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Do You Know About the IRA or 401(k) “‘Triple Threat”?

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You Worked Hard For Your Retirement Money…

Now Protect It & Avoid The “Triple Threat”

Did you know that most IRAs, 401(k)s and other retirement accounts can fall victim to the ‘Triple Threat”?  Unfortunately, in far too many cases, non-spousal beneficiaries, such as children, grandchildren, nieces or nephews, are individually designated as secondary beneficiaries. When such common beneficiary designation mistakes are made, retirement accounts can:

  1. be entirely lost to your beneficiary’s creditors;
  2. be subject to an accelerated and phantom income tax bill; and
  3. lose the tremendous income tax deferral benefits of the “Stretch-Out” (which in many plans is the largest tax planning benefit available).

Fortunately, with proper planning, your retirement accounts can be better protected. Kelleher & Buckley, LLC can provide the needed protection to preserve the “Stretch-Out” opportunity and increase tax planning opportunities over generations.

Please call us at (847) 382-9130 or email us at attorneys@kelleherbuckley.com to speak with one of our estate, asset protection and tax planning attorneys.

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