Many questions arise concerning the treatment of retirement accounts, as they relate to estate planning due to potential tax benefits and consequences. Depending on the size of your retirement account and your estate planning goals, a Standalone Retirement Trust (SRT) may be beneficial as part of your overall estate plan. The Standalone Retirement Trust is an estate planning tool that is designed to permit a beneficiary to “stretch” the required minimum distributions (RMDs) following the death of the account owner, allowing the principal to grow and resulting in less taxable income each year for the beneficiary. The SRT is carefully drafted to ensure it meets all of the Internal Revenue Service regulations in order to avoid a mandatory liquidation of the IRA over a period of five (5) years, which could result in a significant tax bill.
A retirement trust also provides protection from a beneficiary’s creditors; provides protection in the event of a beneficiary’s divorce; prevents the beneficiary from spending the retirement account at one time; provides for beneficiaries who receive government benefits without disqualifying them from those benefits; and permits distributions for minors or incapacitated beneficiaries without the need for court intervention. Because the SRT is a separate document and not part of the regular revocable trust, it avoids confusion for the retirement plan custodian, beneficiary and trustee.
There are a number of complexities involved in estate planning with retirement accounts. To find out more about Standalone Retirement Trusts, please contact our office.
The attorneys at Ball Morse Lowe have built a respected reputation over the decades for providing sophisticated counsel in complex oil, gas, and energy law matters, business law cases, transactions, estate planning, and family law matters. We take pride in assisting individuals and families with their legal concerns. Personable and responsive, our lawyers craft matter documents and develop strategies tailored to each client's unique goals and needs.
Ball Morse Lowe, PLLC, is committed to providing excellent service and sound solutions to our clients in a cost-effective manner. From our law firms in Norman, Oklahoma City, Dallas, and Denver, our attorneys provide services throughout the Oklahoma City, DFW, and Denver Metros and in other states, including Texas, North Dakota, Ohio, Colorado, California, Wyoming and New Mexico.
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Our lawyers have extensive experience handling a wide range of practice areas, including family law, estate planning, litigation, real estate, oil, gas and energy, business & commercial, and much more.
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Great advocacy, and excellent at keeping client informed about options.
Jennifer assisted us in making a trust, and all of the additional documents that go with it – advanced directives, powers of attorney, etc. She was professional, knowledgeable, cheerful, personable. We are very happy with our association and look forward to doing business with them in the future!
I enjoyed meeting and talking with Mr. Bottomly. He was easy to talk to, and I left feeling confident that should I end up needing legal assistance, working with Mr. Bottomly would be a positive experience. Thank you.
Quality attorneys representing my wife and me in a difficult situation. Always responsive, professional and advanced the clients best interests. Always had direct access to our attorney. Thanks so much.
Don and Kay Holladay
I recently needed advice regarding a property matter. I was able to make an
I have used Ball Morse Lowe for both business and personal reasons. Parker Lowe handles my oil and gas issues and Bow Bottomly recently represented me in divorce proceedings. The staff has always been very helpful and even though I am not a big client, they never make you feel that way.