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Estate
Planning for IRAs
Coordinating
the client’s estate plan with their IRAs may involve:
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Advising
clients on IRA minimum distribution planning, which includes selecting
primary and contingent IRA beneficiaries consistent with the
client’s overall estate plan;
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Design
of a Beneficiary Designation Trust, which is named as the primary
beneficiary of an IRA; and
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Income
Tax Planning.
Reasons
to consider a Beneficiary Designation Trust as the primary beneficiary of
an IRA:
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A
need to control the distributions from your IRA;
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Second
marriage situations and a desire to provide financial support for your
current spouse and an inheritance to your children from a previous
marriage;
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No
spouse, but your children are unable or should not be named as IRA
beneficiaries;
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Charitable
planning wishes;
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To
obtain the IRA Stretch benefits, when you doubt the beneficiaries will
leave the money alone; and
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Your
largest asset is the IRA and is needed to fund the Family Trust.
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