Save Tax on Inherited IRAs
For the financial fifteen segment of the webinar, Mark focuses on inherited IRAs and how you may be able to save tax on your inherited IRA. For Mark, the reason inherited IRAs can be so difficult is because you cannot convert them into a Roth IRA. So, not only are there complex distribution rules, but you can’t convert the dollars in the account into a tax-free bucket. The key then lies in figuring out a way to use the money in your inherited IRA in a tax-efficient manner. A great way to go about this is to take advantage of Qualified Charitable Distributions, which Mark takes some time to explain. He also provides some other solutions so that you can be sure you’re taking the right steps to save tax on inherited IRAs if you have one.

It’s an episode you don’t want to miss – especially if you’ve inherited an IRA or will inherit one soon. Tune in now!

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The opinions expressed in this program are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security. It is only intended to provide education about the financial industry. To determine which investments may be appropriate for you, consult your financial advisor prior to investing. Any past performance discussed during this program is no guarantee of future results. Any indices referenced for comparison are unmanaged and cannot be invested into directly. As always please remember investing involves risk and possible loss of principal capital; please seek advice from a licensed professional.

Attleboro Wealth Management, LLC is a Registered Investment Adviser. This program is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Attleboro Wealth Management, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Attleboro Wealth Management, LLC unless a client service agreement is in place….(read more)

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The Financial 15 – Save Tax on Inherited IRAs

Inheriting an Individual retirement account (IRA) can be a significant financial asset, allowing you to enjoy the fruits of your loved one’s hard work and financial planning. However, it’s important to consider the tax implications that come with inheriting an IRA, as these can significantly impact your financial situation. One way to potentially save on taxes when inheriting an IRA is through The Financial 15 strategy.

The Financial 15 is a tax-smart approach that aims to stretch your inherited IRA’s tax-deferred growth over your lifetime while minimizing the tax burden. By following this strategy, you can effectively manage your inherited IRA and preserve its value for the long term.

So how does The Financial 15 work?

Firstly, it’s important to understand that traditional IRAs are subject to required minimum distributions (RMDs) once the owner reaches the age of 72. However, when you inherit an IRA, you have the option to take distributions based on your own life expectancy, which can potentially maximize the account’s tax-deferred growth.

The Financial 15 strategy involves taking only the required minimum distributions each year, based on the IRS Single Life Expectancy Table. By doing so, you can slow down the withdrawal rate, giving your inherited IRA more time to grow tax-deferred. This can be beneficial, particularly if you don’t necessarily need the funds immediately and would like to preserve the account’s value for the future.

Another essential aspect of The Financial 15 is the investment component. It’s crucial to carefully manage the investments within your inherited IRA to ensure potential growth and minimize the tax implications. Consulting with a financial advisor can be instrumental in determining the right investment strategy for your specific goals and risk tolerance.

Additionally, beneficiaries can also choose to consider converting their inherited traditional IRA into a Roth IRA. While this conversion will require you to pay taxes on the converted amount, it can offer significant tax advantages in the long run. Roth IRAs grow tax-free, and qualified distributions are also tax-free, making it an attractive option for tax-efficient wealth transfer.

However, it’s important to assess your individual tax situation and consult with a tax professional before making any decisions regarding IRA conversions. They can help assess the potential tax impact and guide you to make an informed choice that aligns with your financial goals.

In summary, The Financial 15 strategy provides opportunities to save on taxes when inheriting an IRA. By strategically managing your withdrawals, investing wisely, and considering a conversion to a Roth IRA, you can maximize the value of your inherited assets and potentially reduce your tax burden.

As with any financial decision, it’s essential to consult with a financial advisor, tax professional, or estate planning professional who can help you navigate the complexities and intricacies of inherited IRAs. With their guidance, you can make informed choices and secure your financial future while minimizing your tax liabilities.