Qualified trusts are a specific type of trust which, like most trusts, are utilized for the protection of assets. Qualified trusts are revocable living trusts designed to protect retirement funds while facilitating the distribution of retirement assets held within IRAs, 401(k) accounts, 403(b) accounts, and Self-Employed IRAs (SEPs).
Certain retirement accounts, including those listed above, are considered qualified accounts. These accounts receive tax breaks and special protections under the law, including protection from being lost to creditors. However, unless a qualified trust is created, the protection of the assets held within these qualified retirement accounts, as well as the favorable tax treatment of assets, ends upon the death of the account holder. A qualified trust can ensure the protections extended to these accounts under the law do not end when the accountholder’s life ends.
At the law firm of Morris Hall, PLLC, our attorneys are uniquely qualified to help clients in both Arizona and New Mexico with the creation of a qualified trust. Many trusts do not fit the guidelines to be considered a qualified trust, and some law firms providing assistance with trust creation are not familiar with the complex tax rules and other requirements associated with this trust type. Our firm can help you to take advantage of the significant advantages a qualified trust provides.
MH attorneys will advise you on how a qualified trust can protect a beneficiary from many potential sources of loss, including creditor claims, losses due to incapacity, and divorce. We can also help you to create and fund your trust, as well as to explore other types of trusts that could provide you with legacy planning advantages. Our firm’s knowledge in this complex area of trust law is unparalleled.
Contact Morris Hall About Qualified Trusts
Morris Hall has offices in convenient locations in Phoenix, Tucson, Albuquerque and other areas in both Arizona and New Mexico. Call today to schedule a consultation and find out more about how qualified trusts work and how our firm can make the process of creating and funding a qualified trust a simple