American IRA Explains Estate Planning with Self-Directed Solo 401(K)s
Retirement-protected accounts like Self-Directed Solo 401(K)s are powerful tools for contributing high maximums toward retirement and ensuring that the principle remains protected throughout a lifetime of investing. But according to a recent post at American IRA, there is more that investors can do with an account like a Self-Directed IRA or a Self-Directed Solo 401(K)--including the ability to handle some estate planning with these accounts.
According to the post, distributions from retirement accounts are required upon the investor's death. This transfers the assets from the accounts to any heirs--which can be a problem for those who have not designated their beneficiaries in the way they see fit.
"A lot of people think that retirement accounts are solely for retirement," said
The post notes that frequent beneficiaries on accounts like Self-Directed Solo 401(K)s include spouses, children, grandchildren, trusts, and even charities. Investors can even name combinations of these beneficiaries as they see fit, giving them more freedom to handle their estate planning in the way they see fit.
The post points out that some common mistakes with Self-Directed Solo 401(K)s and other similar accounts include not naming a beneficiary or not including contingent beneficiaries. Retirement investors who do not have their beneficiaries up to date may leave behind a substantial retirement account that is not designated to go to the person they wanted all along.
"If you want to make sure that you have everything taken care of, take care when it comes to naming a beneficiary," said
For more information on Self-Directed Solo 401(K)s and Self-Directed IRAs, visit American IRA at http://www.AmericanIRA.com or call 866-7500-IRA.
"About:
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term "they" refers to American IRA, located in
Read the full story at https://www.prweb.com/releases/american_ira_explains_estate_planning_with_self_directed_solo_401ks/prweb15764526.htm
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