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IRA Planning
Tax planning for IRA's has become a science unto
itself. We regularly attend seminars where the latest strategies and planning
techniques are discussed. Our favorite resource is Ed Slott's newsletter www.irahelp.com which describes real world cases of
successful plans and tax and family blunders. Someday,
someone, possibly us, will develop a software based decision tree to identify
and recommend the proper beneficiary and distribution choices for a client
based upon age, marital status, health, net worth, children's ages, retirement
age, tax bracket, etc. The variables for
IRA planning include perhaps 20 such parameters and represent both a hurdle
and opportunity for us to maximize the outcome for a client scenario.
Did you know
- IRAs
can be inherited by your children or grandchildren and continue compounding
tax free during their lifetimes?
- The
penalty for taking too little from your IRA is 50% of the shortfall?
- IRAs
are part of your taxable estate and are taxable income when withdrawn
by your heirs?
- IRAs
can be placed in trust after your death to protect your beneficiaries
from creditors?
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