Among the most common reasons for using a trust are to protect assets against the cost of long-term care, other creditors and potentially to avoid certain types of taxes (but not all). So, why then would it not be advisable in many situations to put IRAs, 401(k)s, and other types of qualified retirement savings accounts into a trust? Long-Term Care Planner Kristin Daugherty and Attorney Jenna Franks give a very simple explanation in this clip from our Wine & Wills virtual event on Sept. 1. However, they also offer a scenario when it may be advisable to do so. In short, every individual's situation is unique and what our office would advise as someone's best option is according to each unique circumstance.
Among the most common reasons for using a trust are to protect assets against the cost of long-term care, other creditors and potentially to avoid certain types of taxes (but not all). So, why then would it not be advisable in many situations to put IRAs, 401(k)s, and other types of qualified retirement savings accounts into a trust? Long-Term Care Planner Kristin Daugherty and Attorney Jenna Franks give a very simple explanation in this clip from our Wine & Wills virtual event on Sept. 1. However, they also offer a scenario when it may be advisable to do so. In short, every individual's situation is unique and what our office would advise as someone's best option is according to each unique circumstance.