Indiana Retirement Planning Attorney
Retirement Accounts Aligned With Your Estate Plan
We coordinate retirement account planning with estate planning, long-term care considerations, and Medicaid planning. Drawing on our combined elder law and estate planning practice, we help Indiana residents examine how individual retirement accounts, 401(k) accounts, pensions, trusts, and beneficiary designations fit into one coherent plan.
Retirement accounts typically pass according to the beneficiary form on file, not the instructions in a will. A designation made years ago can override other estate planning documents entirely. Keeping these records aligned helps ensure every part of the plan reflects the account owner’s current intentions.
Schedule a free consultation with our retirement planning attorneys by calling (219) 240-0450. We can help you identify which account and estate planning documents need attention.
Decades of Estate Planning & Elder Law Experience
Rice & Rice was established in 1972 and has practiced estate planning and elder law since the early 1990s. Cliff and Donna Rice lead the firm. Cliff has practiced law for more than 50 years and is licensed in Indiana, Illinois, and Michigan; Donna has more than 27 years of experience focused on estate planning and is licensed in Indiana.
We’ve helped more than 12,000 families across Indiana, Illinois, and Michigan create estate plans. Our Martindale-Hubbell AV Preeminent Rating and A+ rating with the Better Business Bureau reflect the standards behind that work. Cliff and Donna built the practice on Christian values, compassion, and a family-focused approach to important legal decisions.
Inherited Retirement Account Rules for Indiana Families
Federal law shapes how beneficiaries receive inherited retirement accounts. The SECURE Act replaced the former lifetime-distribution approach with a 10-year rule for most non-spouse beneficiaries. Under that rule, the inherited account generally must be fully distributed by the end of the tenth year following the original owner’s death.
Important inherited-account considerations include:
- The 10-year deadline: Most non-spouse beneficiaries must empty an inherited retirement account within the applicable 10-year period.
- Annual distributions: If the owner had reached required minimum distribution age before death, certain beneficiaries may also need to take distributions during years one through nine. A required minimum distribution is the amount federal tax rules require to be withdrawn for a given year.
- Individual exceptions: Spouses and certain other eligible designated beneficiaries may have different options or timelines depending on their circumstances.
Final IRS regulations issued in July 2024 apply the annual-distribution requirements beginning with the 2025 tax year. Because the applicable rules depend on the owner, the beneficiary, the account, and the date of death, older beneficiary forms and trust provisions should be reviewed rather than assumed to work as originally intended.
Trusts as Retirement Account Beneficiaries
Naming a trust as the beneficiary of an IRA or 401(k) requires careful drafting. To receive designated-beneficiary treatment under applicable regulations, a trust generally must qualify as a see-through trust, meaning the IRS can look through the trust to its individual beneficiaries. A standard revocable living trust doesn’t automatically satisfy every requirement or produce the intended distribution result.
Conduit Trusts
A conduit trust passes retirement account distributions to the trust beneficiary as they are received. This structure can control who receives the inherited account while it remains intact, but distributed funds pass to the beneficiary under the trust’s terms.
Accumulation Trusts
An accumulation trust retains retirement account distributions inside the trust rather than paying them out to the beneficiary immediately. The distribution rules, trust language, beneficiary circumstances, and tax treatment all require consideration before choosing this structure.
Long-Term Care, Medicaid, & Retirement Assets
Retirement savings may be both a source of income and a substantial part of a family’s intended legacy. Long-term care costs can affect both, which is why we assist individuals and families with long-term care and Medicaid planning alongside estate planning. Addressing these concerns together produces a more complete picture than reviewing each in isolation.
A coordinated plan can address beneficiary designations, trust provisions, future care considerations, and legacy planning. It can also clarify whether an account passes directly to a person, through a qualifying trust, or under another available designation. The right approach depends on the assets involved and the family’s goals.
Review Your Retirement Accounts With a Clear Plan
Schedule a free consultation to review your retirement accounts, beneficiary designations, and related estate planning documents. We can help you understand how these pieces interact and discuss planning options suited to your circumstances. We also host educational workshops covering estate planning and long-term care topics, including why plans need to be updated as laws and family circumstances change.
Call (219) 240-0450 to arrange your free consultation with Rice & Rice.
Trust your family's future to our Compassionate team of attorneys.
This Book is a Financial and Legal Guide to the Ins and Outs of the Only Government Program That Will Pay for Long-Term Nursing Home Care: MEDICAID
Decades of Over 15,000 Happy Clients
Here's What Some of Our Clients Have to Say
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Granger Reviews
Setting up my trust with rice and rice was the best experience because they took their time went over everything. I was able to comprehend the trust in layman’s terms. Thank you to Jeff and Tom at the Granger office also to Crystal! - Sarlin Y.
I've dealt with a lot of attorney's in my profession and don't have a very high opinion of many of them. They all are expensive and Cliff is no exception but I found him to be kind, knowledgeable and I was happy with what I received. The staff was very friendly and supportive. - Trina H.
Great service. Tom explained everything in terms we could understand. We suggest Rice and Rice for your all your estate planning and elder law issues. - Cheryl V.
Tom was most excellent, helpful, and informative. A pleasure to meet and get his help with our Trust. - Philip V.
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Lafayette Reviews
Our experience with Rice and Rice was very favorable. All of the attorneys were friendly and very helpful in explaining our situation while walking us through our options. The Lafayette staff (Melody and Crystal) were super gracious in facilitating our requests and meeting our needs. I cannot say enough about this faith-based organization and would highly recommend their services. Thank you. - Larry S.
Very knowledgeable, helpful, & thorough. All of their staff is wonderful! Thank you for helping us secure the future for our family! - Angela H.
Cliff is very knowledgeable and guide you through making some very important decisions with his information that he provides. Cheri and I are very impressed! - George K.
Super great service, and really high on education of the clients. Everything is explained, especially super detailed and clear to the point that you easily understand every step you’re going through. - Aimee N.
A great experience, Am glad I have used Rice and Rice to prepare my estate. Very professional and very responsive to my questions and needs. I highly recommend them for estate planning. - Daniel N.
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Valparaiso Reviews
Anyone can go anywhere for estate planning, but at Rice & Rice they really connect with you. Your stories and tears are really more than just stories and tears. I highly recommend & very thankful for them! - Roman M.
Rice & Rice are very professional and they were very helpful. I have delt with them since 2003 and have always had such good advice. Amy also helped me and she is great. She made me feel comfortable and helped me understand what might have been confusing to me. Thank you! - Sharon K.
We are grateful for the attorneys and staff at Rice & Rice. From our first appointment we knew they were the perfect fit for us. They have the knowledge and experience in elder law and estate planning to help us ensure that our wishes are fully documented and will be easily understood by our family. We now have peace of mind as we go forward in life. You do have a choice. Ours was Rice & Rice. - Lori F.
Cliff was excellent. Very informative and eye opening. Food was excellent. Service was excellent. Music was soothing. Crystal was very helpful. We look forward to meeting with him and the rest of his staff on Friday! - Pete B.
Superior in every single respect! In my life's work, attorneys were my clients. I can quickly state that Rice & Rice is the most comprehensive, efficient, and truly caring from top to bottom. The complicated areas are detailed to you, completely provided in an organized book, and you are left knowing all will be well and your contact with Rice and Rice is easily completed. They care for the most important decisions of your life for yourself and your family in the most top notch way possible. You will have complete peace of mind and complete trust when you work with this firm. My recommendation could not be stronger! - Anna B.
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