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IRA Asset Planning

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IRA accounts are some of the most popular types of assets inherited by beneficiaries. While they can be a fantastic asset to leave behind for your beneficiaries, the approach requires some planning to get right.

Luckily, it's easier than you might think!

If you don't anticipate that you'll need your IRA money in retirement, you may wish to consider a legacy planning strategy designed to reduce taxes and increase the payout your beneficiaries will receive upon your death.

Here's what you need to know about making that approach a reality:

What Is an IRA?

IRA stands for "individual retirement account." It's a type of investment that offers tax benefits designed to help people save money on retirement. IRAs come in three different categories:

The annual contribution limit for an IRA is $5,500, although it bumps up to $6,500 for people over the age of 50.

How Your IRA Can Support Your Beneficiaries

If you choose to take the step, you can use some of the value in your IRA to provide your beneficiaries a regular stream of income while leaving the balance of IRA assets invested for tax-deferred growth.

This approach has several large benefits. First of all, the result may yield substantially more money paid out over the course of your beneficiaries' lifetimes than other approaches.

Secondly, you'll enjoy the peace of mind that comes with knowing your IRA is working to support your beneficiaries and ensure comfort and stability for them long after you're gone.

Non-Spouse IRA Beneficiaries

While spouses can be named as IRA beneficiaries, it's also common for individuals to name non-spouse relations, including a son, daughter, sibling or even close friend, as a beneficiary to IRA funds. While the rules surrounding IRAs are pretty simple, the stipulations around inheriting IRA assets aren't always.

With this in mind, it's essential to meet with a qualified wealth advisor to ensure you're setting your non-spouse beneficiary up for success and that they understand the laws surrounding required minimum distributions and similar regulations. This guarantees a smooth transition and helps your beneficiaries get as much value as possible from your IRA structure.

Your IRA Investment Choices

Investing in an IRA allows you to select a variety of financial securities, including but not limited to bonds, stocks, certificates of deposit, exchange-traded funds and single-fund options.

While these options are varied, not every approach is right for every investor. To choose the one that's best for you, you'll want to work closely with an investor who can help you make sense of your various approaches and select the option that will best support your beneficiaries in the coming years.

We can help you evaluate your financial situation to determine if IRA legacy planning could help you meet your goal of structuring a long-lasting inheritance for your beneficiaries.

To schedule a time to discuss your financial future for that abundant retirement you want and deserve, contact us via email today or call us at 614.310.4519 today!


By contacting us, you may be offered information regarding the purchase of insurance and investment products.

Your investment advisor is not permitted to offer, and no statement contained herein shall constitute tax or legal advice. You should consult a legal or tax professional on any such matters.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of ROSS WEALTH ADVISORS and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness.
All information and ideas should be discussed in detail with your individual adviser prior to implementation. Fee-based financial planning and investment advisory services are offered by TOUNJIAN ADVISORY GROUP, LLC, a Registered Investment Advisor in the State of Florida. Insurance products and services are offered through ROSS WEALTH ADVISORS, and TOUNJIAN ADVISORY GROUP, LLC are unaffiliated companies. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than the State of Ohio or where otherwise legally permitted.

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