High-Quality Estate Planning and Administration Attorneys

A large portion of estates and inheritances today consist of tax-deferred retirement accounts. This includes IRAs and 401(k)s. Hence, planning for the tax-conscious distribution of retirement benefits has become an essential aspect of estate planning. Unlike most inherited property, retirement accounts are subject to income tax. That happens because retirement accounts represent income that has not yet been taxed. Beneficiaries of a retirement fund generally must pay tax on the amounts they withdraw from the fund. Consult with an experienced Danville Beneficiary Services for Retirement Accounts Attorney.  They can help you develop a plan for the receipt of retirement benefits.

Representation for Surviving Spouses Obtaining Retirement Accounts

Our estate lawyers at Temmerman, Cilley & Kohlmann, LLP advise and represent beneficiaries inheriting retirement accounts. A primary goal for most beneficiaries aims to defer income taxes on retirement accounts for as long as possible. The taxation of distributions after the death of the decedent depends on whether:

  • The retirement account is a tax-deferred account and whether a spouse is a beneficiary.
  • There is another “designated beneficiary,” which may be a trust.
  • Estates, charities or business entities, which are not considered designated beneficiaries under the law, are named beneficiaries.
  • There are multiple beneficiaries.

The decedent may name their spouse as the primary beneficiary. Then the surviving spouse has the option of rolling over the retirement account into their own IRA or retirement plan. The spouse may defer withdrawals from the account until age 70 1/2. At that age, all taxpayers must begin to withdraw a required minimum distribution (RMD) annually. Non-spousal beneficiaries may spread distributions over a five-year period. They also may open a “beneficiary IRA” and take minimum distributions over a lifetime.

Our retirement services attorneys examine the situation. We advise beneficiaries on the best methods to preserve retirement accounts and defer tax consequences given the circumstances. We also assist with all aspects of retirement accounts for the benefit of beneficiaries:

  • Retitling and rolling over of accounts for surviving spouses
  • Trust beneficiaries
  • Beneficiary IRAs
  • Multi-beneficiary distribution
  • Creditor protection
  • Strategic withdrawal planning

Danville attorneys protecting the rights and interests of beneficiaries in retirement accounts

The experienced Danville lawyers of Temmerman, Cilley & Kohlmann, LLP offer advance estate planning. We consider the tax and creditor consequences of retirement accounts for beneficiaries. We also provide beneficiary representation for inherited retirement accounts. A Danville Beneficiary Services for Retirement Accounts Attorney is available to consult with clients at our offices located at:

  • 2502 Stevens Creek Boulevard, San Jose, CA 95128
  • 140 Town and Country Dr, Danville, CA 94526
  • Or at any other convenient location

Call our San Jose office at 408-998-9500 or our Danville office at 408-998-9500, You can also contact Temmerman, Cilley & Kohlmann, LLP online today.