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

Stop Brexit? UK's Labour party mulls backing new referendum

Sep 23, 2018

LIVERPOOL, England — Britain's Labour Party may hold the fate of Brexit in its hands — if only it can decide what to do. With the U.K. and the European Union at an impasse in divorce talks, many Labour members think the left-of-center opposition party has the power — and a duty — to force a new referendum that could reverse Britain's decision to leave the 28-nation bloc. Labour leader Jeremy Corbyn has long opposed that idea, and a showdown on the issue looms at the party's annual conference, which starts Sunday in the port city of Liverpool. As delegates...

As aid checks go out, farmers worry bailout won't be enough

Sep 23, 2018

WASHINGTON — Farmers across the United States will soon begin receiving government checks as part of a billion-dollar bailout to buoy growers experiencing financial strain from President Donald Trump's trade disputes with China. But even those poised for big payouts worry it won't be enough. And while support for Trump is near unwavering in the heartland, some growers say that with the November election nearing, such disappointing aid outcomes could potentially affect their vote. "It's pretty obvious that the rural agriculture communities helped elect this administration, but the way things are going I believe farmers are going to have to...

Swiss reject bids to improve food quality, protect farmers

Sep 23, 2018

GENEVA — Swiss voters on Sunday roundly rejected two proposals aimed at protecting Swiss farmers and ensuring that food from both domestic and foreign producers is healthier, more environmentally sound and animal-friendly. Projections for public broadcaster SRF showed 62 percent of voters rejecting the "Fair-Food Initiative," which would have required the government to promote environmentally sound, animal-friendly and fairly produced food, and could have involved requiring Swiss inspectors to travel abroad to conduct compliance checks. A separate, though somewhat similar, "Food Sovereignty" proposal aimed to underpin farmers' salaries and ensure that imported food meets Swiss standards. That was on course...

Iran-backed militias accused of reign of fear in Iraqi Basra

Sep 23, 2018

BASRA, Iraq — Hajar Youssif was on her daily commute to work, staring at her phone and flicking through her Instagram account when she looked up to find herself in an unusual location. The taxi driver had turned into an alley. When she questioned the driver, he sped up. "I started to feel uneasy and knew that something bad was going to happen," said the 24-year-old office administrator, who had taken part in protests over lack of clean water, frequent power cuts and soaring unemployment in her hometown of Basra, Iraq's oil capital and main port. She yelled and tried...

Germany's Porsche says it won't produce new diesel models

Sep 23, 2018

BERLIN — Porsche's chief executive says the sports car maker won't produce any new diesel models in the wake of parent company Volkswagen's diesel emissions scandal. CEO Oliver Blume told Sunday's Bild am Sonntag newspaper that, although Porsche itself never developed and produced diesel engines, its image has suffered from the scandal that erupted in 2015. He was quoted as saying the company wants to concentrate on "what we can do particularly well," citing high-performance gasoline models, hybrids and starting next year electric cars. Blume added: "That also means that there will be no more diesels from Porsche in the...

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