IRA Trusts Lawyer in Boca Raton

The Siegel Law Group, P.A. in Boca Raton, Florida helps South Florida families, seniors and their loved ones protect assets and prepare for the future with carefully considered IRA Trusts, also known as Retirement Trusts, as part of a Comprehensive Estate Plan.

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IRA Trusts in Boca Raton, Florida
Key Takeaways Regarding IRA Trusts in Florida

IRA Trusts in Boca Raton, Florida

As you embark on the journey of securing your financial legacy, understanding the intricacies of an IRA Trust is paramount. An Individual Retirement Account (IRA) allows you to save for retirement with tax advantages such as tax-free growth or tax deferment. An IRA Trust, also known as a Retirement Trust, is a Revocable Trust that contains the grantor’s (the person creating the Trust, also known as the settlor) retirement accounts for their beneficiaries after the grantor’s death. Because an IRA Trust is revocable — during the grantor’s lifetime — they can change it up until their death.

While an IRA owner cannot transfer IRA funds into a Retirement Trust, they can designate the Retirement Trust as the beneficiary and dictate the terms of the IRA funds upon their death. Because IRA funds lose their protection once distributed to beneficiaries, an IRA Trust safeguards these funds while they remain in the Trust.

At The Siegel Law Group, P.A. in Boca Raton, Florida, our Estate Planning attorneys understand the importance of an IRA Trust as an integral part of the Estate Planning process. A well-crafted Estate Plan considers your unique circumstances and goals and works to secure the future for your surviving spouse and other family members. Contact us today to schedule a free consultation.

For a free legal consultation with a Estate Planning lawyer serving Boca Raton, call 561-955-8515

Key Takeaways Regarding IRA Trusts in Florida

How an IRA or a Retirement Trust could benefit you and your family
How Income Tax Considerations and The SECURE Act affect your Retirement Trust strategy
Knowing the two types of IRA Trusts
Understanding the complexities of a Retirement Trust in Florida
Tax savings strategies and tools in association with a Florida Retirement Trust
How our Trust attorneys at The Siegel Law Group, P.A. can help you establish a Retirement Trust

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Benefits of a Florida Retirement Trust

The extensive benefits of a Retirement Trust can significantly impact your Estate Planning endeavors.

Asset Protection: By establishing a well-drafted Retirement Trust that complies with Florida laws, you can protect your retirement assets from creditors and prevent potential income tax liabilities.
Wealth Transfer: The Trust transfers wealth to future generations efficiently, if set up correctly with the help of an Estate Planning attorney.
Creditor Protection: A properly structured Retirement Trust can shield assets from creditors pursuing debts, providing a safeguard for your intended beneficiaries.
Estate Planning Flexibility: Retirement Trusts provide Estate Planning flexibility, allowing you to designate a trustee to oversee the distribution of funds and leave behind specific instructions for the management of the assets.
Tax Benefits: Certain types of Retirement Trusts, such as a Charitable Remainder Trust (CRT), offer tax-exempt status and can accept IRA assets without tax implications — enabling annual annuity or unitrust distributions.

These benefits underscore the importance of incorporating Retirement Trusts into comprehensive Estate Planning strategies in Florida. With careful consideration and the legal guidance of a knowledgeable Trust lawyer, you can maximize the protection and transfer of your retirement assets and leave a lasting financial legacy for your loved ones.

Why Choose The Siegel Law Group, P.A., P.A

Why Choose Siegel Law | Boca Raton Estate Planning Attorney | Call 561-955-8515

Our goal at The Siegel Law Group, P.A. is to help our clients and their families have better futures by addressing Elder Law concerns, preparing for life’s challenges through comprehensive Estate Planning and guiding personal representatives through the Probate process in Florida. We offer personalized solutions tailored to your needs while protecting your family’s legacy.

You can rely on our team to be here for you and by your side in the protection of your assets and interests:

We often work with the family members of an elder seeking comprehensive planning for care, protection of assets and related considerations such as protection and distribution of assets in circumstances such as Probate.
We take the important extra step of funding your Trust with your intended assets when we create your Trust, and we also routinely remind you in case you may have additional assets to fund.
We do a review of your Estate Plan with you every three years, discussing any changes in relationships, finances or laws that may affect your plans or intentions.
We educate our clients on bloodline planning to ensure children are in line for your assets when appropriate, preventing your assets from potentially being lost in divorces or blended family scenarios.
Our firm conducts free post-death consultation and successor seminars to guide your family through the full process.

With over 22 years of experience, our esteemed Florida firm guides you through each step of the Estate Planning process and tailors a plan that prepares for your concerns, your needs and a legacy for your family. Hablamos español.

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Professional Associations

Honoree 500 Law Firm in 2022 | Boca Raton Florida Estate Planning Attorney | Siegel Law Group, P.A.

Honoree 500 Law Firm in 2021 | Boca Raton Florida Estate Planning Attorney | Siegel Law Group, P.A.

Estate Planning Attorneys in Boca Raton | Call 561-955-8515

Avvo Client Choice 2019 - Top 500 Law Firm | Boca Raton Florida Estate Planning Attorney | Siegel Law Group, P.A.

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Income Tax Issues, the SECURE Act and the Role of a Retirement Trust

Some retirement accounts funded with pre-tax dollars, such as traditional IRAs, are taxed on distributions—something beneficiaries may not fully comprehend. Consequently, they may deal with an unexpected, substantial tax bill in April, due to the taxes they owe on the distribution. If they’ve spent the money, they may not be prepared to pay these taxes.

Adding insult to injury, the federal SECURE Act, which was signed into law on December 20, 2019 and became the SECURE Act 2.0 in late 2022, rewrote the rules about the duration of the time period over which an inherited retirement account can be distributed. Previously, distributions were “stretched” over the beneficiary’s life expectancy. However, distributions to non-spouse designated beneficiaries must be completed within 10 years from the date the beneficiary accepted the inherited IRA.

Per the SECURE Act, eligible designated beneficiaries—which include the IRA owner’s spouse, children under 18, disabled or chronically ill individuals and any other individual who is not more than 10 years younger than the deceased IRA owner—must withdraw the IRA balance over the beneficiary’s life expectancy or the owner’s life expectancy, whichever is longer. A surviving spouse can choose to withdraw IRA funds after their spouse dies according to their life expectancy or roll the inherited IRA into their IRA.

The 10-year time frame for non-spouse designated beneficiaries could lead to larger distributions during a given year—and more tax liability, particularly in cases where the distribution puts the beneficiary into a higher tax bracket. That’s where a Retirement Trust assists with proper management of distributions and tax liability.

Two Types of IRA Trusts

In Florida, individuals can establish two primary types of IRA Trusts: the Conduit Trust and the Accumulation Trust.

Conduit Trust: This Trust structure requires that any distributions from the IRA pass directly to the Trust beneficiaries. The Conduit Trust benefits individuals seeking to ensure that the required minimum distributions (RMDs) from the IRA pass on immediately to the trust beneficiaries.
Accumulation Trust: Unlike the Conduit Trust, the Accumulation Trust provides more flexibility because it allows the trustee, who manages assets, to retain the distributions within the Trust instead of immediately distributing them to the beneficiaries. This type of Trust can be advantageous in situations where beneficiaries may not need immediate access to the distributions or when you have concerns about Asset Protection and wealth preservation.

The Complexities of Florida Retirement Trusts

The complexities of a Retirement Trust stem from its associated unique legal and tax considerations.

Florida Retirement Trusts and Tax Savings

Retirement Trusts can offer tax savings through various strategies and structures, but consulting a Trust lawyer is critical for understanding the complexities of these Trusts and optimizing tax benefits. Here are some points to consider:

Charitable Remainder Trust (CRT): A CRT is tax-exempt and can accept IRA assets with no immediate tax consequences. The Trust pays out annual annuity or unitrust distributions, potentially offering tax advantages.
Distribution Taxation: The distribution from an IRA, whether categorized as Trust account income or not, is still subject to income tax. Proper planning and structuring of the IRA Trust can help mitigate tax consequences for the beneficiaries.
Florida State Tax Environment: Florida does not impose personal income tax, inheritance tax, or estate taxes, which means that the federal tax rules generally apply. However, understanding the federal tax consequences and opportunities for tax-efficient wealth transfer through an IRA Trust can help you maximize tax savings.
Beneficiary Tax Considerations: A Trust beneficiary may not benefit from the same tax savings as individual IRA beneficiaries. Structuring the IRA Trust and its distributions carefully can assist in optimizing tax savings for the beneficiaries.
Strategic Legacy Planning: Utilizing an IRA Trust as part of a comprehensive Estate Plan can provide opportunities for tax-efficient wealth transfer, Asset Protection and customized distribution strategies tailored to the unique circumstances of the beneficiaries and the account owner.

Given the intricate nature of tax planning and IRA Trusts, seeking legal or tax advice from experienced professionals in Florida can give you valuable insights and strategies for maximizing tax savings through these specific types of Trusts.

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How Can a Trust Attorney Help with Establishing a Retirement Trust?

A Florida Trust attorney can help in various ways:

Guidance on Trust Types: A Trust attorney can listen to details of your unique situation, then guide you in establishing a Retirement Trust that complies with tax laws and either transfers assets from the Trust to your beneficiaries immediately or does not permit beneficiaries to access Trust assets but allows the trustee to distribute the trust funds to your beneficiaries according to your preferences. Your Trust attorney can also advise you about other Estate Planning documents such as a Charitable Remainder Annuity Trust, Charitable Trusts, Generation Skipping Trusts, Irrevocable Trusts and Irrevocable Life Insurance Trusts. The goal of a well-devised Estate Plan is to fulfill your wishes for your surviving spouse, other family members, a charitable organization and any other individuals you want to care for after your death.
Legal Compliance: A Trust attorney can establish the Trust in compliance with Florida state laws and regulations, addressing any legal complexities and intricacies involved in the process.
Estate Planning Knowledge and Experience: Estate Planning attorneys can assist you in structuring the Trust to protect your estate and control Trust fund distributions according to your wishes.
Beneficiary Guidance: With the help of a Trust attorney, you can select trustees, leave behind instructions for fund distribution and explain the benefits of the “stretch” provision in a Retirement Trust to your eligible designated beneficiaries or the 10-year rule to your beneficiaries.
Tax Planning and Optimization: An experienced Trust attorney can help identify opportunities for tax savings, such as the “stretch” option, charitable giving strategies and more. Your attorney can also assist in structuring the IRA Trust to mitigate potential tax liabilities for beneficiaries.

By leveraging the knowledge and experience of a Florida Trust attorney, you can navigate the complex landscape of Retirement Trusts with confidence and carry out your wishes effectively after your death.

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Secure Your Legacy with The Siegel Law Group, P.A. — Offering Protection for Your Loved Ones, Peace of Mind for You

Due to the complexities of federal estate taxes and the importance of protecting those who remain beneficiaries, consulting a knowledgeable Trust attorney experienced with establishing Retirement Trusts is critical.

With a combined 100 years of experience, The Siegel Law Group, P.A. in Boca Raton, Florida wants to guide you through every step of the Estate Planning process. Our dedicated Estate Planning attorneys help South Florida families, seniors and their loved ones prepare for the future with tailored solutions such as Irrevocable Trusts, Revocable Trusts, Wills, Medicaid Planning and Special Needs Planning. We can also assist with the Probate process and Trust Administration.

Contact us at or complete our online form to schedule a complimentary consultation.

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