From ba9774b21ec376c2f810a500e8589e21d4366ba8 Mon Sep 17 00:00:00 2001 From: Sadie Renner Date: Tue, 12 May 2026 17:29:19 +0000 Subject: [PATCH] Add 'Breathe Easy How Guaranteed Retirement Accounts could change your life: A primer on GRAs and how they work Economic Policy Institute' --- ...how-they-work-Economic-Policy-Institute.md | 23 +++++++++++++++++++ 1 file changed, 23 insertions(+) create mode 100644 Breathe-Easy-How-Guaranteed-Retirement-Accounts-could-change-your-life%3A-A-primer-on-GRAs-and-how-they-work-Economic-Policy-Institute.md diff --git a/Breathe-Easy-How-Guaranteed-Retirement-Accounts-could-change-your-life%3A-A-primer-on-GRAs-and-how-they-work-Economic-Policy-Institute.md b/Breathe-Easy-How-Guaranteed-Retirement-Accounts-could-change-your-life%3A-A-primer-on-GRAs-and-how-they-work-Economic-Policy-Institute.md new file mode 100644 index 0000000..406c9d6 --- /dev/null +++ b/Breathe-Easy-How-Guaranteed-Retirement-Accounts-could-change-your-life%3A-A-primer-on-GRAs-and-how-they-work-Economic-Policy-Institute.md @@ -0,0 +1,23 @@ +You may have a vacation home that you built or purchased with the dream that your loved ones would continue to use it after you are gone, or you may have a homestead that you would like to pass on to someone in your family. A Qualified Personal Residence Trust ("QPRT") is an irrevocable trust that holds the Trustmaker's primary residence or vacation home as its only asset. This can be especially important if your son-in-law or daughter-in-law should remarry or have more children. Depending on the circumstances, you might still consider naming your son-in-law or daughter-in-law as Trustee on behalf of the grandchildren, but the HST makes it clear that the funds are only to be used for the grandchildren's benefit. The Heir Safeguard Trust allows you to bypass your son-in-law or daughter-in-law and set the funds aside for grandchildren. With a "simple" Will, you might leave things equally to your children when you die. +Relief from financial waste +The benefit is that, because the property is no longer yours, it’s unavailable to satisfy claims against you. We discussed tax planning, avoiding probate, and steps to provide for financial management if either or both spouses become incapacitated. Clients should consult their legal and/or tax advisors before making any financial decisions. Bank of America, Merrill, their affiliates, and advisors do not provide legal, tax, or accounting Estate planning checklist for homeowners advice. A trust could help with this by, say, allowing your second wife to benefit from trust income during her life, with the principal reverting to your children from your first marriage upon her death. +You can transfer nearly any asset into a trust, including investment accounts, a personal residence, commercial real estate, private business interests and a family limited partnership. But selling the business would not only result in a big tax bill, but also likely leave them each with an estate subject to sizable estate taxes. But if you experience health problems or any form of incapacity, a trustee you’ve named can step in and manage your finances. +Working with an Advisor: A Coordinated Approach +Once your child is 18 and a legal adult, you’re no longer automatically their legal guardian. Although she wasn’t completely incapacitated, her future wellness and ability to take care of herself were far from certain. Much of that substantial upside went to the family trusts without additional tax, Galvagna say + + +In New York, these trusts are commonly used for wealth transfer planning because they allow parents to pass on assets while still keeping those assets shielded in numerous ways. A Lifetime Asset Protection Trust is a type of irrevocable trust designed to hold a child’s inheritance in a protected manner rather than distributing the assets outright. Many parents hope to leave a meaningful legacy, but they also worry about what will happen to that wealth once they are gone. For high-net-worth individuals – particularly those navigating the complicated dynamics of blended families – long-term financial protection is a big priorit + +Build loyalty by helping identify the retirement income sweet spot +And Estate planning checklist for homeowners as retirees age, their satisfaction with lifetime income sources only increases. Even high-net-worth retirees report greater happiness and financial peace of mind when they receive approximately $3,000 in additional guaranteed monthly income. This threshold creates an income floor that allows retirees to spend more freely without the fear of depleting their savings. But how much additional guaranteed income provides the greatest boost in retiree confidence and well-being? Wade D. Pfau, Ph.D., CFA®, RICP®, Professor of Practice, The American College of Financial Services Michael Finke, Ph.D., CFP®, Professor of Wealth Management, The American College of Financial Servic + + +She was able to choose exactly which assets to transfer into the trust — those she thought would appreciate the most — and in doing so created more wealth for the trust beneficiaries than she expected, says Galvagna. In addition, a trust can offer valuable protections from potential lawsuits, creditors, divorces, transfer taxes and those who might prey on the wealthy. Adding a trust to your estate plans can help as you look to protect your family’s future — while also allowing you to maintain some control. A Lifetime Asset Protection Trust provides lasting security and long-term control over the destiny of your legacy. They may even gain limited power of appointment – allowing them to decide who inherits remaining assets upon their deat + + +Without a Living Trust, most estates end up in probate that can easily take six to twenty months before your property, including cash, can be distributed. Michael is available to prepare all of the basic estate planning documents needed to protect you and those you lov + + +Another way to achieve asset protection is with tenancy by the entirety (TBE), a form of joint legal ownership between two married individuals. The goal of an asset protection plan is to put a degree of legal separation between you and your assets. Some assets are not at the mercy of your creditors, such as retirement accounts under the protection of the Employee Retirement Income Security Act of 1974 (ERISA). These include tax liens, mechanics liens, alimony judgments and child support claims. While many people can benefit from setting up an asset protection plan, not everyone can. These strategies can mitigate the effect of creditor claims and other issues on your wealth. +Asset protection isn’t just for the wealthy—it’s a practical way to preserve your savings, safeguard your home and shield your family from financial risk. Asset protection [Estate planning checklist for homeowners](https://livingtrustlivingwillavoidprobate.com/) planning is the setting up your property and assets in such a way that it won’t be subject to fickle potential plaintiffs in a lawsuit. Since certain claims can pierce domestic protective trusts (e.g., claims by a spouse or child for support and state or federal claims), you can bolster your protection by placing the trust in a foreign jurisdiction. In limited partnerships or LLCs, under most state laws, a creditor of a partner or member is entitled to obtain only a charging order with respect to the partner or member's interest. If so, it may be a good idea to divide assets between you so that you keep only the income and assets from your job, while your spouse takes sole ownership of your investments and other valuable assets. International APTs are more expensive than their domestic counterparts but offer stronger protection, primarily because they place assets outside the reach of U.S. laws and courts. +Asset Protection is NOT about reducing or eliminating legitimate debt \ No newline at end of file