Timothy Sumer

Inherited IRA’s and Required Minimum Distributions. Attorney and Advisor Chris Berry discusses how RMDs work with inherited IRAs.... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA TO SILVER: Silver IRA Account REVEALED: Best Gold Backed IRA Inherited IRAs: A Guide to Managing Your Inheritance Berry’s Bites When it comes to managing your inheritance, one financial asset that you may receive is an inherited Individual retirement account , commonly known as an Inherited IRA. While the process of inheriting an IRA can be overwhelming, understanding the basics can help you make informed decisions regarding your financial future. So, what exactly is an Inherited IRA? It is essentially an IRA that is passed down to a beneficiary designated by the original account holder after their passing. This type of IRA typically comes with different rules and regulations compared to a regular IRA, mainly due to the fact

Should you name the Trust as beneficiary or name your children outright? Attorney Chris Berry answers this question on this episode of Berry's Bites. Estate Attorney and Advisor Chris Berry of Castle Wealth Group answers questions on retirement and estate planning every Wednesday at 1pm to register or give our office a call at 844-885-4200. Castle Wealth Group and Christopher Berry help families with estate planning, elder law, retirement planning , and tax planning from their offices in Brighton, Ann Arbor, Livonia, Bloomfield Hills, and Novi. Castle Wealth Group helps families with their legal, financial, and tax planning for their retirement and legacy. With the use of legal structures like revocable living trusts, Castle Trusts (asset protection trusts), Chris Berry and Castle Wealth Group can help your family plan, protect, and preserve what is important through their Retirement and Legacy Blueprint Process. For more info visit, #Trust #TrustBeneficiary #Ca

Do IRA and 401K Differ in Terms of Creditor Protection? Both IRA and 401K are what's called Qualified Accounts. Qualified Accounts have no Medicaid/Long-term Care protection. If you were to need Nursing Home Care, anything inside your IRA or 401k would have to be spend down, whether it's in your name or in your spouse's name. They are both countable assets, meaning they count towards that nursing home or Medicaid protection. But what they do offer is a form of creditor and bankruptcy protection. But there is a difference. 401k falls under ERISA, so they fall under Federal, while IRA falls under State Law. Another interesting distinction is that IRA's is protected up to $1.3 million from creditors and bankruptcies, while 401k's have unlimited protection. So if protection from bankruptcy and asset protection is very important to you then maybe that is a reason why to keep money inside a 401k. Keep in mind that even though you do have this Creditor Protecti