FIND THE SECRET TO PROTECT YOUR IRA ASSETS FROM BEING TAXED UP TO 70%
Many individuals see their family physician when there is some kind of persistent pain or discomfort. And at this time there are various options and treatments for one do deal with the specific symptoms. With estate planning, there is 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.
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) to ensure this happens.
I'm going to show you a way to protect your valuable assets in part 2.
This was posted by Attorney Joseph Dadich, on Feb. 14, 2008 at 8:06 am. You can reach me at http://www.1estateplanningmichigan.com
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