IRAs (individual retirement accounts) are a popular wealth management and estate planning tool. Both traditional and Roth IRAs do have pros and cons, depending on your financial goals. If you are planning to designate a beneficiary of IRA as a method of passing wealth, it is important to consider the taxability of the funds. It is possible these funds would be “double” or “triple” taxed before they reach the intended beneficiaries. You should discuss whether IRAs or other options would better achieve your  goals with your legal and financial professionals.

-Emily Helmick, Esq.