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Ensuring Your Legacy: Estate Planning for IRAs and Other Retirement Accounts

Last update on: Nov 20 2019

IRAs and other qualified retirement plans, such as 401(k)s, are among the most valuable assets many people own. Often, the goal is to pass at least part of these accounts on to the next generation and let the tax-deferred compounding of any remaining funds continue until they are needed.

The IRS and the tax code make achieving this goal more difficult than many people realize. The rules for inherited IRAs aren’t what many people expect. Too often, people make mistakes when developing their estate plans for retirement accounts, and even more often, critical mistakes are made when someone inherits an IRA.

In this month’s Retirement Watch Spotlight Series, I’m going to address some of the retirement account questions I’m asked most often by readers and at my speaking engagements. Specifically, I’m going to explain some frequently made mistakes and how you and your heirs can avoid them. I also will show you how to maximize the after-tax value of your retirement accounts for yourself and your heirs.

In addition, you will learn how to navigate the rules, avoid penalties, minimize taxes and ensure your goals are accomplished. Plus, look for strategies that will help keep your heirs from wasting or mismanaging the retirement accounts and ensure the accounts will be there when needed.


In the next Spotlight Series:

5 Retirement and Financial Questions Most People Should Ask



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