Continuous funding of a large individual retirement (IRA) account can create substantial future wealth for you and your spouse. What about your children? Can they still benefit if you pass on while your 401(k) or any tax qualified account still exists? At Strauss Attorneys, PLLC, located in Asheville and Hendersonville, North Carolina, we can answer your questions about IRAs and/or 401(k)s.

Complex Rules for an IRA or 401(k)

Individual retirement accounts have a complex set of rules and regulations that must be followed when the account holder dies. These regulations dictate how long the account can be held before cashing in and how much taxes must be paid, among others. With proper planning, however, an IRA or 401(k) can grow larger than the original inheritance amount.

Expensive Consequences without a Plan for your Retirement Plan

If an IRA or 401(k) is cashed in immediately by a designated beneficiary, the money can be severely depleted by state, federal and even estate taxes. At Strauss Attorneys, PLLC, our extensive estate planning experience gives us the ability to put your individual retirement account to work for your children and/or other named beneficiaries. We employ strategies designed to spread out any tax payments and promote the growth of the account.

Analyzing your Roth Conversion – Make an Intelligent Decision

The laws governing Roth Conversions can be used for your benefit. We can work with your CPA to help you determine whether an IRA Roth Conversion is right for you.

Let Our Experience Protect Your IRA or 401(k)

Just designating a beneficiary for your IRA or 401(k) does not provide the protection you need. We can help, but you need to be proactive in contacting us so we can get to work doing what we do best – protecting your finances from unnecessary taxes.


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