Wealth Counselor February 2019  Like us on Facebook Follow us on Twitter View our profile on LinkedIn
Dear Friends,

Nearing the close of this cold and rainy February, we have an opportunity to reflect on the bright spots in the erstwhile gloom. The beloved groundhog Punxsutawney Phil emerged from his burrow and failed to see his shadow, a sure sign of an early spring and warmer days to come. Many of us cozied up to spouses and significant others to celebrate a romantic Valentine's Day, where with flowers, chocolates, and cards we rejoiced in the love we share with our partners.

But despite these joyous events, you may have clients who require still more to thaw their frigid hearts. Those clients should heat right up when reminded of the tax-deferred wealth amassing in their Individual Retirement Accounts.

For clients with sizable IRAs, now is an excellent time to discuss options for passing those assets to the next generation. To that end, this month we are discussing the Standalone Retirement Plan Trust-a method for transferring your client's IRA in a trust that is both tax-efficient and provides creditor protection for the beneficiary.

Retirement Plan Trust

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Many of your clients have accumulated tremendous wealth in an Individual Retirement Account (IRA) or in multiple IRAs. For some, the IRA may be the single largest asset in their portfolio. Because IRAs are such valuable assets, it is therefore vital to plan for their disposition at the death of the contributor. The realm of IRAs can be tricky, however, as retirement plans are governed by a set of complex regulations. Insufficient planning can lead to major tax consequences down the line for beneficiaries, or simply fail to meet the objectives of the client. When conducting IRA planning for those clients with large IRAs-typically $250,000 or greater-an excellent tool to consider is the Standalone Retirement Plan Trust (RPT). This article explores the advantages of the RPT over an outright distribution of the IRA, and provides suggestions as to the clients who stand to benefit most from this planning method.

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U.S. Treasury Department Regulations require that we advise you that, unless otherwise expressly indicated, any federal tax advice contained herein is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax related penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any tax related matters addressed herein.



Carrell Blanton Ferris & Associates, PLC