πŸ€‘ Retire Safe And Secure With Ed Slott | KPBS

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Ed Slott's recent articles in response to the SECURE Act, while well-intended, contain far too many overgeneralizations regarding estate.


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Retire Safe \u0026 Secure with Ed Slott for 2020 Pledge Break

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Why life insurance is the new stretch IRA. By. Ed Slott. February 06, , p.m.


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Are you prepared for the SECURE Act?

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The SECURE Act overhauled the rules for beneficiaries of retirement accounts. One significant change it brought is the new year payout rule. Here are ten.


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Brad Pistole interviews Ed Slott (March 4th, 2020)

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Ed Slott's Retirement Decisions Guide [Ed Slott, CPA, Ed Slott, CPA, specials including the most recent, Retire Safe & Secure! with Ed Slott ().


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Ed Slott's Retirement Road Map

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About Retire Safe & Secure with Ed Slott. America needs Ed Slott now more than ever! Greedy Wall Street bankers and Congress have just upended 30+ years.


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Retire Safe \u0026 Secure! with Ed Slott

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Listen now (35 min) | Congress passed important retirement legislation just before the holidays that has sent financial planners and tax.


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Episode 34: Secure Your Retirement By Planning Like a Pro with Ed Slott

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About Retire Safe & Secure with Ed Slott. America needs Ed Slott now more than ever! Greedy Wall Street bankers and Congress have just upended 30+ years.


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Are You Prepared for the SECURE Act? Speak With an Educated Financial Advisor today!

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Ed Slott's recent articles in response to the SECURE Act, while well-intended, contain far too many overgeneralizations regarding estate.


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Ed Slott: 5 common mistakes clients make with RMDs

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Listen in as Slott details who's most affected by the loss of the stretch IRA, why Secure sets up an β€œemergency estate planning revision” for.


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Ed Slott IUL Tax Free Retirement

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Listen now (35 min) | Congress passed important retirement legislation just before the holidays that has sent financial planners and tax.


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Retire Safe and Secure with Ed Slott

The tax will be due upon withdrawal but will have to be paid anyway at some point, either through lifetime RMDs beginning at age 72, or by beneficiaries subject to the year rule. The life insurance proceeds can focus on what the client actually wants as far as beneficiary access, protections and distributions. Even clients with smaller IRAs could use this strategy simply to leverage their IRA wealth to the next generation, leaving larger inheritances with less tax complications. Note: I do not sell life insurance or other investments β€” I am a tax advisor and have no interest other than seeing clients have effective tax planning for their retirement savings. You can add more certainty and simplicity too β€” not to mention the guarantee life insurance offers in terms of long-term stability and payouts. IRAs are no longer a good vehicle for an estate plan but life insurance vehicles, with some caveats, are. Those smaller RMDs would keep tax bills lower for many years and keep the balance of the nondistributed trust funds protected. Ed Slott. New path The clients most affected by the Secure Act are the ones with the largest IRA balances, usually because they are the ones who have set up more sophisticated estate plans to get the stretch IRA for their beneficiaries based on the pre rules that were in place for decades. Gender issues. Funds used to pay the insurance premiums are also removed from the estate. While gifting is good, and even better if you can avoid taxes by doing it, some clients give away too much, and are no longer able to maintain their standard of living in retirement. IRAs are no longer a good vehicle for an estate plan but life insurance vehicles, with some caveats noted below, are. This law, which eliminated the stretch IRA plan for most nonspouse beneficiaries and replaced it with a year rule, is already effective for deaths that occurred in While planners can still help clients maintain their goals, the vehicle used to transfer money after death will have to change from the IRA to β€” I propose β€” the better, more tax-friendly life insurance. Note that for this planning I am referring only to permanent β€” that is, whole life β€” insurance with cash value β€” not term β€” insurance. Such clients are naturally concerned about post-death control. Before I dive in, however, here are a few more details: Spouses are eligible designated beneficiaries along with minor children but not grandchildren , disabled or chronically ill individuals and those not more than 10 years younger than the IRA owner. Under the old stretch IRA rules, if the trust qualified as a see-through trust, RMDs could be based on the age of the oldest grandchild, say, a year-old. By Ryan W. By Erika Wheless. Clients must be made aware of this and be comfortable making the premium payments each year for the bigger long-term benefit. For reprint and licensing requests for this article, click here. The year payout will result in a bunching of income into that year time frame at possibly higher tax rates considering that some beneficiaries will be in their peak earnings years. The life insurance beneficiaries can be the same beneficiaries slated to inherit the IRA funds, including any trusts named as the IRA beneficiary. A plus for clients for clients that large estates: the life insurance can be set up outside the estate through an irrevocable trust β€” or owned by the beneficiary β€” removing the life insurance from the estate. By Jessica Mathews.{/INSERTKEYS}{/PARAGRAPH} Sign Up. Financial planning. Keep in mind that clients are not married to their IRAs. Note that an IRA cannot be removed from the estate without a withdrawal. Why life insurance is the new stretch IRA. Instead, change this to a life insurance estate plan. For a full rundown of the act and its ramifications for IRA trust planning spoiler alert: not good! February 06, , p. IBD Elite Firms with the highest percentage of women advisors. The beneficiary form will tell you their goals and will be key to post-death planning. RMDs would be paid to the trust and from the trust right through to the individual grandchildren over 64 years the life expectancy for a year-old , leaving the bulk of the inherited IRA funds protected in trust for decades. This is why many of these clients named trusts as their IRA beneficiaries. Be aware that those trusts may need to be scrapped in favor of new, more simplified trusts to inherit the life insurance. This plan must hold up long term. Using life insurance as the new vehicle could get clients to their estate-planning promised land β€” one with larger inheritances, more post-death control and less tax. Career moves. The clients most affected by the Secure Act are the ones with the largest IRA balances, usually because they are the ones who have set up more sophisticated estate plans to get the stretch IRA for their beneficiaries based on the pre rules that were in place for decades. Financial services industry struggles to emerge from lockdown. By Michael Moeser. Still, the Roth conversion eliminates the post-death tax bill and can work better for IRA trusts. Plus, these funds can now be used to pay annual life insurance premiums. Life insurance trusts can be more versatile for multigenerational planning as well, keeping the funds protected for decades if desired. {PARAGRAPH}{INSERTKEYS}Advisors should move quickly with new estate planning advice for clients now that the Secure Act has passed. By Tobias Salinger. By Penny Crosman. Meanwhile, the grandchildren receive only about 1. Life insurance is a long-term commitment. For older or other less-healthy clients, a Roth conversion can provide similar results, but the tax-free period would be limited to 10 years after death for most beneficiaries. Even if a discretionary accumulation trust was used to keep more funds protected, the entire inherited IRA balance would still have to be paid out to the trust by the end of the 10 years β€” and be taxed at trust rates for any funds retained in the trust for continued protection. They built large IRAs and want to make sure that these funds are not misused, lost or squandered by beneficiaries due to mismanagement, lawsuits, divorce, bankruptcy or by falling prey to financial scams or predators. Tax Strategies. FINRA is raising fees β€” but which ones? But no more. Not everyone is insurable. Furthermore, the life insurance proceeds paid to the trust after death will be income tax-free and can follow the intent of the client without having to worry about working around the many IRA tax rules that often hamstrung an IRA trust.