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Estate Preservation: Retirement Plans

These are divided into two groups: non-qualified and qualified. As the name implies, qualified refers to qualification for tax advantages.

Non-qualified include checking and savings accounts, money market accounts, certificates of deposit, and investments such as annuities and variable life products.

Qualified plans include the Individual Retirement Account (IRA) and the Roth IRA.

  Income Federal Estate Tax State Inheritance Tax
Non-Qualified Plans Don't qualify for income tax deductions; earnings grow tax-deferred but are taxable when withdrawn. Are included in taxable estate. Are included in taxable estate.
Qualified Plans Do qualify for income tax deductions; earnings are tax-deferred until distributions are made. Are included in taxable estate. Are included in taxable estate.

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Estate Preservation: Retirement Plans

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