Shocking to most people, your retirement accounts can be seized once they pass to your loved ones. During your lifetime, your retirement funds have asset protection, meaning they can’t be taken in a lawsuit. Unfortunately, as soon as retirement accounts are inherited, the protection evaporates. This means your hard earned money can legally be snatched by strangers and the courts.
Confused about the differences between wills and trusts? If so, you're not alone. While it's always wise to contact an estate planning attorney like us, it's also important to understand the basics.