They might also want to make withdrawals based on the market, shifting some of the money into other investments when the time seems opportune.
Because of the many complications involved, anyone who expects to leave an IRA as part of their legacy should seek the advice of not just a financial adviser, but also a tax professional and an estate attorney so they can make sure they’re making the best decisions for their particular situation. When handled correctly, they can structure a long-lasting inheritance their your loved ones.
After all, the goal is to make sure as much of that money as possible goes to those the client leaves behind – and not to Uncle Sam.
Scott Staton is the founder and president of Staton Financial Group Inc. (www.statonfinancialgroup.com), an independent firm that specializes in retirement planning, income planning, 401(k) and IRA rollovers, and investment advisory services, as well as life and long-term care insurance.