You’ve just inherited a Retirement Account. Now What? Tilden Moschetti, Esq. of the Moschetti Law Group in Calabasas, CA (https://moschettilaw.com) answers some of the frequently asked questions he and his estate planning law firm gets from clients.

For decades, common financial planning wisdom has encouraged almost all American workers to maximize their contributions to qualified retirement accounts.

Maximizing contributions to a retirement account can be a powerful way to reduce your current income tax liability, grow your savings exponentially tax-free, and, in most states, protect your savings from claims of creditors. And by and large, this is what most American workers have done.

The result is that Americans have gradually amassed huge amounts of wealth in these types of qualified plans. It is increasingly common for an IRA or 401k to be the highest value item of property that an American owns. For purposes of estate planning, however, it is important to understand that very special rules apply to these types of accounts. Gone are the days when you can write up a quick will or trust and be assured that everything you own will pass to your heirs or beneficiaries according to the terms of those legal documents. Instead, it has become critically important for families to understand both the laws applicable to wills and trusts and the complex laws governing retirement plans. Failure to understand these laws can exact a heavy price. The following are some of the crucial considerations if you end up inheriting a qualified retirement plan.

Hope this was helpful!

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Moschetti Law Group is an estate planning and real estate law firm located in Calabasas, California. We believe in your legacy and are committed to growing it and protecting it for you and your family.

We built our firm on a set of principles that puts our clients first by providing outstanding representation, aggressive negotiation, and world-class client service and communication. Schedule a consultation to discuss how the Moschetti Law Group can support you and your goals.