Protect Your Retirement Assets for Future Generations

Without proper estate planning, your beneficiaries may be forced to make full withdrawal of the remaining assets contained in your retirement plan, IRA, Keogh, Roth, 403B or 401K within five years of your death. Not only does premature withdrawal require your beneficiaries to lose the benefit of continued untaxed compounding of the retirement plan, it can also expose your love ones to significant income taxes during the years distributions are made.

Our Estate and Trust Attorneys at Makofsky & Associates, P.C. each possess more than 20 years of estate planning experience. We 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 and maximize the benefit of income tax deferral for your loved ones.

Speak to us, to minimize taxes and benefit your loved ones. Call (516) 228-6522 or contact us online.

Retirement Planning and Your Estate: Understand Your Options

You can include a retirement plan as a disposition in your will, but very specific language is necessary in order to maximize the benefits of the retirement account.

You can create a trust as a beneficiary of your retirement plan to control what happens to the assets after your death. You might want a retirement benefits trust if you are involved in a second marriage to provide your present spouse the benefit of an income stream and then pass the retirement accounts to your own children. You may not want your child to have control of the funds at an early age. You may have a disable child or a spendthrift child who should not have control.

The beneficiary of a retirement account must be a designated beneficiary. The IRS defines a designated beneficiary as an individual or a trust meeting certain requirements. Our attorneys can assist you in establishing a trust as beneficiary of your retirement plan that will be considered a “designated beneficiary” thereby avoiding the five-year withdrawal requirement. The trust must be carefully drafted to maintain the benefit of compounded tax-free growth.

What Are Your Estate Planning Objectives?

Recognizing that each family has unique circumstances, we tailor our estate planning services to your particular situation. An analysis of your financial situation, concerns regarding future beneficiaries, and estate planning goals will enable us to determine the most appropriate estate planning option with regard to your retirement plan assets. Who to you want to benefit from your retirement assets? How can you minimize estate taxes and allow your retirement assets to grow to their full potential for future generations?

Since 1991, Makofsky & Associates, P.C. has helped countless Long Island clients protect retirement assets and achieve their estate planning goals. To schedule an appointment with an attorney at our law firm call us today at (516) 228-6522 or contact us online.

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