When people have a significant amount of assets, they have to think about issues like probate
CHARLOTTE, N.C. (PRWEB)
April 22, 2019
Probate can be a difficult process for many. That’s why investors look for legitimate alternatives, such as Self-Directed IRA strategies, to ensure the protection of their family’s financial assets for years to come. In a recent post at American IRA, the Self-Directed IRA administration firm based in North Carolina highlighted some strategies that are possible when using a Self-Directed IRA.
For example, the post mentioned that one strategy is designating beneficiaries by name. According to the post, designating a beneficiary on a Self-Directed IRA—or even through other retirement accounts—helps ensure that the assets they contain do not go through probate. By bypassing probate law and going directly to the designated beneficiary under contract law, the entire process is far more straightforward.
“When people have a significant amount of assets, they have to think about issues like probate,” said Jim Hitt, CEO of American IRA. “But there’s more to the story than that. Even people with ‘everyday’ assets have to think about their legacy. Do they really want to leave behind a lengthy court process when it comes to leaving financial assets behind, or do they want things to be as easy on their family as possible? Those are the questions investors should ask as they think about strategies like designating a beneficiary.”
As the post notes, failing to name a beneficiary can lead to a very different process when it comes to probate. The court would then consider that assets held in Self-Directed IRA accounts or other retirement accounts to be part of the estate. That would funnel such assets through probate, which means that attorneys, accountants, and others would likely stand to benefit even more. Additionally, tax considerations should come into play, particularly with larger assets—but sometimes even more significant when the assets are small, and the taxes have potential to make a large dent.
American IRA, LLC was established in 2004 by Jim Hitt, CEO in Asheville, NC.
The mission of American IRA is to provide the highest level of customer service in the self-directed retirement industry. Jim Hitt and his team have grown the company to over $400 million in assets under administration by educating the public that their Self-Directed IRA account can invest in a variety of assets such as real estate, private lending, limited liability companies, precious metals and much more.
As a Self-Directed IRA administrator, they are a neutral third party. They do not make any recommendations to any person or entity associated with investments of any type (including financial representatives, investment promoters or companies, or employees, agents or representatives associated with these firms). They are not responsible for and are not bound by any statements, representations, warranties or agreements made by any such person or entity and do not provide any recommendation on the quality profitability or reputability of any investment, individual or company. The term “they” refers to American IRA, located in Asheville and Charlotte, NC.”
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Published at Mon, 22 Apr 2019 00:00:00 +0000