IRA & Retirement Plan Investing - Million Dollar Accounts
This is part two of a two-part series discussion on IRA Retirement Plan Investing.
Visit the resource box for the part one of this two-part series.
The government forgave the fact that you saved money tax free, they now want their money.
So the beneficiary of that million dollar traditional IRA is going to have to pay an income tax.
The balance is going to trigger Internal Revenue code section 2031.
That's the estate tax.
On the date of death, everything you own, titled in your name, is taxed to your estate and it quickly goes up to the 55%.
You now have a double tax.
Of the million dollar traditional IRA account, approximately $750,000 to $800,000 is going to go to the government for income taxes and estate taxes as it becomes an inherited IRA because there were no IRA distributions taken.
Only $250,000 could go to your family.
Now, there are going to be exceptions to this, of course.
But the rule is, if you have a Jumbo traditional IRA and an estate tax problem, I can guarantee you that you are going to pay a double tax and the stretch IRA does not solve your problem.
So, what is this powerful wealth building tool that you can use to minimize the impact of this taxation? It's one of the best IRA rescue plans.
And you should implement this long before you die, the minute you recognize that you have an estate tax problem, when you add up all your assets.
It's called the "Best IRA Rescue Plan" that can avoid 75% to 80% of your taxes.
If you find yourself in this particular kind of situation, call a professional accountant.
You can try to avoid that 75 to 80% tax crime.
There are other types of tax planning solutions available.
If you don't have a personal accountant that you can trust ensure that all tax procedures are legal.
I never condone illegal practices via creative accounting measures.
Seek for ways to protect your assets against unscrupulous lawyers and predator creditors as well.
There are a myriad of ways to defer taxes, protect your assets, minimize taxes, and reposition your assets to your advantage and it would be all completely legal.
It's just knowledge.
Again, call a qualified accountant and lawyer with the additional necessary credentials to ensure that the government doesn't over pick your pockets by passing new legislature.
The reporting requirements are going to be far stricter in the future.
I was reading the other day that the IRS is going to be mandating more and more reporting requirements, especially for people who are self-employed, or that work in the building industry, or even for persons who work in more traditional fields such as the ones you would hire, like a landscaper or carpenter or electrician for your home.
They're going to be sure that they catch everybody.
There's at least 18 trillion dollars in untaxed qualified pension money.
There are certain legal ways to use wealth building tools in to maximize your returns on your IRA investments.
Search for information on Roth on Roids.
The following basic information is needed to create your personal retirement plan: (1) Your age; (2) How much money you wish to place in your account; (3) Your health status; (4) When you plan to retire.
Visit the resource box for the part one of this two-part series.
The government forgave the fact that you saved money tax free, they now want their money.
So the beneficiary of that million dollar traditional IRA is going to have to pay an income tax.
The balance is going to trigger Internal Revenue code section 2031.
That's the estate tax.
On the date of death, everything you own, titled in your name, is taxed to your estate and it quickly goes up to the 55%.
You now have a double tax.
Of the million dollar traditional IRA account, approximately $750,000 to $800,000 is going to go to the government for income taxes and estate taxes as it becomes an inherited IRA because there were no IRA distributions taken.
Only $250,000 could go to your family.
Now, there are going to be exceptions to this, of course.
But the rule is, if you have a Jumbo traditional IRA and an estate tax problem, I can guarantee you that you are going to pay a double tax and the stretch IRA does not solve your problem.
So, what is this powerful wealth building tool that you can use to minimize the impact of this taxation? It's one of the best IRA rescue plans.
And you should implement this long before you die, the minute you recognize that you have an estate tax problem, when you add up all your assets.
It's called the "Best IRA Rescue Plan" that can avoid 75% to 80% of your taxes.
If you find yourself in this particular kind of situation, call a professional accountant.
You can try to avoid that 75 to 80% tax crime.
There are other types of tax planning solutions available.
If you don't have a personal accountant that you can trust ensure that all tax procedures are legal.
I never condone illegal practices via creative accounting measures.
Seek for ways to protect your assets against unscrupulous lawyers and predator creditors as well.
There are a myriad of ways to defer taxes, protect your assets, minimize taxes, and reposition your assets to your advantage and it would be all completely legal.
It's just knowledge.
Again, call a qualified accountant and lawyer with the additional necessary credentials to ensure that the government doesn't over pick your pockets by passing new legislature.
The reporting requirements are going to be far stricter in the future.
I was reading the other day that the IRS is going to be mandating more and more reporting requirements, especially for people who are self-employed, or that work in the building industry, or even for persons who work in more traditional fields such as the ones you would hire, like a landscaper or carpenter or electrician for your home.
They're going to be sure that they catch everybody.
There's at least 18 trillion dollars in untaxed qualified pension money.
There are certain legal ways to use wealth building tools in to maximize your returns on your IRA investments.
Search for information on Roth on Roids.
The following basic information is needed to create your personal retirement plan: (1) Your age; (2) How much money you wish to place in your account; (3) Your health status; (4) When you plan to retire.
Source...