THE DOUBLE WHAMMY

Today’s Straight Talk is special. There is so much going on and I want to be able to share it with you all at once rather than wait. Besides, the holiday season is coming up fast, many of us will go out of town, lots of parties, family times and our thoughts will move away from the business of business to heart and home.

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WHAT ARE STRETCH IRAs

IRA’s aren’t as safe as we thought. One of the best planning opportunities for financial advisors and tax professionals alike was what is commonly called a Stretch IRA. The stretch IRA is a name given to the circumstance where a child inherits their parent’s IRA and the required distributions from the IRA are stretched over the lifetime of the child. That creates a massive opportunity for the child only to draw out small amounts of money every year on which taxes will be paid and for the sums inside the IRA to continue to accumulate tax deferred for the lifetime of the child. Hundreds of thousands of dollars can become millions. For a ROTH IRA the benefits are even greater because the Roth IRA doesn’t require any distributions.

WHEN ARE STRETCH IRAs UNSAFE?

Now there is a wrinkle in this planning. If a child in an inherited IRA were to run into creditor problems the entire IRA or ROTH IRA could be taken by creditors. Yikes!!!. Yes, this means all the hard work that the parent put into retirement planning and funding could be jeopardized and family wealth could be destroyed. Even worse, imagine if it only one sibling that has the problems and the creditor goes after the entire account. (Questionable if the account is separated into shares for each child as it is supposed to).

IS THERE A SOLUTION?

Our firm is expertly qualified to provide you a solution to this problem. We have a strategy we have used for many years that can create and protect wealth in this situation for generations.


MASTER THE STAGE AND POWERFULLY DELIVER YOUR MESSAGE

DESIGNED FOR SALES PROFESSIONALS – ENTREPRENEURS – BUSINESS OWNERS – TRAINERS & COACHES

Join Me January 17, 2015

As I have written in prior blogs, over the past 5 years I have trained and held playshops in a special style of on hands learning called experiential learning. We are now bringing back these playshops better than ever. Our first one will be a one day playshop called Staging Success focused strictly on how to be a better presenter, master the stage, and powerfully deliver your message. In this playshop you will have multiple opportunities to be on stage, speak, gain confidence, learn stage skills, full body communication and more. Please go to www.legacylegalevents.com to see more and register.

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Our vision is to enhance the way people think and talk about wealth not only in money, but in values, beliefs and traditions. Our mission is to Strengthen Foundations for Personal and Business Success in Mind, MAP and Money.

Thank you for being a part of our Straight Talk community.

Your Trainer, Educator, Author & Host – Rich Gaines
Rich Gaines has over 15 years speaking before various types of audiences. He has been a featured speaker for many different professional legal, tax and accounting organizations, Rotary clubs, San Diego Chapter of Professional Organizers; Real Estate groups and he has held numerous workshops on Wealth, Legacy and the Inner Game of Money.

CategoryStraight Talk
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