The saying goes, “You have a trust when you don’t trust.” By creating a trust, you are attempting to control assets after your passing to provide legal protection. In some cases, it can protect the assets as they are inherited or to save estate taxes. However …
There have been a lot of changes with the SECURE Act of 2019. Trusts went from being one of the best places to leave your IRA to one of the most questionable. For those with disabled or chronically ill family members, trusts are invaluable. Generally speaking, however, they are not a cure-all when it comes to estate planning … especially with IRAs.
Tune in and find out more about one of the most popular estate planning tools. Ed Slott is direct with this piece of advice, “Stop naming a trust as an IRA beneficiary!”