Estate planning with IRAs
You likely think of the purpose of your IRA or other qualified plan as providing you with financial security during retirement. But when properly structured and managed, your retirement assets can also help you to leave a lasting legacy for those you care about.
A Trusteed IRA can serve as a valuable tool in your overall wealth plan, allowing you to use retirement assets to address larger wealth transfer goals. It combines the tax benefits of a traditional or Roth IRA with greater control over how your assets are distributed.
A Trusteed IRA can be particularly helpful for:
- Controlling who receives your IRA assets, in what amounts and when.
- Providing for a spouse or children from a prior relationship.
- Addressing concerns about the ability of a beneficiary to manage the assets or use them wisely.
- Putting a plan in place in the event you are unable to make investment decisions, direct required distributions or pay bills.
Bank of America Trusteed IRAs are IRS-approved, professionally managed and invested on a fiduciary basis. They offer flexibility and security that can be difficult to achieve in other ways, allowing you to:
- Preserve and pass on the potential tax benefits of your IRA.
- Provide professional management now, and in the event of your incapacity or death.
- Protect your assets in the event of a child’s divorce or spouse’s remarriage.
- Control who inherits and how quickly they can withdraw assets.
Downloads
Explore our other solutions
Whether you’re defining goals, addressing change or figuring out how to move forward, Merrill and Bank of America offer a wide range of solutions to help you take the next step and stay on track.
Explore more
- Your Life Just Changed—Shouldn’t Your Plans for Your Family Change, Too?
Learn more
- The Surprising (And Often Misunderstood) Ways to Protect Your Family Today
Learn more
- Taxes in retirement: What you need to know
Learn more
Looking for an advisor?
All our advisors are committed to putting your needs and priorities first.
