Jana R. McCreary, attorney and owner of McCreary Law Office, P.A., was the guest speaker at the May lunch meeting of Northeast Florida’s chapter of Women in Insurance and Financial Services. Ms. McCreary discussed using Standalone Retirement Trusts as a strong tool in a complete estate plan.
Choosing a beneficiary for a retirement account seems easy: most people choose their spouse, their children or grandchildren, their parents, or their siblings. But only the first in that group, one’s spouse, can actually roll over the funds into his or her own IRA so the funds can continue to grow, tax-deferred, until that person’s own retirement. What happens when the other beneficiaries inherit an IRA might not be what the holder intended; it might also be inadvisable in many financial situations.
Ms. McCreary explained to the WIFS members and guests about an option for their clients to use that would assist them in stretching the growth for their nonspouse beneficiaries. She discussed how using that option–a specific standalone trust–could help the attendees and their clients provide for their children and grandchildren (and others), using their IRA savings while gaining from the tax-deferred growth and while offering more protection to those funds.
Certified Financial Planners in attendance received continuing education credit; Ms. McCreary is a Continuing Education (CE) provider with CFP® Board. This presentation provided one hour of CE credit for CFP professionals present.
As the preeminent professional organization for women in the insurance and financial services industry, including financial planners and advisors, accountants, insurance agents, bankers, and attorneys, Women in Insurance & Financial Services (WIFS) dedicates itself to attracting capable women to the insurance and financial services sector, developing their talents and advancing them toward their fullest potential. The local Northeast Florida chapter meets monthly from September through June.
To Learn More
You can learn more about these trusts in a previous article Ms. McCreary posted here. Or if you’d like to discuss how such a trust might fit in your estate plan, call McCreary Law Office at (904) 425-9046.