Retirement Plan Distribution in Haddon Heights
Retirement Plan Distribution
Traditional IRAs and Roth IRAs work differently, but both are aimed at investing money now to provide for financial security when you retire. Regardless of the type of IRA, it may be beneficial to try to keep as much of your funds in the account as possible so that you can later pass it to your spouse, children or grandchildren. When you reach a certain age, however, you are required to withdrawal certain amounts of money based on your life expectancy and marital status. By enlisting the guidance of a Haddon Heights estate planning lawyer from my firm, you can learn about the best way to withdrawal from the account to keep the funds in your account to provide for your family after you pass on.
Naming a Beneficiary
There are different rules for 401(k) plans and IRAs with regards to your beneficiaries' rights. Generally, a spouse is the best choice for a beneficiary if you are concerned about taxes. A spousal beneficiary can delay distributions and even treat your IRA as his or her own IRA. Regardless of your choice of beneficiaries, I can advise you on the best way to pass the most of your IRA on to your loved ones.
Obtain the Services of Harris Law Offices
If you have an IRA or 401(k) you may want to use it as an estate planning tool. By keeping the maximum amount of funds in the account, you can pass your funds to your loved ones in a way that may completely avoid the probate process. With 30 years of experience, you can trust me and my team with your important retirement and estate planning matters. To learn more about the most effective way to withdrawal from your IRA or 401(k), complete a
free case evaluation today.
Contact my firm to better understand the benefits of estate planning and obtaining the legal services of Harris Law Offices.