“Good fortune is what happens when opportunity meets planning.”

— Thomas Edison

Retirement Planning

Retirement benefits usually pass directly to your beneficiaries through the use of a beneficiary designation specifically designed for your plan or IRA.  So planning your retirements seems easy—just select your beneficiaries and complete the appropriate form.  In fact, there are many issues you need to consider when incorporating these vehicles into your retirement plan, including the following:

  • The full value of your retirement benefits is included in your estate and can generate estate tax at the time of your death.
  • Rules require that you begin taking distributions when you reach the age of 70 1/2.
  • Your selection of beneficiaries determines how much and how quickly your beneficiary must withdraw benefits from you retirement plan.  If you fail to plan for this decision your beneficiary will have to take your benefits more quickly than the rules require, and you will lose the opportunity to continue the income tax deferral to your beneficiaries.

The estate planning and wealth preservation attorneys of Schwartz Manes Ruby understand the complex rules that govern retirement benefits.  We will work with you to design a tax-effective estate plan that passes your retirement benefits to the individuals, trusts, or charities you designate in the most tax-effective manner.

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Profit Sharing and 401(k) Plans

Coming soon

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Defined Benefit Pension Plans

Coming soon

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Cafeteria Plans and Medical Expense Reimbursement Arrangements

Coming soon

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ERISA, COBRA, and HIPAA Compliance

Coming soon

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Call our office at (513) 579-1414 or contact us online today to help with any retirement planning issue.