Shawn Weera On the Important Steps Leading to a Successful IRA Trust

There are several steps that must be taken to ensure the outcome achieved is consistent with the IRA owner’s wants and needs.

Grand Rapids, MI - April 16, 2018 /MarketersMedia/ —

For years, trusts have been thought to be the safest way to protect one’s assets and leave a legacy for others once the individual has passed. It is even common to see owners of Individual Retirement Accounts (IRA) designate a trust as the beneficiary in order to gain more control over how their assets will be distributed post mortem. While the benefits of doing so are undeniable, elder law attorney Shawn Weera recently revealed that there are still several steps that must be taken in order to ensure that the outcome achieved is consistent with the IRA owner’s wants and needs.

Almost anyone or anything can be made the beneficiary of an IRA, explained Weera. However, if it is a non-person, all of the account owner’s assets must be allocated within five years, and they are provided little control over how it is done. A trust would generally fall under this category, but if it is valid under state law an exception applies, and the oldest underlying beneficiary of the trust will determine the distribution options. Individuals often choose this method when they would like to schedule asset disbursement as opposed to lump-sum payments, allocate funds for specific purposes, such as financing education or housing, or provide for children from a previous marriage. For many Americans, they simply wish to gain more control over the disposition of their estate. Any conditions the IRA owner would like to be met can be established in a trust, which would then be made the responsibility of the trustee to comply with.

Shawn Weera went on to discuss a few measures that must be followed to ensure that designating a trust as the beneficiary of an IRA is the solution that it is meant to be. To begin with, the account owner should confirm that all provisions are acceptable to the IRA custodian and that they meet regulatory requirements. When designing any trust, an elder law attorney or other estate planning professional should be consulted for assistance with the language and the various complex process that must be carried out. When all parties involved have a clear interpretation of the provisions and an understanding of the applicable laws, it is much easier to guarantee that the IRA owner’s estate planning needs are met and maximized.

Shawn Weera, JD, MFP, is a nationally recognized asset protection expert and the President of the Law Offices of Shawn Weera. As a licensed elder law attorney, he has been helping retirees preserve their assets through wise and efficient planning for over 15 years. Weera currently provides long-term strategic solutions in the areas of estate, Medicaid, and veteran benefits planning. He is a member in good standing of the State Bar of Michigan, the Grand Rapids Bar Association, and the National Association of Elder Law Attorneys. Several times each month, he holds free seminars in the Grand Rapids area, where he educates attendees about a wide range of issues affecting Michigan retirees.

Shawn Weera - Michigan Elder Law Attorney: http://shawnweeranews.com

The Elder Law Firm P.C. - Home - Facebook: https://www.facebook.com/MichiganElderLaw

Shawn Weera - On New Medicaid Estate Recovery Laws: https://finance.yahoo.com/news/shawn-weera-medicaid-estate-recovery-203800822.html

Contact Info:
Name: SWN
Email: contact@shawnweeranews.com
Organization: ShawnWeeraNews.com

Source URL: https://marketersmedia.com/shawn-weera-on-the-important-steps-leading-to-a-successful-ira-trust/331571

For more information, please visit http://shawnweeranews.com

Source: MarketersMedia

Release ID: 331571

More News From Biz Daily Online

Asian shares decline as China reports slowdown in exports

Jan 16, 2019

BANGKOK — Shares were lower in Asia on Monday, extending the latest losses on Wall Street, as China reported a slowdown in exports. KEEPING SCORE: Hong Kong's Hang Seng index lost 1.4 percent to 26,299.19 while the Shanghai Composite fell 0.6 percent to 2,539.59. The Kospi in South Korea declined 0.7 percent to 2,061.25 and Australia's S&P ASX 200 gave up 0.3 percent to 5,757.50. India's Sensex dropped 0.6 percent to 35,801.95. Shares also fell in Taiwan and Southeast Asia. Japan's markets were closed for a holiday. CHINA TRADE: China said Monday that its exports to the U.S. contracted in...

Asian shares rally on hopes for China-US trade breakthrough

Jan 16, 2019

BANGKOK — Shares extended gains in Asia on hopes for progress in resolving the tariffs battle between the U.S. and China as talks appeared to have been extended in Beijing. KEEPING SCORE: Japan's Nikkei 225 index gained 1.3 percent to 20,472.79 and Hong Kong's Hang Seng jumped 2.5 percent to 26,512.06. The Shanghai Composite index surged 1.6 percent to 2,566.66 while South Korea's Kospi advanced 1.9 percent to 2,062.64. Australia's S&P ASX 200 surged 0.9 percent to 5,775.20. Shares also rose in Taiwan and Southeast Asia. CHINA-US TRADE: President Donald Trump tweeted that "Talks with China are going very well!"...

Asian shares mixed amid silence on China-US trade talks

Jan 16, 2019

BANGKOK — Shares were mixed in Asia on Tuesday as officials kept silent on talks in Beijing aimed at resolving trade tensions with the U.S. KEEPING SCORE: Japan's Nikkei 225 index gained 1.1 percent to 20,251.42 and the Hang Seng in Hong Kong added 0.3 percent to 25,905.82. Australia's S&P ASX 200 gained 0.6 percent to 5,716.90 and the South Korean Kospi gave up 0.2 percent to 2,033.62. Shares fell in Taiwan and Thailand but rose in Singapore and Indonesia. WALL STREET: Stocks extended gains Monday, lifted by buying of retailers and smaller companies after a report showed strong orders...

Stocks start 2019 on back foot after weak Chinese data

Jan 16, 2019

BEIJING — Stock markets started the new year with a tumble, as disappointing Chinese economic data on Wednesday renewed concerns that a global trade war is weighing on growth. KEEPING SCORE: In Europe, France's CAC 40 fell 1.6 percent to 4,653 and Germany's DAX retreated 0.2 percent to 10,531. Both had opened with losses in excess of 2 percent and 1 percent, respectively. London's FTSE 100 was down 0.9 percent to 6,667. On Wall Street, futures for the Standard & Poor's 500 and for the Dow Jones Industrial Average were both down 1.4 percent. ASIA'S DAY: The Shanghai Composite Index...

Asian stocks skid after weak China factory readings

Jan 16, 2019

BEIJING — Asian stock markets tumbled Wednesday as 2019 trading began, after surveys showed Chinese manufacturing weakening. KEEPING SCORE: The Shanghai Composite Index lost 1.1 percent to 2,465.29 and Hong Kong's Hang Seng fell 2.6 percent to 25,161.03. Japan's markets were closed. Seoul's Kospi lost 1.3 percent to 2,013.80 and Sydney's S&P-ASX 200 shed 0.9 percent to 5,593.80. Manila advanced while Singapore and Jakarta retreated. New Zealand was closed. CHINESE FACTORIES: Surveys by China's government and a major business magazine showed activity weakened in December as global and domestic demand cooled. Forecasters said that could send shockwaves through Asian economies...

About Us

Biz Daily Online gives a complete understanding of the world of business to you. Get today’s business news and learn about the trends that are affecting every business here.

Contact us: sales[at]bizdailyonline.com

Subscribe Now!