Article on How to Draft Trusts to Own Retirement Benefits

Keith A. Herman (Greensfelder, Hemker & Gale, P.C., St. Louis, MO) recently published an article entitled, How to Draft Trusts to Own Retirement Benefits, 39 ACTEC Law Journal No. 3 (Winter 2013).  Provided below is an excerpt from the introduction:

In the United States the amount of wealth in retirement accounts continues to increase – from $11.6 trillion in 20001 to $20.9 trillion as of June 30, 2013.2 It is important for estate planning attorneys, accountants, and financial advisors to understand the special rules applicable to these accounts. As retirement accounts pose unique issues that often must be addressed with special provisions in wills and trusts, it is essential to pay close attention to these assets when designing and implementing an estate plan. The best-designed estate plan can be a disaster if the client’s primary asset is a retirement account and the estate plan was not tailored appropriately. Tailoring an estate plan to a retirement account involves a careful analysis of who should be the primary and contingent beneficiary