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Estate Planning is defined as controlling what you own
during your lifetime, providing for your possible disability,
and then leaving what you have to whom you want, when
you want, and the way that you want, all at the lowest
overall cost to your loved ones.
For
people who have significant retirement plan balances,
proper coordination with estate planning goals can be
the difference between a plan that effectively transfers
wealth and one that causes a tax debacle. Because the
beneficiary you name for your retirement plans determines
both your minimum distribution requirements for income
tax purposes and who inherits the funds upon your death,
estate planning and retirement plan distribution planning
are inextricably tied together. |
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