When it comes to planning for your retirement and taking care of your family for the future, there are quite a few options to consider. One of those is a Multi-Generational IRA, and it’s becoming much more popular for those planning their estate. Many people put money in an IRA with hopes of using that money to retire. For some, a nice retirement can be had without ever using the money in the IRA. In this case, there are plenty of advantages to be gained from carrying on the tax advantages of the IRA and passing it down through the generations.
This just gives folks more time to gain interest on their money without it being taxed. If you have no need for the money for your own retirement, then it makes complete sense to go with a Multi-Generational IRA instead of the traditional measures. With standard retirement planning, much of the money will be lost in inheritance estate tax. One way of avoiding this inheritance estate tax immediately is by delaying the delivery of the money. The nice thing about this method of estate planning is that you can have a custodian handle it and the money can be passed down multiple generations. If you have grandchildren who might need to be taken care of, this type of retirement product allows for that.
All in all, using a financial estate planner for advice will give you a chance to make smart decisions with your money. With all of the new age options available today, there’s no excuse for not taking advantage of those.