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Retirement Plans

Retirement plan considerations

In 2001 the IRS greatly simplified and liberalized payouts from qualified retirement plans. Standardized withdrawal tables have been formulized that stretch out the time that persons have to withdraw plan assets after this process begins upon turning 70 1/2. To achieve maximum flexibility, clients should name designated beneficiaries to all qualified plans. They should not name their estate beneficiary and charities and trusts should be designated as beneficiaries only with the assistance of an attorney. Note: spouses have the greatest flexibility as plan beneficiaries.

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