PRACTICAL PLANNING FOR YOUR LEGACY: UNDERSTANDING YOUR IRA

Individual Retirement Accounts (IRAs), whether traditional or Roth, are a common retirement planning investment tool that most people are familiar with. Most are also familiar with the tax advantages of such accounts and that such accounts are permitted to grow on a tax-deferred or tax-free basis to assist with saving for retirement.

However, not everyone is familiar with the complex tax laws governing these prevalent accounts. Without purposeful informed planning, one is at risk for triggering pitfalls and penalties applicable to IRAs. The IRA default rules typically do not fit with the intent of most account holders and, unless addressed in the account owner’s estate planning documents, can signif icantly hinder the tax-deferral benefits associated with IRAs. For clients with estate plans involving trusts or charitable beneficiaries, these risks are amplified due to the increased complexity of naming trusts and charities as beneficiaries of an IRA.

Therefore, it is imperative that individuals not only address their IRAs in their estate planning documents, but that they do so on a well-informed basis. Failure to properly understand the myriad applicable rules can significantly limit the effectiveness of an otherwise well-advised estate plan.

Colton F. Castro and Alyssa L. Acquaviva are attorneys with William Parker. They focus on estate planning and estate and trust administration. They both hold an LL.M. in Taxation from the University of Florida College of Law. 

JOIN US FOR A BREAKFAST BRIEFING: Join Williams Parker attorneys Colton F. Castro and Alyssa L. Acquaviva for a seminar which will provide IRA account holders with the necessary knowledge to enable them to make informed decisions about how to structure their estate plan and IRA beneficiary designations in a manner that best fits both their tax planning and personal goals.

• Wealth management strategies for IRA account holders
• Minimum required distribution requirements and timing
• Tax penalties and how to avoid them
• Tax laws regarding the inheritance of IRA’s, including rollovers and beneficiary designations
• Charitable planning involving IRAs
• Structuring one’s estate plan to maximize the benefits available to IRA account owners and their beneficiaries

Wednesday, March 27, 8:30 - 10 a.m.
Art Ovation Hotel (downtown Sarasota) Admission is complimentary; however, seating is limited. 
Please RSVP to [email protected] to reserve your space.