David M. Frees, III Phone: 610-933-8069
120 Gay St, Phoenixville, PA 19460 		Douglas L. Kaune
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Inherited IRA: What You Need to Know

The Inherited IRA can provide powerful tax deferral benefits for named beneficiaries. In order to optimize the tax deferral options, the

Douglas L. Kaune

original owner must properly structure beneficiary designations in accordance with I.R.S. rules and regulations. The I.R.S. has laid a mine field of beneficiary designation traps that can either serve to reduce or eliminate the income tax deferral for the beneficiary. If you are writing a beneficiary designation form, you must take great care when integrating it with the other estate planning documents such as wills and trusts. I encourage you to seek legal or tax counsel when activating these designations.
Beneficiaries themselves must also take care in how they initiate and follow the beneficiary claim process. Read this article for withdraw options. Great care must be taken when reviewing the claim forms and options. Again, a single stroke of the pen might result in years of lost deferral. Additionally, trustees claiming a trusts interest in an IRA must take even greater care in making a claim on behalf of the trust beneficiary. Tremendous fiduciary liability risks are lurking and can be avoided with proper guidance. Read this Forbes article on the Inherited IRA issues for some additional guidance.

Douglas L, Kaune is a Partner with Unruh, Turner, Burke & Frees, P.C. which is a full service law firm with offices located in Malvern, Phoenixville and West Chester, PA. Doug can be reached at 610 933 8069 or at dkaune@utbf.com. The Law Practice serves towns such as Royersford, Collegeville, Limerick, Devon, Frazier, Berwyn and others in Chester County, Montgomery County, Delaware County, Bucks County, Berks County, Philadelphia County Pennsylvania (PA).

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Written by: Douglas L. Kaune

E-mail: dkaune@utbf.com
Phone: 610-933-8069
AVVO Rating: 10.0

Douglas L. Kaune
Douglas L. Kaune
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Mr. Kaune's practice is focused in the areas of estate planning, estate and trust administration, creditor protection, elder law, nursing home and Medicaid planning. He is a frequent speaker on the topics related to his practice. In 2010, Mr. Kaune was named a Top Lawyer by Main Line Today Magazine in the Elder Law section.

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This entry was posted on Tuesday, September 7th, 2010 at 8:13 am and is filed under Estate Planning, Tax News, Uncategorized, wealth planning. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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