352.372.1011Gainesville, FL

Gainesville IRA Lawyer

Gainesville IRA Lawyer

Serving Clients in Gainesville and Throughout North Central Florida

Next to their home, the most significant asset owned by many individuals is an individual retirement account. If you are the owner of an IRA (or a 403(b) or similar account maintained by your employer), it is important that your beneficiary designation is current and that you have a contingent beneficiary designated on your account. Since these accounts are not subject to income tax until withdrawn, it's usually a good idea to withdraw only the minimum amount required by the Internal Revenue Code. If you die without properly naming a beneficiary, the account balance generally must be withdrawn within five years, thereby accelerating the income tax.

It is quite common for a parent not to want to put his or her entire IRA at the disposal of a child. Through the use of a specially designed trust, which I refer to as a stretch IRA trust, a parent can guarantee that an IRA account will be withdrawn over a child's life expectancy, rather than all at once.

Helping People With Estate Planning Needs for More Than 35 Years

If you or an elderly loved one have questions about estate planning and your retirement account, talk to us.  We will explain the options for naming an IRA beneficiary and help you choose the option most appropriate in achieving your objectives.

Gainesville Retirement Account Attorneys · IRA Planning Lawyer · Trusts

From our office in Gainesville, the estate planning firm of White & Crouch, P.A. advises and represents clients in communities throughout Alachua County, Marion County, Levy County, Putnam County, Clay County, Bradford County, Union County and Gilchrist County in North Central Florida. Call us at 352-372-1011 or contact the firm by email to arrange an initial consultation with us today.

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