Things to Consider When Naming a Trust or Estate as an IRA Beneficiary

When planning your estate, one of the critical decisions you’ll face is naming beneficiaries for your Individual Retirement Account (IRA). While many people designate their spouse, children, or other loved ones as direct beneficiaries, there are situations where naming a trust or your estate as the beneficiary may be advantageous. Today we’re going to take a closer look at this topic and the decisions you’ll need to make.

While naming a trust or an estate as an IRA beneficiary can offer control and protection, it's essential to weigh the benefits against the drawbacks. The Secure Act has changed the landscape, making it more crucial than ever to review your estate planning strategies. This episode will give you some things to consider, but you’ll want to lean on a professional to help you make the best decisions for you and your beneficiaries.

 

Here’s some of what we discuss in this episode:

• The impact of the SECURE Act and how beneficiaries manage their inherited assets.
• Why you’d want to consider a trust as an IRA beneficiary.
• The drawbacks of trusts and estates.
• The importance of seeking professional advice when it comes to setting up an estate plan.

 

Get in touch with Chessman Wealth: https://www.chessmanwealth.com/ 

The opinions voiced in The Money Knight podcast with Wade Chessman of Chessman Wealth Strategies are for general information only and are not intended to provide specific advice or recommendations for any individual. Past performance is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Investing involves risk, including possible loss of principal. No strategy assures success or protects against loss. To determine what may be appropriate for you, consult with your attorney, accountant, financial or tax advisor prior to investing.

Investment advisory services offered through CWM, LLC, an Investment Advisor. Carson Partners, a division of CWM, LLC, is a nationwide partnership of advisors.

Ed Slott’s Elite IRA Advisor Group is a group of financial professionals who pay a fee to attend a seminar that explores regulations, tax updates, and other issues regarding individual retirement accounts. It does not qualify a financial professional to provide investment recommendations, or advice. Ed Slott and Ed Slott’s Master Elite IRA Advisory GroupSM are not affiliated with CWM, LLC.