz.com