Retirement Distribution Planning

Pennsylvania Retirement Plan Distribution Attorney

You have worked hard to plan for your retirement. Why should that investment be significantly diminished by heavy taxes and penalties? Spencer Law Firm LLC in Lancaster, Pennsylvania, works with clients to protect their assets and devise strategies that maximize financial return.

To speak with trusts and estates attorney Patti Spencer about your retirement plan distribution, contact the firm today. Call locally: 717.207.7935 or toll-free: 866.639.5451.

Retirement Plans - Your Largest Asset

For many people, their retirement plan, IRA or Roth IRA is their largest asset, making it a critical financial asset to protect. There are many tax restrictions on most retirement accounts. Some restrictions are related to the specific amount of money taken out while others are concerned with penalties for removing money before reaching a certain age. There are penalties for taking out too much too early and too little too late. The timing and distribution of amounts are critical. Securing the advice of an attorney can help you to avoid pitfalls and make wise decisions.

Death and Retirement Plans

The complexity surrounding retirement plan distribution becomes more acute upon the death of the plan member. Estate and inheritance taxes as well as income tax may significantly decrease the amount left in the plan when all is said and done — a once-robust retirement account may be reduced to 25 to 30 percent of the original amount. There are complex distribution rules when plan benefits are payable to estates and trusts. Careful preparation when devising an estate plan can help minimize the tax burden following the death of the primary recipient.

Protecting Your Investments

Preserving and protecting your investment for yourself and your heirs requires careful planning. SLF assists clients with retirement plan distributions by recognizing the intersection of estate and retirement planning. Patti Spencer and her staff of paralegals offer succinct legal advice and creative strategies to protect assets and minimize the tax impact.

The firm also offers estate and trusts consulting and expert witness support to attorneys in Pennsylvania and collaborates with accountants. Contact SLF today to schedule a consultation to discuss retirement plan distributions. Call 866.639.5451.