Due to the financial crisis of the past few years, many people are starting all over, and plenty of those people borrowed from themselves.? Restoring funds in 401(k)s, IRAs, and other sources like mutual funds may not be easy to do, but every penny counts. Anyone who can should continue to put away what they can into their retirement fund.
Another way to make sure your children won?t have to carry you financially is to defer the taxes on your IRA by using the stretch option. This will allow you to maintain what is already in your IRA without paying taxes on it until the funds are distributed to those listed in your will. You?ll want to mention this idea to your Annapolis estate planning attorney so that he or she can guide you through the steps.
Lastly, you can create an irrevocable life insurance trust. To do this, your attorney will help you set up a trust in which the life insurance policy will be held, and upon your passing, the insurance monies will be distributed in a manner suitable to handling the costs of your funeral and other proceedings. They will also help ensure that a surviving spouse and children have something for their financial future.
An experienced Annapolis estate planning attorney can help you understand all your options for estate planning.? Experienced Estate Planning Attorney Seth B. Zirkle can discuss all your options and create a plan with you.? Call Mr. Zirkle at Hyatt & Weber, P.A. today at 410-505-4553.
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