Did you know that if you inherit a retirement account from a loved one you may be required to pay income tax on the whole thing right away? With smart planning, you may be able to avoid this scenario. That includes creating a formal stretch-out plan to reduce taxes by withdrawing small, regular amounts over an extended period of time. We can help you determine what tax implications to consider when creating your distribution strategy. There are some great ways to use IRAs in an estate plan that can push the taxable event out into the future to benefit generations of beneficiaries. A good estate attorney can help you put the tax advantageous plans in place. We are happy to be your first of contact to give you some ideas on what you may need and how you can get started with estate planning.
Planning ahead is key! You can’t afford to put it off.