For most Americans, a retirement account is the largest asset they will own when they pass away. If you have not done so already, it may be beneficial to create a trust to handle your retirement accounts. Simple beneficiary designations naming an individual may not take into consideration your estate planning goals. A trust is a great tool to address the mandatory 10-year withdrawal rule under the SECURE Act, providing continued protection of a beneficiary’s inheritance.

If you have beneficiaries with a disability or chronic illness, you may want to consider a special needs or supplemental needs trust. Beneficiaries are exempt from the 10-year payout rule, giving them more time for the retirement account to grow tax-deferred.

Now is a great time to review and confirm your beneficiary designations on your retirement accounts.

Schedule an appointment to learn more.