If you are planning to retire soon, you may be curious as to what steps you should take prior to retirement. What strategies can be used to preserve your wealth? If you have an IRA, or an individual retirement account, it is important to know about an IRA Trust. Instead of leaving the proceeds of an IRA to an individual, such as a child or grandchild, an IRA trust would establish a trust for the wealth and then establish beneficiaries for that trust. This IRA Trust allows the grantor of the trust to distribute proceeds of the IRA to beneficiaries in a creditor protected manner. In other words, the proceeds of the IRA can be distributed to your beneficiaries, with the added advantage of creditor protection. Other benefits of this arrangement include the ability of the trust grantor to control the manner and timing of the distribution of the IRA. An IRA Trust also allows the grantor to set aside a portion of the trust to pay estate taxes.