Standalone Retirement Plan Trust<\/p>\n<\/div>\n
A common question I hear is “who should be named for beneficiaries of an IRA or retirement account?” \u00a0Should it be the spouse, the kids, the revocable living trust? \u00a0Typically, I hear, even professionals, say that it should be spouse first to accommodate a spousal rollover, then the living trust while the kids are minors, and then the kids, once they become adults.<\/p>\n
There is some wisdom in this planning, however, it is missing a huge opportunity that not enough estate planing lawyers and financial professionals are brining up. \u00a0That being the Standalone Retirement Plan Trust.<\/p>\n
The common wisdom is that it makes sense to name a spouse or individual the beneficiary of an IRA or retirement account for tax purposes. \u00a0What this allows is for a spousal rollover and continued deferment of taxes for a spouse. \u00a0For an individual, it would allow for an inherited IRA.<\/p>\n