What Can You Do About It?

If you already have an IRA Inheritance Trust®, you probably will need to revise it so you can minimize the taxes on your beneficiaries’ faster, larger RMDs.

If you don’t have an IRA Inheritance Trust®, you may want to consider getting one to minimize your loved ones’ taxes.

And there are several other financial planning strategies you may want to consider to help reduce future taxes on your IRA, like conversion now to a Rother IRAundefined.

Unfortunately, there is no “one-size fits all” solution for everyone. Your best course of action will depend on such factors as the size of your IRA, your age, your cash flow needs, and your beneficiaries’ ages and financial needs.

What’s Your Next Step?

There is no urgency to do anything immediately, unless (Lord forbid) your demise is imminent. The new law only affects your beneficiaries after you’re gone. So we have time to fully evaluate the law and determine the appropriate estate plan changes necessary (there are currently a number of items in the law which will require further examination). We are consulting with some of the nation’s leading IRA experts and intend to be ready to revise your estate planning, as necessary, by early May. Around that time, we will contact clients with larger IRAs to come in for a free attorney meeting to discuss your options.

In the interim, if you would like more information on this SECURE Act and the planning options available to minimize taxes on inherited IRAs, please attend one of our upcoming seminars.

Also, kindly forward this article to any of your relatives, friends, neighbors or co-workers who may have sizeable IRAs and may also benefit from attending.

We look forward to assisting you with your important estate planning matters.

Philip J. Kavesh
Nationally recognized attorney helping clients with customized estate planning guidance for over 40 years.
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