Pension Distribution Planning
A unique specialty in our trusts and estates practice is pension distribution planning. Many clients are participants in pension plans or owners of IRAs which form a substantial portion of their assets. In order to ensure the longest possible distribution period to minimize income and estate taxes on pension and IRA distributions, our attorneys prepare individualized beneficiary designation forms and, where necessary, create beneficiary trusts to integrate these assets into the client's estate plan.
We also work with clients and other attorneys to correct mistakes after a plan participant or IRA owner has died. In addition, we advise clients on when and how to take early distributions and work with clients to mitigate penalties when required minimum distributions have not been taken. We advise clients and their families on the most tax efficient distribution strategies before and after death and advise and coordinate ROTH IRA conversions. We also work with the attorneys in the Firm's family law department to design Qualified Domestic Relations Orders. ("QDROs").