Article on IRA Administration for High Net Worth Clients and Their Beneficiaries

Svetlana V. Bekman (Chicago, Illinois) recently published an article entitled, IRA Administration for High Net Worth Clients and Their Beneficiaries—Unique Challenges and Best Practices for Financial Institutions, 39 ACTEC Law Journal No. 3 (Winter 2013).  Provided below is an excerpt from the introduction:

According to the Investment Company Institute (“ICI”), Individual Retirement Accounts (“IRAs”) held $6.5 trillion in assets at the end of 2013, up from $5.6 trillion at the end of 2012.2 As the aggregate pool of IRA assets grows, so do individual IRAs.

IRAs often represent a large proportion of the total wealth of high net worth professionals.3 Mitt Romney is one vivid data point: relative to his total wealth, his IRA was reported to constitute between 24 and 38 percent of his net worth4 and to be valued between $20.7 and $101.6 million.