Dear bogleheads wise people,
I have been wanting to create an estate plan that can help my family not have to go through hassle to just get my hard-earned money in case of any accident.
I don't have children and likely won't have. My primary beneficiaries would be my uncle and aunt, my nieces and nephews.
However, most of my saving is in 401k and IRA. Apparently moving money in those accounts into a trust is a complex process.
I can really use help from people who are experienced in this matter to give me some advice re: the follows:
1. what is the tax implications of moving saving in my 401k & IRA to a revocable trust?
2. If any accident happens to me, and by that time, there is less than 500k in all my retirement accounts, is it worth transferring the money to a trust now?
3. If I live until retirement and do need to use my retirement saving, what would be the tax implications of withdrawing from a trust versus from a retirement account?
I have been wanting to create an estate plan that can help my family not have to go through hassle to just get my hard-earned money in case of any accident.
I don't have children and likely won't have. My primary beneficiaries would be my uncle and aunt, my nieces and nephews.
However, most of my saving is in 401k and IRA. Apparently moving money in those accounts into a trust is a complex process.
I can really use help from people who are experienced in this matter to give me some advice re: the follows:
1. what is the tax implications of moving saving in my 401k & IRA to a revocable trust?
2. If any accident happens to me, and by that time, there is less than 500k in all my retirement accounts, is it worth transferring the money to a trust now?
3. If I live until retirement and do need to use my retirement saving, what would be the tax implications of withdrawing from a trust versus from a retirement account?
Statistics: Posted by j03150315 — Sun Feb 25, 2024 10:08 pm — Replies 6 — Views 280