With a Self-Directed IRA, Jim Hitt explained, investors have plenty of access to certain protections in retirement. But what about protections that extend beyond even retirement?
Atlanta, GA (PRWEB) April 27, 2017
At a recent post in the American IRA blog, CEO Jim Hitt took the time to address a primary concern for those who want to leave a strong financial legacy behind: the issue of probate. With a Self-Directed IRA, Jim Hitt explained, investors have plenty of access to certain protections in retirement. But what about protections that extend beyond even retirement?
“Nothing is inevitable, except death and taxes,” the post begins, before noting that both death and taxes—while serious concepts—can have some of the sting taken out when investors have a plan in place for their legacy. One of the most powerful tools for ensuring that legacy gets left behind, according to Jim Hitt, is to name an individual beneficiary on one’s Self-Directed IRA accounts. If this step is not taken, then the investments held in a Self-Directed IRA account will return to the estate—where they can be taxes at high rates.
Effective probate planning is not about dodging taxes, but rather finding the legitimate and legally entitled ways investors can move money directly to beneficiaries upon passing. “This requires a strong plan,” says Jim Hitt. “It requires taking the time to consider all of your options—and taking with an expert who understands these complicated legal issues.”
The post also notes that strategic gifting throughout one’s life is another way that a retiree can transfer money directly to family members. This happens before death. The current regulations on the books allow for gifts under $14,000 to be tax free. Included with the above strategies, Jim Hitt argues, Self-Directed IRA investors can take plenty of steps to avoid the pain of probate and leave behind a solid financial legacy that takes care of family members even after the investor’s death.
To learn more, visit the blog post at http://www.americanira.com/home-links/protecting-self-directed-ira-probate/ or call American IRA directly at 1-866-7500-IRA(472).
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