Retirement Plan Owner's Guide to Beating the New Death Tax / Lange, James
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| Publisher: Retire Secure Press | |
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On May 23, 2019 the House of Representatives overwhelmingly passed the SECURE Act (Setting Every Community Up for Retirement Enhancement) which would give the IRS carte blanche to confiscate up to one third of your IRA and retirement plans at your death. A more appropriate name for the bill would be the Extreme Death-Tax for IRA and Retirement Plan Owners Act. As we go to press, the SECURE Act is not the law of the land but, based on all the information we have, it or a law that closely resembles the SECURE Act will likely become law effective January 1, 2020.
I ran the numbers, given certain assumptions, for a million-dollar traditional IRA left to a 45 year old child under the existing law and under the proposed SECURE Act. With the existing law in place, at age 86, that beneficiary still has $2,236,583. By contrast, under the SECURE Act the beneficiary has $0. (You can find the graph charting this comparison and the accompanying assumptions in the book.) The only difference between these two scenarios is when the beneficiary pays taxes. This is the difference between your child being financially secure versus being broke. Congress is trying to gloss over this point. “Secure?” I don’t think so.
We are distributing this book NOW so you can quickly take the appropriate actions and make appropriate plans to protect your family. Reading this book and taking the right steps can mean the difference between your family being broke and being financially secure.
The SECURE Act is wrapped with goodies that are of limited benefit to most established IRA and retirement plan owners. Unfortunately, it has a provision that could cost many of the families of IRA and retirement plan owners a million dollars or more.
The provision seriously modifies the required minimum distribution (RMD) rules for Inherited IRAs and retirement accounts in a way that would, subject to exceptions, cement “the death of the stretch IRA.” Under current law, a non-spouse beneficiary of an Inherited IRA can “stretch” distributions from the account over the course of his or her lifetime by limiting distributions to the required minimums. Using the “stretch” means the beneficiary can keep the bulk of the assets in the tax-deferred environment (for traditional IRAs) or tax-free environment (for Roth IRAs).
The SECURE Act’s proposed revisions represent a huge and fundamentally negative change to Inherited IRA owners because eliminating the rules that allow them to stretch distributions over their lifetimes robs them of decades upon decades of tax-deferred or tax-free growth. And, it subjects the beneficiaries of traditional (tax-deferred) retirement plans to massive income-tax acceleration. Additionally, for both traditional and Roth Inherited IRAs, once the distributions are made to the beneficiary within 10 years of your death, the accounts will lose the income tax protection that they currently enjoy. Ten years after your death, your beneficiary will have to start paying income taxes on the dividends, interest and realized capital gains.
Action Points You Should Consider Now
So what can retirement plan owners do to respond to these impending changes? How can they protect the financial legacy they hope to leave for their children and grandchildren?
In this book you’ll discover solutions including:
• Roth IRA conversions,
• Social Security Planning,
• Reviewing and revising your Estate Plan including the Beneficiary Designations of your Retirement Plans,
• Gifting,
• Charitable Trusts, and more.
The changes in the laws governing stretch IRAs have the potential to be so severe that I want readers to act even before the changes come into effect. I hope this book and the information within will motivate you to take steps toward greater financial security for you and your family.
Now you can buy Books online in USA,UK, India and more than 100 countries.
*Terms and Conditions apply
Disclaimer: All product data on this page belongs to
.
No guarantees are made as to accuracy of prices and information.
I ran the numbers, given certain assumptions, for a million-dollar traditional IRA left to a 45 year old child under the existing law and under the proposed SECURE Act. With the existing law in place, at age 86, that beneficiary still has $2,236,583. By contrast, under the SECURE Act the beneficiary has $0. (You can find the graph charting this comparison and the accompanying assumptions in the book.) The only difference between these two scenarios is when the beneficiary pays taxes. This is the difference between your child being financially secure versus being broke. Congress is trying to gloss over this point. “Secure?” I don’t think so.
We are distributing this book NOW so you can quickly take the appropriate actions and make appropriate plans to protect your family. Reading this book and taking the right steps can mean the difference between your family being broke and being financially secure.
The SECURE Act is wrapped with goodies that are of limited benefit to most established IRA and retirement plan owners. Unfortunately, it has a provision that could cost many of the families of IRA and retirement plan owners a million dollars or more.
The provision seriously modifies the required minimum distribution (RMD) rules for Inherited IRAs and retirement accounts in a way that would, subject to exceptions, cement “the death of the stretch IRA.” Under current law, a non-spouse beneficiary of an Inherited IRA can “stretch” distributions from the account over the course of his or her lifetime by limiting distributions to the required minimums. Using the “stretch” means the beneficiary can keep the bulk of the assets in the tax-deferred environment (for traditional IRAs) or tax-free environment (for Roth IRAs).
The SECURE Act’s proposed revisions represent a huge and fundamentally negative change to Inherited IRA owners because eliminating the rules that allow them to stretch distributions over their lifetimes robs them of decades upon decades of tax-deferred or tax-free growth. And, it subjects the beneficiaries of traditional (tax-deferred) retirement plans to massive income-tax acceleration. Additionally, for both traditional and Roth Inherited IRAs, once the distributions are made to the beneficiary within 10 years of your death, the accounts will lose the income tax protection that they currently enjoy. Ten years after your death, your beneficiary will have to start paying income taxes on the dividends, interest and realized capital gains.
Action Points You Should Consider Now
So what can retirement plan owners do to respond to these impending changes? How can they protect the financial legacy they hope to leave for their children and grandchildren?
In this book you’ll discover solutions including:
• Roth IRA conversions,
• Social Security Planning,
• Reviewing and revising your Estate Plan including the Beneficiary Designations of your Retirement Plans,
• Gifting,
• Charitable Trusts, and more.
The changes in the laws governing stretch IRAs have the potential to be so severe that I want readers to act even before the changes come into effect. I hope this book and the information within will motivate you to take steps toward greater financial security for you and your family.
Now you can buy Books online in USA,UK, India and more than 100 countries.
*Terms and Conditions apply
Disclaimer: All product data on this page belongs to
.No guarantees are made as to accuracy of prices and information.
