10:37amany individuals see their family physician when there is some kind of persistent pain or discomfort. And at this time there are very little one can do after the loved one has passed away or becomes incapacitated. One such area of planning is referred, IRA Planning. Typically, there is special attention needed due to the complexities under the law. There are millions of baby boomer’s retiring over the next 10 to 20 years. And if you don’t have the proper plan in place, all your hard work to protect your assets for loved ones will be lost.
Dear Friend
M
As stated in our title, up to 70% of one’s IRA can be wasted by Federal and State Estate Tax (approx. 50% depending on your State of domicile), and Income Tax (approx. 21 %) to the ultimate beneficiaries. Many individuals have attended seminars and read literature attempting to relate to the concept of ‘Stretching-Out” one’s IRA. What you aren’t told is that there is a proper way of setting up your estate plan (including the
beneficiary designation forms)
Stop
YOUR IRA’S. CALL OUR FIRM TO SET-UP AN APPOINTMENT BEFORE IT’S TOO LATE.
If there was a way for you to ensure that your IRA’s, when properly inherited by your beneficiaries, were protected from a child’s
divorce or mismanagement, wuldn’t you want to know about it ? And what if there was a method to allow flexibility in your estate plan to allow your trustee to create additional protections, even after something unfortunate has happened , at the same time as allowing your children to have access for health, education, maintenance and/or support? Assume the following facts: Mom is age 65 and has a $250k IRA, which includes money rolled over from her deceased spouse or from her own company retirement plan. We will assume that over time she enjoys 8% annual growth of the account. At age 70 ½ the account would be worth $396,000. If she starts taking her RMD’s (Required Minimum Distributions) the IRA will continue to grow since based on the tables as calculated by the IRS she only has to take out 4% (compared to the growth rate we’ve assumed at 8%). If she passes away at 80, the inherited IRA is approximately $541,000. If the child continues taking his/her RMD’s (based on his/her life expectancy, by the time they are 80 they would have taken out a 2.9 million and will still have over $700,000 remaining to pass down to their children. What if there was no planning done for our above example? (what if this was you or a loved one?)
What if the 45 year old cashed-in his IRA and spent it on various needless costs? (new car, boat etc.) Or worse yet what if your child goes through a divorce ? Do you want your child’s share to potentially go to an ex-in-law.
You should be consulting our firm to have a Stand-Alone IRA Trust created for you. Since, there are many advantages this
type of trust has over your standard revocable living trust. Don’t you owe it to your loved ones to have that piece of
mind that your IRA is properly planned?
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Email Mr. Dadich to get on our next Teleseminar at contact@15criticalpoints.com
ones. Joseph J. Dadich truly believes that a family with concerns about their IRA should seek a qualified
estate planning attorney. One that understands the tax ramifications along with estate and asset protection
issues. Rest assured, that Mr. Dadich is this qualified individual, with his background as a CPA
and LLM in Tax. We also specialize in Contested Probate litigation. Don’t let your estate end up in probate court as we’ve seen in celebrity cases. Call now for a free report on the 4 crucial items every estate plan needs to stay out of probate court!
to ensure this happens. This is critical, and this is where your team of financial advisors, estate planning attorney and CPA’s/Accountants should be showing you how and why IRA assets are titled in a manner consistent with your intentions and goals. Many family’s and their financial advisors, believe that merely naming the children as IRA beneficiaries is sufficient to assure the stretch-out. READING AND FIND YOUR BENEFICIARY FORMS THAT YOU SIGNED WHEN YOU SET UP
Tags: babyboomers, estate planning, ira planning, probate, retirement planning, trusts, wills
