The Most Common Problem We Find
Someone pays an attorney several thousand dollars for a living trust.
It is a good document. It sits in a binder on a shelf.
Then we look at the accounts, and half of them were never retitled into the trust. Or a beneficiary form still names an ex-spouse from 1994. Or nobody named a contingent beneficiary, so if both parents pass together it all goes to probate anyway.
The document was fine. The wiring was never finished.
We check the wiring.
What We Review
Every beneficiary form
On every IRA, every 401(k), every annuity and every insurance policy. Beneficiary forms beat the will. If the form says something different from the trust, the form wins.
, annuity, life insurance%3C/text%3E%3C/svg%3E)
This is the single most common gap we find. The trust is fine. Nobody ever updated the one-page form that actually decides where the account goes.
How your accounts are titled
We check what is actually in the trust and what got missed.
The 10-year rule on inherited IRAs
The rules changed in 2020. Most children who inherit an IRA now have to empty it within 10 years. If your child is in their peak earning years, that can hand a large chunk to the IRS. There are ways to soften it, but only while you are still here.
Who gets what, and in what form
Leaving a Roth to one child and a traditional IRA to another is not equal, even if the balances match. One comes with a tax bill and one does not. We help you make it actually fair.
Your paperwork, in one place
Powers of attorney, health care directives, account lists, passwords. We help you put together something your family can find and use, because the worst time to go looking for it is the week after.
We Work With Your Attorney
We are not attorneys and we do not draft documents. We work alongside estate planning attorneys we trust, and we are happy to work with yours. Our job is to make sure the financial side matches what the documents say.
Retirement Planning Advisors, Inc. does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstance.
