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

More News From Weekly Rebound

Anthony signs 1-year, $2.4 million deal with Houston Rockets

Aug 14, 2018

HOUSTON — Carmelo Anthony signed a one-year, $2.4 million deal with the Houston Rockets on Monday. Anthony was traded from the Oklahoma City Thunder to the Atlanta Hawks last month before the Hawks released him. Houston general manager Daryl Morey announced the signing and the Rockets posted a picture on social media of Anthony signing his contract. The 34-year-old joins a team led by MVP James Harden and star point guard Chris Paul. The Rockets hope the addition of Anthony will help them contend for their first title since 1995. They lost to the Golden State Warriors in the Western...

Hoops coach pleads not guilty for punch that killed tourist

Aug 14, 2018

NEW YORK — A rising college basketball coaching star accused of throwing a punch that killed a New York City tourist who had apparently mistaken him for an Uber driver pleaded not guilty Thursday to an assault charge. Wake Forest University assistant coach Jamill Jones attacked digital marketing guru Sandor Szabo around 1:15 a.m. last Sunday in Queens, causing him to fall and smash his head on the sidewalk, police said. Szabo, visiting from Boca Raton, Florida, banged on the window of Jones' SUV while looking for his ride after his stepsister's wedding, police said. A person familiar with the...

The Latest: Hoops coach pleads not guilty in tourist death

Aug 14, 2018

NEW YORK — The Latest on the college basketball coach accused of throwing a punch that led to the death of a New York City tourist (all times local): 11:15 p.m. A college basketball coach who police say threw a punch that killed a New York City tourist has pleaded not guilty to an assault charge. Wake Forest University assistant coach Jamill Jones was arraigned Thursday night on a misdemeanor assault charge and released on his own recognizance. Police say Jones attacked digital marketing guru Sandor Szabo around 1:15 a.m. last Sunday in Queens, causing him to fall and smash...

NBC has best ratings week for a network in 2 months

Aug 14, 2018

NEW YORK — NBC cut through the summer doldrums with the best week for a television network since the NBA Finals were seen on ABC two months ago. NBC was led, as is typical during the summer months, by "America's Got Talent." The competition show was seen by 11.8 million people last week, more than four million more than anything else on television, the Nielsen company said. Joining favorites like "American Ninja Warrior" and "World of Dance," NBC added a new competition series in "Making It," a crafting show co-hosted by former "Parks and Recreation" co-stars Amy Poehler and Nick...

'Charmed' makers defend reboot, tout its ethnic diversity

Aug 14, 2018

BEVERLY HILLS, Calif. — A roundup of news Monday from the Television Critics Association summer meeting, at which TV networks and streaming services are presenting details on upcoming programs. GIVE 'CHARMED' A CHANCE, CREATORS SAY The cast and producer of CW's new "Charmed" are defending the reboot as a story for its time. The drama series about three young half-sisters who are witches will confront modern issues including the #MeToo movement, executive producer Jennie Snyder Urman told a TV critics' meeting Monday. The varied ethnicity of the sisterly trio — white, Latina and African-American — also gives the reboot more...

Sign up now!