Caution: Creditors Are a Threat to Inherited Retirement Accounts - Pratt Law Group | Estate Planning | Probate | Business Law | Bankruptcy
Do you have an individual retirement account or other type of retirement account that you plan to leave to your loved ones? If so, proceed with caution. Inherited retirement accounts do not have asset protection when they pass to your loved ones, meaning creditors can seize the money in the accounts to satisfy any claims against your beneficiaries.
Fortunately, retirement accounts can be protected, but only if you take action. Enter the standalone retirement trust (SRT). Many people use SRTs, a special type of trust that can protect retirement accounts.
We are here to help you navigate the best strategy for protecting your retirement accounts from your beneficiary’s creditors. We look forward to hearing from you soon.
Published On: November 21st, 2021 / Categories: Pratt Law Group /