Retirement Trusts in Suffolk | Nassau | Long Island, New York
One of the largest assets an individual can accumulate over his or her lifetime is a retirement account. Without proper estate planning, your lifetime retirement savings may end up heavily taxed, leaving much less to your beneficiaries than anticipated.
For example, if a retirement fund does not list a beneficiary, your estate will become the beneficiary, and all of the funds contained in your retirement plan, IRA, Keogh, Roth, 403B, or 401K will have to be distributed within five years of your death. All of the income tax due on these retirement accounts will need to be paid as the funds are distributed. If beneficiaries are named for your retirement funds, those funds can continue to grow minus the required annual withdrawals for the lifetime of the surviving spouse or for an additional 10 years for other beneficiaries such as children or grandchildren. Where there are minor children or disabled beneficiaries, trusts can be created to extend the amount of time before withdrawals need to be made from the retirement trust.
When your beneficiaries liquidate a retirement account because they are not financially savvy or before they are required to liquidate it, the income tax on the appreciated value of the account will be due to the state and federal government. This can be substantial. At Makofsky Valente Law Group, P.C., our experienced New York Estate Planning Attorneys can assist you in preserving your retirement assets for succeeding generations.
Protecting Your Retirement Assets for Future Generations with Retirement Trusts
Our Estate and Trust Attorneys at Makofsky Valente Law Group, P.C. are very experienced and offer effective asset protection techniques that allow you to have more control over how IRA, Keogh, Roth, 403B or 401K, or other retirement plan distributions are made after your death in an effort to maximize the benefit of income tax deferral for your loved ones.
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*Certified by the National Elder Law Foundation.
The National Elder Law Foundation is not affiliated with any governmental authority. Certification is not a requirement for the practice of law in the State of New York and does not necessarily indicate greater competence than other attorneys experienced in this field of law.
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LOCATED IN GARDEN CITY, NEW YORK, Makofsky Valente Law Group, P.C. (formerly Makofsky Law Group, P.C. formerly Makofsky & Associates, P.C. formerly Raskin & Makofsky, LLP) HAS SERVED CLIENTS IN AREAS INCLUDING LONG ISLAND, NEW YORK CITY, MANHATTAN, QUEENS, BROOKLYN, BRONX, WHITE PLAINS, MINEOLA, HEMPSTEAD, LEVITTOWN, MASSAPEQUA, BETHPAGE, SYOSSET, OYSTER BAY, GLEN COVE, PORT WASHINGTON, MANHASSET, GREAT NECK, WOODMERE, VALLEY STREAM, ELMONT, FLORAL PARK, FLUSHING, KEW GARDENS AND FOREST HILLS, NEW HYDE PARK, EAST MEADOW, PLAINVIEW, Merrick, Westbury, Long Beach, Oceanside, Franklin Square, Huntington and Rockville Centre.
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*Certified as an Elder Law Attorney by the National Elder Law Foundation as approved by the American Bar Association. Certification is not required for the practice of law in the State of New York.