The Estate & Asset Protection Law Firm Founder, Victoria L Collier, Enlightens Readers On How To Avoid Common Mistakes Many IRA Holders Make
Estate & Asset Protection Attorney, Victoria Collier reveals that most people are not aware of the numerous and complicated rules and regulations about their IRAs which can lead to costly mistakes and she offers the most common mistakes to avoid.
DECATUR, GA, September 20, 2018: Victoria L. Collier, founder of The Estate & Asset Protection Law Firm, has posted a new article on her law firm’s website entitled “5 Common Mistakes To Avoid In Order To Maximize Your IRA.” Ms. Collier provides a wealth of helpful information for anyone who has an IRA .
Collier writes, “So many Americans have the bulk of their retirement money in IRAs.” “Yet,” she adds, “so few people take the time to understand the full range of laws that apply to IRAs. The laws are many and complicated since they were created by the Internal Revenue Service.” She further elaborates, “Not fully understanding and being in compliance with the rules and regulations can be surprising and wreak havoc on your retirement. Working with a team of professionals who understand all aspects of the rules applying to IRAs – instead of one who specializes in one aspect — is the way to go.”
According to Collier, “Most people understand one rule which is if you take your money out too soon significant penalties will be incurred. However, most people aren’t aware that the same applies if you take your money out too late.” Collier states, “If you keep the following mistakes handy, hopefully you will be able to avoid making the same mistakes and losing the money you worked for so hard and for so many years.”
Collier points out that the first and most common mistake people make is that they, “focus too much on trying to minimize income taxes now, and they don’t understand how their IRA is taxed, when and to whom.” She adds, “They get paralyzed with the thought of paying any income tax now but end up paying significantly more income tax later, which doesn’t meet their overall goals.”
The entire article can be read at https://elderlawgeorgia.com/5-common-mistakes-to-avoid-and-maximize-your-ira/
About Victoria Collier
Victoria L. Collier, CELA founded The Elder & Disability Law Firm of Victoria L. Collier, P.C. to serve the legal needs of seniors when their health care needs increase. Victoria is also Co-Founder of Collier Scott Financial Solutions, LLC. At both firms WE BELIEVE that people should not have to lose everything they’ve worked a lifetime to earn and that every person is an individual who deserves respect and the highest quality of life possible, regardless of age or ability.
Victoria enlisted in the U.S. Air Force during Desert Storm, 1989-1995, and also served in the U.S. Army Reserves, 1Lt. 2001-2004, JAG Corps. Victoria is a national expert on the VA Wartime Pension for veterans and their widows who need additional assistance with activities of daily living and helping them qualify for and receive tax-free income from the VA to pay for it. Victoria graduated from Valdosta State University with a B.A. in Psychology and then University of Nebraska, College of Law. In 2014, Victoria was awarded with the Alumni Master Award from the University of Nebraska.
Victoria is a Certified Elder Law Attorney through The National Elder Law Foundation and has been named as the only attorney in Georgia as “Fellow” of the National Academy of Elder Law Attorneys (NAELA). Victoria was appointed by Governor Perdue to the Georgia Council on Aging, 2010 – 2016 and was awarded Dekalb County Veteran of the Year, 2013. She is the author of 47 Secret Veterans Benefits for Seniors; Paying for Long Term Care – Financial Help for Wartime Veterans: The VA Aid & Attendance Benefit. Victoria has co-authored several books: Blooper Episodes in Estate Planning, Don’t Go Broke in a Nursing Home, and Protect Your IRA: Avoid the 5 Common Mistakes. Most notably, Victoria co-authored the National Best Seller, The Road to Success, with Jack Canfield, author of Chicken Soup for the Soul series.
About The Estate & Asset Protection Law Firm
The Estate & Asset Protection Law Firm was established to serve the legal needs of retiring citizens. The Firm focuses its entire practice on providing strategies to protect independence, privacy, assets and taxes from the government. Victoria Collier has grown her law practice and financial services practice by providing excellent customer satisfaction with personalized wealth protection plans.
Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!
