Trusts for Children
Contact an attorney at Resch and Root, LLC, for skilled guidance in creating certain child trust funds that protect loved ones and help ensure proper distribution of funds.
Parents wishing to protect assets of their estate for the benefit of their children should take advantage of planning with a revocable living trust, retirement plan trust, or education trust. The attorneys at Resch and Root can establish the proper trust strategy to accomplish your goals with respect to planning for your children.
IRA Beneficiary Trust
An IRA beneficiary trust is useful when a parent with an IRA dies and has designated his or her children as the beneficiaries. The Internal Revenue Code requires that non-spouse beneficiaries begin taking minimum distributions from and inherited IRA by December 31 in the year after the parent's death, calculated over the child's remaining life expectancy. Nothing prevents the child from withdrawing the entire account at once. An IRA beneficiary trust allows the IRA account holder to provide instructions for distribution of IRA assets and minimum distributions to children.
Protecting Asset Distributions for Beneficiaries after Death
Parents can ensure that their wealth will pass to children and grandchildren without being at risk to a child’s creditors, a child’s divorce, or in a child’s bankruptcy. Proper use of a child trust fund to protect your children is just one of the estate planning strategies the lawyers at Resch & Root, LLC, use to help clients maximize their value of their assets for future generations.
To discuss your specific needs, call 1-614-760-1801