Asheville and Hendersonville Attorneys Ensuring Protection of Your Assets and Business Interests
Plan your legacy. Protect your assets. Contact our experienced Asheville and Hendersonville estate planning attorneys now at 828-258-0994 or 828-696-1811.
Continuous funding of a large individual retirement (IRA) account can create substantial future wealth for you and your spouse. What about your children? Can they still benefit if you pass on while your 401(k) or any tax qualified account still exists? At Strauss & Associates, P.A., located in Asheville and Hendersonville, North Carolina, we can answer your questions about IRAs and/or 401(k)s.
Complex Rules for an IRA or 401(k)
Individual retirement accounts have a complex set of rules and regulations that must be followed when the account holder dies. These regulations dictate how long the account can be held before cashing in and how much taxes must be paid, among others. With proper planning, however, an IRA or 401(k) can grow larger than the original inheritance amount.
Expensive Consequences without a Retirement Plan
If an IRA or 401(k) is cashed in immediately by a designated beneficiary, the money can be severely depleted by state, federal and even estate taxes. At Strauss & Associates, P.A., our extensive estate planning experience gives us the ability to put your individual retirement account to work for your children and/or other named beneficiaries. We employ strategies designed to spread out any tax payments and promote the growth of the account.
Let Our Experience Protect Your IRA or 401(k)
Just designating a beneficiary for your IRA or 401(k) does not provide the protection you need. We can help, but you need to be proactive in contacting us so we can get to work doing what we do best - protecting your finances from unnecessary taxes.
For more information or to schedule an appointment with an experienced lawyer, please contact us. We also welcome calls from financial planners and accountants in need of a retirement planning attorney for their clientele.
