August 9

5 Reasons to Protect Your Retirement Accounts Now

Retirement Planning

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During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates.

One lawsuit and POOF! Your lifelong, hard-earned savings could be gone.

Fortunately, there is an answer.

A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited assets from your beneficiaries’ creditors.

If your spouse or child inherits your retirement account, their creditors have the power to seize it and take it as their own.

If you’re like most people, you’re thinking of protecting your retirement account?

Here are 5 reasons we think you’re right.

You have substantial combined retirement plans

Spouses can use an SRT to shield one or the other from creditors.

You believe your beneficiary may be “less than frugal” with the funds

Anyone concerned about how their beneficiary will spend the inheritance should absolutely consider an SRT as you can provide oversight and instruction on how much they receive – and when.

You are concerned about lawsuits, divorce, or other possible legal actions

If your beneficiary is part of a lawsuit, is about to divorce, file for bankruptcy, or is involved in any type of legal action, an SRT can protect the assets they inherit from those creditors.

You have beneficiaries who receive assistance

If one of your beneficiaries receives or may qualify for, a need-based governmental assistance program, it’s important to know that inheriting from an IRA may cause them to lose those benefits. An SRT can avoid disqualification.

You are remarried with children from a previous marriage

If you are remarried and have children from a previous marriage, your spouse could intentionally (or even unintentionally) disinherit your children.  You can avoid this by naming the spouse as a lifetime beneficiary of the trust and then having assets pass on to your children after his or her death.

You’ve Worked Hard To Protect & Grow Your Wealth – Let’s Keep It That Way

You worked hard to save the money in those retirement accounts and your beneficiaries’ creditors shouldn’t be able to take it from them.

An SRT can help you protect your assets as well as provide tax-deferred growth.

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