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Estate and Elder Law

Naming Your Trust as the Beneficiary of Your Retirement Plan

Qualified and Nonqualified Retirement Plans (“Plans”) are today one of the most valuable assets that an individual owns at their time of retirement and death. Participation in Plans is subject to guidelines and rules that must be strictly adhered to.
Most Plans are categorized as “trust fund plans” with the trust agreement between the employer and a trustee. The employer is typically the administrator of the Plan and the employee, participating in the Plan, is the beneficiary. It is important to understand that the employee is not the owner of the Plan despite the inclusion of the Plan benefits in their gross estate at death and potentially Federal and/or State estate tax impact to them.
Qualified Retirement Plans
“Qualified Retirement Plans” are classified as two types of plans, defined benefit plans and defined contribution plans. Qualified Retirement Plans include 401(k) and 403(b) plans, money purchase pension plans, profit sharing plans, IRAs, government or 457 plans, tax-sheltered annuity, self employment plans and other types of retirement plans. Qualified Retirement Plans receive favorable tax treatment and allow employers and self employed individuals to deduct their Plan contributions, provided they meet certain requirements. Employees are not immediately taxed on Plan contributions made by them or on their behalf . . . .

Marc Soss' practice focuses on estate and tax planning, probate and trust administration and litigation, guardianship law, and corporate law in Southwest Florida. Marc has published articles and been quoted in the Florida Bar, Rhode Island Bar, Association of the United States Navy, Lawyers USA, Bradenton Herald (Around the Ranch), Military.Com, Forbes.Com, and CNN Business. He can be reached at (941) 928-0310 or
Marc J. Soss, Esquire
P.O. Box 110127
Lakewood Ranch, FL 34211
Tel:(941) 928-0310
Fax:(888) 814-9869
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any matter addressed herein.