Dana Law Firm > Practice Areas > Retirement Planning

Retirement Planning

The IRS has issued final regulations on the "minimum distribution rules".  These rules require owners of IRAs and other tax deferred retirement accounts to begin a systematic plan of withdrawals beginning when the client turns age 70 1/2.  There is a penalty of 50% for failure to take these required distributions.   Our firm assists clients in determining the IRS required minimums.  The name of the game in retirement planning is to "stretch out" the distributions as far as the law allows.  Naturally, the client receives a better build up on gains inside of an IRA because of the tax-deferred nature of IRAs.  In addition, naming a beneficiary of an IRA or other retirement account can also be confusing.  Some advisors suggest naming a trust.  Others might suggest naming your spouse.  The truth is that naming a beneficiary of your IRA is confusing because there are conflicting income tax laws as well as estate tax laws.  Our firm will help you understand these issues and assist you in making an intelligent decision.