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 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.
Ball Morse Lowe is a recognized law firm that serves clients across Oklahoma, Texas, and Colorado.
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.
Our firm is devoted to providing each client with all the resources of a large firm but with the individualized attention of a small practice. Unlike many other firms, we have the ability to conduct investigations, hire expert witnesses, and utilize cutting-edge technology to help you build the strongest case possible.
The lawyers at Ball Morse Lowe can help you seek what's needed in your case. Our team is standing by to assist you, so call us at (877) 508-4265 to get started with a free consultation with our client intake team.
Zachary T. Ball
E. Parker Lowe
Jennifer L. Wright
Katie M. Spencer
Caron C. Loffland
Grant P. Scowden
Sarah D. Willey
Tommy J. Pfeil
William J. Houser
Chief Operating Officer
Front Office Assistant
Client Intake Specialist
* Meetings with attorneys by appointment only *
I cannot thank Mr. Tommy Pfeil and Ms. Sarah Willey enough for all the support they've shown me throughout my unfortunate divorce. With all the twists and turns thrown at my situation both in my personal life, but also my military career. This team always made me feel as though my case took priority. I will forever be grateful for them and highly recommend either of them to represent you as you drudge through your specific situation. Thank you again Mr. Tommy Pfeil and Ms. Sarah Willey for everything you did on my behalf.
Ball Morse Lowe, PLLC offer exceptional knowledge in the oil and gas industry among many other things. I have worked with Senior Attorney, Chris Michael, multiple times and he continues to exceed expectations. If you are looking for a group of hard working, time efficient, diligent, and ethical attorneys, Ball Morse Lowe, PLLC and specifically Chris Michael would be a great choice.
I felt like I mattered. I felt like what I had to say was important. Glenn was thoughtful, encouraging and understanding. She helped me navigate the process and validated my thoughts about things I was not sure. Thank you Glenn!!! It was great working with you!
I turned to Ball Morse Lowe, PLCC when I needed my mother's estate probated in Oklahoma. It involved mineral rights and I live in California and my mother had not lived in OK for over 60 years. I wanted a firm that would do this correctly and be reasonable in cost. Jennifer Wright was a pleasure to work with. She and her staff were professional, knowledgeable, friendly and helpful. They made the experience of probate painless, explained things as we went along, and were clear in their expectation of what they would need from me to move the process forward. I am so glad I found them and appreciate deeply all they accomplished on my behalf.
Chris Smith is a GREAT attorney! I've worked with him personally and referred him to other people. He went above and beyond for me and the people I recommended work with him.