In this video CPA/Attorney James Lange reacts and offers insight in 13 minutes on the SECURE Act that the House voted a staggering 417-3 that will effectively kill the Stretch IRA as we know it.
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What ever the name on a bill says in effect actually means it's opposite. Secure act = insecure act.
i am so fucked by this stupid law.
Stretch IRA needed to end. There is already a way to pass money to your kids and grandkids income tax free: life insurance.
If you have Any qualified money, you can use a QLAC to move RMDs to 85 years old. Use the QLAC to pay for a large Life Insurance policy’s that will more than take care of any taxes.
In my opinion the Secure Act is a stinker. The more time that passes the more I think Trump does not have the best interest of honest hard working Americans at heart.
I have always felt that something like this was coming down the road. Never trusted the government or wall street. Middle class has taken a huge hit over the last 15 or so years. A few get filthy rich and a huge number of people get left with their shirt flapping in the breeze. Surveillance state slavery. How much longer do you think it will be before we'll even be allowed to post a descenting opinion?
Most Americans, don't realize the severity of this!
did the $400,000 exclusion get through?
A total tax grab. Screws my special needs kid. Evil $#&#%!*&s
Eliminating Stretch IRA"S and requiring a person, possibly child, to take out all their inherited IRA within 10 years, will result in higher taxes on that inheritance. But hey, the wealthy can inherit $11M without having to pay any inheritance tax. Once again increasing taxes on mostly middle class who want to leave something for their children while having just given tax breaks to the wealthy.
Sounds like congress is gaslighting us and making our future LESS secure.
Really need someone to help make your videos look more professional
Trump's gonna sign this thing into law soon. I don't have any money tied up in 401k plans.
This presentation is so unprofessional in attitude. However, I believe he is correct.
I have a great Idea. Tell your kids to go out and get a job like the rest of us had to do. WAH! WAH! WAH!
SEAN
Mr. Lange, on P. 4-5 of your book "Retirement Plan Owner's Guide to Beating the New Death Tax" you write that IRA inheritors who are less than 10 years in age difference from the plan owner would be exempt from the 10 year rule. Do you still think this is part of the proposed bill?
Yea, matter of time if they go after the HSA's….
Any "bi-partisan" bills passed by Congress has never resulted in positive change for Americans.
Jim, I don’t understand the graph in the video, I think it doesn’t display the amount withdrawn from the account. I don’t think it’s a fair comparison to just show the account value without reflecting the mandatory distributions being reinvested. I have no doubt the stretch Ira is better but I think the graph distorts the magnitude of the difference.
Jim,
Thank you for your clarity and your passion regarding this concern. Can you advise whether or not the ROTH IRA would be affected by this?
Interesting….. We were planning to go to cash by the end of life thus avoiding the inherited IRA issue. In other words, instead of leaving the inheritance in paper or hard assets, we simply use cash.
Jim, thanks for explaining the negative consequences of the death of the stretch IRA caused by the SECURE Act. When you sent your earlier email, I immediately contacted by US Senators and asked them to vote against the SECURE Act, for whatever that will be worth. As you know, the death of the stretch IRA is going to push IRA owners into higher tax brackets, both those of us who scramble to convert IRAs to ROTHs and also our beneficiaries who inherit IRAs and have to cash them out at accelerated rates. I appreciate your communication. However, I assumed your multiple comments about "tax cuts for millionaires and billionaires" was a backhanded slap at Trump's tax cuts. Trump's tax cuts gave much larger reductions to lower and middle income earners. In my opinion, your comments about the "millionaires and billionaires" reduced your credibility and should have been left out of your video. Thanks,