Many individuals put a lot of thought into setting retirement savings goals and carefully funneling money into an IRA. But if they don’t put the same amount of consideration into what will happen
to their money after death, their hard-earned wealth might be spent in ways they never intended.
Now a new IRA option is available. The U.S. Bank Heritage IRATM is an IRA savings vehicle that can provide the ease of use and potential tax benefits of traditional and Roth IRAs, with the financial control and oversight of a trust.
“The Heritage IRA makes it possible to obtain the control you want without added complications,” says Michael Poulter, Market Leader for The Private Client Reserve.
Some IRA owners assume that if they name their children as beneficiaries, for example, their assets will be distributed in small amounts to their children and grandchildren for decades after they die. That’s not always the case, says Poulter. “In reality, many children liquidate IRAs as soon as they inherit them, and in five to 10 years, the money is gone.”