IRA LEGACY PLANNING
WHAT WILL YOUR LEGACY BE?
IRA accounts are often one of the largest assets passed on to loved ones. If you don’t expect to use your entire IRA during retirement, it may be time to consider IRA legacy planning.
Legacy planning for IRAs involves structuring your retirement accounts in a way that minimizes taxes and maximizes the financial benefit to your beneficiaries. A thoughtful plan can help your heirs receive more money over time, with less lost to taxes.
How Legacy Planning with IRAs Works
You may choose to use part of your IRA to create an income stream for your beneficiaries. Meanwhile, the remaining IRA balance can stay invested for continued tax-deferred growth. This strategy may result in a larger total distribution over your heirs’ lifetimes than a lump sum payout.
By incorporating IRA legacy planning into your broader estate and retirement plan, you create a structure that not only passes on wealth, but does so with greater efficiency and impact.
We Help You Build a Lasting Legacy
We’ll help you evaluate your retirement needs and determine if an IRA inheritance strategy is right for you. Our team works closely with attorneys and tax professionals to make sure your plan is structured to meet your personal and financial goals.
Our firm is not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. You should consult a legal or tax professional on any such matters.
Have Questions for Retirement Prosperity Group?
It can be difficult to make financial decisions without access to information. If you have questions or concerns about your current retirement strategy, feel free to contact us using the form below.