Required Minimal Distribution Explained by Orange County Estate Planning Attorney James F. Roberts
Taking Your Required Minimum Distribution And What Happens If You Don’t Take It.
The government is concerned that you do not allow your retirement accounts to just grow year after year after you retired especially if you don’t need the money and what they are concerned about is that they want you to pay your taxes so they can get the tax revenue that they didn’t get while you were working and so starting at age 70 and 1/2 you have to start taking out your required minimum distribution required minimum distribution is calculated pursuant to a table we have that table available to you on our website so if you want to see what your required minimum distributions are feel free to click or if you need call us we’ll be happy to send it to you make sure that you do take out your required minimum distributions because if your pasted 70 and 1/2 and you are not taking out your required minimum distribution then the government imposes a penalty of 50% you definitely don’t want that to happen to you.
We also offer a regularly scheduled seminar in our office to help people determine what the best options are for them in their estate planning needs. We hope you sign up for one of our seminars to help you find your best options. We regularly conduct free seminars designed to teach about the benefits of creating an estate plan. The seminars are held on-site at our Anaheim office inside of our “classroom”. We offer light snacks and refreshments to the attendees and the group is often small and intimate, which allows for questions to be asked comfortably and for a very relaxed environment. Please encourage your loved ones to attend the seminar so that they may learn more about the estate planning process and benefits.