April 10 2015
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In the United States, approximately $7.3 trillion in assets are held in IRAs. Much of that money will not be spent during the lifetime of the account owners, but instead be passed on to their heirs.
Unfortunately, beneficiaries have a way of squandering money when it comes to them in a large windfall. One traditional way of preventing this from happening to is place assets in a trust; however, investors usually have to work with an estate planning attorney to create a trust, which involves expensive legal fees and substantial administration. But when it comes to IRAs, there is a simpler way.