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

Latest News

Abu Dhabi's Warner Bros. indoor amusement park opens in July

Apr 19, 2018

ABU DHABI, United Arab Emirates — Abu Dhabi will open a $1 billion indoor Warner Bros. amusement park this July, officials announced Wednesday, the latest offering in a crowded market in the United Arab Emirates where one marquee park already faces serious financial problems. The Warner Bros. World park, built by the Abu Dhabi government-owned Miral Asset Management, encompasses 1.65 million square feet (153,290 square meters) on Yas Island, a leisure destination for the Emirati capital. Officials say the draw of the Warner Bros. brand, encompassing cartoons and comic books, will help them overcome the challenges faced by other theme...

Israeli series exposes raw wounds from ethnic Jewish divide

Apr 19, 2018

JERUSALEM — An electrifying new documentary series on the problematic integration of Middle Eastern Jews by Israel's European founders in the 1950s has reopened old wounds of an ethnic divide within Judaism ahead of the country's 70th anniversary festivities. While Israel is marking the anniversary by highlighting its prosperity and successes, the country is still wrestling with divisions — and not only between Jews and Arabs. For Zionists who view the Jews as a people no less than a religion, the intra-Jewish rift is especially painful. "The Ancestral Sin" has ignited outrage and disbelief by arguing that the immigrants were...

AP PHOTOS: In war-torn Yemen, music lessons offer refuge

Apr 19, 2018

SANAA, Yemen — For the young people who receive lessons from Abdullah El-Deb'y, music is a refuge from the misery of Yemen's devastating war. El-Deb'y offers free lessons to students eager to escape — at least psychologically — for a time the suffering caused by the war and is seeking to form a national orchestra amid the bombing comprised of young Yemenis. "I have a passion for music because it is the language of peace, especially considering the bad times we're going through," El-Deb'y said recently. "Despite these circumstances, we will keep learning and playing music." A Saudi-led coalition has...

Vettel wins Bahrain, Raikkonen's car breaks mechanic's leg

Apr 19, 2018

SAKHIR, Bahrain — Sebastian Vettel just held on to win a dramatic Bahrain Grand Prix from pole position on Sunday, while his Ferrari teammate Kimi Raikkonen accidentally broke a team mechanic's leg after a botched tire change cost him a podium spot. Lewis Hamilton profited from Ferrari's mishap to finish third behind his Mercedes teammate Valtteri Bottas. Both Red Bulls failed, with Max Verstappen retiring moments after Daniel Ricciardo, facilitating Hamilton's transition from ninth on the grid to the podium. It could have been even better for Mercedes. Bottas almost overtook Vettel on the last lap, but Vettel made a...

Fashion show without catwalks promotes modest wear in Dubai

Apr 19, 2018

DUBAI, United Arab Emirates — A weeklong fashion event in Dubai is being held without catwalks, models or skin-baring designs. Instead, around 30 designers of fashionable modest wear— some Muslim and others not— from nearly two dozen countries showcased their long-sleeved and floor-length pieces on large screens. Buyers could see and touch the collections up close in one of Dubai's newest shopping districts, a shimmering maze of walkways and fountains. At the start of the event, a handful of designs were paraded around the plaza. "We did away with the catwalk. We thought that was one of the most antiquated...

Search for something?

Sign up now!

In Hip N Trendy, we constantly discover and share the best products in the market to make sure that you know what’s new. It’s always FUN to talk with people who have the same interests as us, don’t you agree?

Contact us: sales[at]hipntrendy.com