IRA accounts have become one of the largest types of modern-day inheritances.
Especially if you do not anticipate needing the assets in your IRA when you retire, it can be beneficial to pursue a legacy planning strategy that minimizes taxes and maximizes payouts to designated beneficiaries once you are gone.
What does IRA legacy planning look like? You may choose to provide your beneficiaries a regular stream of income while leaving the balance of IRA assets to grow in a tax-deferred manner, for example. In this scenario, beneficiaries would see more money paid out over the course of their lifetimes. There are other approaches to consider, too. SMA can work closely with you to develop a plan that makes the most sense for you based on your unique situation and overall goals
Interested in learning more? Contact our office or complete the request a consultation form to start a dialog.