Retirement Plans

The Sheffield Law Office works with clients to make their retirement plans part of their comprehensive estate plan. We help clients maintain their beneficiary designations, ensuring that the right people will get the benefits from the plan in the manner that the client chooses.

Many people never update or change their beneficiary designations on their retirement plans. Failure to do so can result in the client disinheriting and intended beneficiary and leaving the money to unintended persons.

Many People name their minor children as contingent beneficiaries, only to see those children receive all of the proceeds of the plan at age 18. Other people have named a trust as the beneficiary, but they have failed to make sure the trust qualifies as a special “conduit” trust under the IRS Regulations, resulting in all of the plan assets being paid out within five years of the client’s death.

We routinely advise clients on the best ways to maximize the value of their retirement plan.

In some types of retirement plans, the client’s spouse is automatically a beneficiary of that plan (unless they sign a waiver).

The Sheffield Law Office helps clients strategize who the best plan beneficiary would be, taking into consideration all of the relevant income and estate tax issues, as well as their values and goals.