Klenk Law

Tag: Estate Plan

IRA-trust

An IRA Trust Can Ensure Your Estate Passes Only To Direct Descendants

Posted on Thu Jul 7, 2016, on IRA Trust

The IRA Trust, An Underutilized Estate Planning Tool.

To ensure that your money passes on only to your direct descendants, consider forming an IRA Trust.

All qualified plans (IRA, Roths, 401ks, SEPs, TIAA-CREF, etc.) allow you to name a beneficiary to receive the plan at your death. But, if this person is your child, they will have the chance to defer income tax recognition by converting the plan into an “Inherited IRA”. BUT, with an “Inherited IRA” your child, not you, has the ability to name a beneficiary. And it is likely this beneficiary will be your daughter-in-law or son-in-law rather than your grandchildren.

Innovative Estate Planning Strategies

Posted on Mon Jun 17, 2013, on Estate Planning

Crafting an estate plan for a client means listening to what the client wants, explaining options to the client and then drafting a plan to meet the option selected. At times, a client’s circumstances require imaginative ideas. Here are some examples of imaginative estate planning that Klenk Law has utilized recently.

1. Protectors:
It remains a mystery to me why more estate planning attorneys do not use Protectors. A Protector is a person or persons you appoint to oversee a trustee with the power to fire and replace the trustee without the need of an attorney or a court hearing. No court hearing or attorney is necessary? Perhaps that is the reason why estate planning lawyers don’t use them? I use them in almost every trust. Even the most trusted person or bank can have problems, and if these problems negatively affect the trust, the Protector can “protect” the beneficiary without months of litigation.

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