The Secure Act and Secure Act 2.0 have drastically changed the ways retirement savings plans are used and taxed. With the right advice you can take control, avoid unnecessary taxes, and protect against the latest threats to your retirement savings.
If you’re retired or soon to retire, and if you’ve saved at least $500,000 in an IRA, 401(k) or other savings plan, you need advice that is current, educated and in-line with professional best practices.
Retirement, Estate & Tax Planning for Clients with Large Retirement Savings Plans.
Your IRA or 401(k) is likely one of the largest assets you own, rivaling or even exceeding the value of your home. It is the result of years of work and sacrifice. With care, it can provide freedom and income security during a long retirement for you, and then a meaningful inheritance to your heirs.
It also represents a large tax liability with complex and ever-changing rules. If you aren’t careful, rules you don’t know about can destroy it. These plans are often the largest asset a family owns besides the family home. You can’t leave this asset to chance.
I have years of experience and specialized training in the laws, practices and investments that best suit this type of asset. I can help you create a complete action plan to help you make sure your 401(k)s, IRAs, and retirement savings aren’t depleted by taxes by the time you need to use them.
The Problem You’re Facing:
Your retirement savings represent decades of work and sacrifice.
Your savings have accumulated in an IRA, 401(k), or company stock plan that has specialized tax rules which frequently change.
Misapplication of these tax rules can destroy or seriously impair your savings before you are even aware of the problem.
Your savings make you a target for unqualified and/or high-commission salespeople whose “advice” can lead to catastrophe for you and your family.
If you have large retirement savings accounts, you can’t afford to learn from your own mistakes. You can’t afford to work with a generalist or a commissioned sales advisor.
Hard Questions to Ask Yourself:
“Do I have the education and experience to recognize the issues that threaten my savings?”
“Do I have the time to fully research the laws that apply to my specific situation?”
“Am I confident that the decisions I’m making are based on current and accurate information?”
“Am I interested enough in this subject to keep up with it throughout the year, every year?”
“Do I have the time, energy and expertise to adjust my plans when laws and circumstances change?”
“Do I have the tools, technology and team to actually implement my planning?”
“How do the investment options that I use compare with those available to professionals managing billions of dollars?”
“Is this really how I want to spend my retirement?”
Hard questions to ask your advisor:
“Do you have expertise in this area? How would I know that?”
“What books have you read on this topic?”
“What is your professional training in IRA distribution planning? Can you show me the course manual? When was the training?”
“How do you stay current on key tax laws?”
“What is the latest IRA tax rule you are aware of? When did it occur?”
“How do you determine the best option for my lump sum distribution?”
“How are you keeping track of my IRA beneficiary form? When should I update it and what are some key events that would trigger a review?”
“Can you show me the IRS life expectancy tables (the advisor should show you ALL THREE of them).”
“Can you tell me what will happen to my IRA after I die?”
“Who do you turn to when you have questions about IRA distribution planning? No one can know it all.”
Why not take a few minutes and talk with an expert about planning for the future and lowering your family’s taxes?
It costs nothing to call and get your questions answered.
How do I Work?
I always start with a free Discovery Call lasting up to 30 minutes.
Before anything else, you and I need to talk on the phone for 15-30 minutes. This is a great time for you to ask whatever questions are on your mind without having to spend a lot of time or any money. It’s also an easy way for me to determine whether my services are a good fit for you and your family.
After we’ve finished our Discovery Call, if there are things I can help you do to reduce your retirement taxes and increase your security, we will schedule a more in-depth free consultation where I may make recommendations and advise on how to move forward. After that, you can choose to work with me or not.
Request a meeting here:
I’m Brent.
I’ve been an estate planning attorney and wealth manager for nearly 25 years. I bring together all the complex areas of your tax, retirement and estate planning, so nothing gets missed. I am an Accredited Investment Fiduciary which means I focus on you, your money and your well-being.
Or you can access my calendar and schedule at your convenience here:
DOCTOR’S INTERNET RESEARCH RESULTS IN TAXES AND PENALTIES IN THE AMOUT OF $239,000 Richard Essner v. Commissioner, T.C. Memo 2020-23, February 12, 2020.
CHILDREN DISINHERITED OVER SIMPLE MISTAKE ON IRA BENEFICIARY FORM (Kinder Morgan Inc., vs. Joanne Crout, et al. No. 19-20037 (5th Cir. 2020))
ROLLOVER MISTAKE RESULTS IN $97,789 PENALTY WHEN SURVIVING SPOUSE TAKES THE WRONG TYPE OF INHERITANCE (Charlotte Gee et vir. v. Commissioner; 127 T.C. No.1; No. 8755-05, July 24, 2006).
retirement account protection
Many people don’t realize the varity of investments available to IRA and other type of retirement accounts. Let’s talk about all your options; but be aware that I will not present you with an annuity as an investment option.
retirement account taxation
There are ways to make withdrawals from your IRA account that are actually tax-efficient. If you’re looking to preserve your account’s value for heirs, to create future tax-free income, or to maximize charitable giving, let’s talk.
Inheriting a retirement account
Inherited accounts are subject to different rules, depending on the type of account. Doing it wrong could mean a large tax penalty. Let’s look at all your options.
YOU SHOULD KNOW…
New regulations from the Department of Labor impose strict requirements on advisors who work with qualified retirement assets like IRAs and 401(k) accounts. If an advisor you’re working with does not have a discussion with you concerning conflicts of interest and a cost/benefit analysis on a rollover or transfer, you are working with someone who is either not a fiduciary or who is not upholding their fiduciary duty.
If you have large retirement savings accounts, you can’t afford to learn from your mistakes or pay someone else for their on-the-job training:
Here are some things you or your current advisor must know!
How post-age 70 IRA contributions can actually make you pay higher taxes;
Major IRA trust mistakes and why IRAs are now one of the worst assets to inherit;
Which life expectancy table to use when taking RMDs;
Why many beneficiaries overpay their taxes;
What happens when you name your estate as your IRA beneficiary;
When a Trust should and should not be your IRA beneficiary;
When you can aggregate your IRA required distributions;
How health care taxes and medicare taxes impact IRAs;
Who should and should not convert to a Roth IRA;
The Ins and Outs of beneficiary planning - spouse vs. children vs. charities: how to maximize each dollar you leave behind.
Which custodians are friendly to IRAs and the questions to ask them;
Key factors in rollover decisions;
How to avoid penalties for pre-59.5 withdrawals;
How to get captital gains treatment when you have large employer stock holdings
And at least 50 more issues that are too boring to list here, but that can deeply impact your retirement!