Can an IRA Be Part of My Estate Plan?

If you have an individual retirement account (IRA), you may have every intention of using the assets in the account to fund your senior years. There is certainly nothing wrong with this, but if you are so inclined, you may be able to use your IRA for estate planning purposes. There are essentially two different types of individual retirement accounts that are widely utilized: traditional individual retirement accounts, and Roth IRAs. With a traditional IRA, you can start to take penalty free withdrawals when you are 59.5 years of age, and you are required to take mandatory minimum distributions when you are 70.5 years old. The distributions would be taxed at your regular income tax rate, because you make pretax contributions into the traditional individual retirement account. Depending on the circumstances, there could be something significant left in the account after your passing. The beneficiary that you name on the account would assume ownership of this remainder, and the benefici


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