Shawn Weera On the Important Steps Leading to a Successful IRA Trust

There are several steps that must be taken to ensure the outcome achieved is consistent with the IRA owner’s wants and needs.

Grand Rapids, MI - April 16, 2018 /MarketersMedia/ —

For years, trusts have been thought to be the safest way to protect one’s assets and leave a legacy for others once the individual has passed. It is even common to see owners of Individual Retirement Accounts (IRA) designate a trust as the beneficiary in order to gain more control over how their assets will be distributed post mortem. While the benefits of doing so are undeniable, elder law attorney Shawn Weera recently revealed that there are still several steps that must be taken in order to ensure that the outcome achieved is consistent with the IRA owner’s wants and needs.

Almost anyone or anything can be made the beneficiary of an IRA, explained Weera. However, if it is a non-person, all of the account owner’s assets must be allocated within five years, and they are provided little control over how it is done. A trust would generally fall under this category, but if it is valid under state law an exception applies, and the oldest underlying beneficiary of the trust will determine the distribution options. Individuals often choose this method when they would like to schedule asset disbursement as opposed to lump-sum payments, allocate funds for specific purposes, such as financing education or housing, or provide for children from a previous marriage. For many Americans, they simply wish to gain more control over the disposition of their estate. Any conditions the IRA owner would like to be met can be established in a trust, which would then be made the responsibility of the trustee to comply with.

Shawn Weera went on to discuss a few measures that must be followed to ensure that designating a trust as the beneficiary of an IRA is the solution that it is meant to be. To begin with, the account owner should confirm that all provisions are acceptable to the IRA custodian and that they meet regulatory requirements. When designing any trust, an elder law attorney or other estate planning professional should be consulted for assistance with the language and the various complex process that must be carried out. When all parties involved have a clear interpretation of the provisions and an understanding of the applicable laws, it is much easier to guarantee that the IRA owner’s estate planning needs are met and maximized.

Shawn Weera, JD, MFP, is a nationally recognized asset protection expert and the President of the Law Offices of Shawn Weera. As a licensed elder law attorney, he has been helping retirees preserve their assets through wise and efficient planning for over 15 years. Weera currently provides long-term strategic solutions in the areas of estate, Medicaid, and veteran benefits planning. He is a member in good standing of the State Bar of Michigan, the Grand Rapids Bar Association, and the National Association of Elder Law Attorneys. Several times each month, he holds free seminars in the Grand Rapids area, where he educates attendees about a wide range of issues affecting Michigan retirees.

Shawn Weera - Michigan Elder Law Attorney: http://shawnweeranews.com

The Elder Law Firm P.C. - Home - Facebook: https://www.facebook.com/MichiganElderLaw

Shawn Weera - On New Medicaid Estate Recovery Laws: https://finance.yahoo.com/news/shawn-weera-medicaid-estate-recovery-203800822.html

Contact Info:
Name: SWN
Email: contact@shawnweeranews.com
Organization: ShawnWeeraNews.com

Source URL: https://marketersmedia.com/shawn-weera-on-the-important-steps-leading-to-a-successful-ira-trust/331571

For more information, please visit http://shawnweeranews.com

Source: MarketersMedia

Release ID: 331571

More News From The Buzz Reporters

Producer who worked with Franklin recalls great performances

Aug 17, 2018

NEW YORK — When Ken Ehrlich, the longtime producer of the Grammys and other awards shows, worked with the Obama administration on a concert honoring women at the White House, first lady Michelle Obama laid down one rule. "You aren't doing a tribute to women in my house without Aretha Franklin," Ehrlich recalls Obama telling him. And so Franklin — a longtime friend of Ehrlich — was added to the 2014 "Women of Soul" bill, which included Patti LaBelle, Ariana Grande, Janelle Monae and Tessanne Chin. Despite those illustrious names and subsequent rousing performances, it was Franklin who of course...

Detroit residents remember Aretha Franklin, impact on city

Aug 17, 2018

DETROIT — To the rest of the world, she was the "Queen of Soul" — a woman whose strong and soulful voice could effortlessly jump multiple octaves whether belting out tear-jerking ballads or jump-and-shout gospel. To residents in her hometown of Detroit who followed her more than 50-year career, she was simply "Aretha" or more personally "Ree-Ree" — the city's favorite daughter, often singing at the Baptist church her father once led or headlining charity functions for kids or the less fortunate. "She was a pioneer woman for Detroit," said Myron Pullin, fighting back tears Thursday morning outside New Bethel...

In Franklin's anthems, women heard an empowering message

Aug 17, 2018

NEW YORK — Aretha Franklin never saw herself as a feminist heroine. That, she quipped, was Gloria Steinem's role. But she leaves a legacy of indelible anthems that resonated deeply with women by celebrating their strength and individuality — and demanding, well, just a little respect. "I don't think I was a catalyst for the women's movement," she told Rolling Stone in 2014. "Sorry. But if I were? So much the better!" The women's movement was just getting going in 1967 when Franklin took on Otis Redding's "Respect," which soon became known as an anthem both for civil rights and...

Harper drives in 3, Nationals snap skid, beat Cardinals 5-4

Aug 17, 2018

ST. LOUIS — Koda Glover rewarded his manager's faith. Bryce Harper had three hits and drove in three runs, Glover earned the save in the first opportunity since Ryan Madson was placed on the disabled list, and the Washington Nationals snapped a four-game losing streak with a 5-4 victory over the St. Louis Cardinals on Thursday night. The Nationals won for just the third time in their last 10 games and snapped the Cardinals' season-high, eight-game winning streak. "We needed a win today," Nationals manager Dave Martinez said. "Get on that plane, have a nice happy flight and come back...

Jill Janus, singer of the metal band Huntress, dies at 43

Aug 17, 2018

PORTLAND, Ore. — Jill Janus, lead singer of the heavy metal band Huntress, has died at age 43, her family and band said Thursday. Janus had long struggled with mental Illness, and killed herself outside Portland, Oregon, on Tuesday, her relatives and bandmates said in a statement released through publicist Alexandra Greenberg. Janus fronted Huntress from the group's inception in Los Angeles in 2009, singing on three full-length albums and on tours with bands including Motorhead and Lamb of God. Founding member Blake Meahl said on his Facebook page Thursday that he and Janus "spent 9 years together creating a...

Sign up now!