https://www.goodfinancialcents.com/the-legacy-optimizer-strategy-how-to-turn-a-325000-ira-into-a-786000-benefit-for-your-heirs/ Thu, 16 Nov 2023 11:06:08 +0000 hourly 1 https://wordpress.org/?v=6.4.3 https://www.goodfinancialcents.com/the-legacy-optimizer-strategy-how-to-turn-a-325000-ira-into-a-786000-benefit-for-your-heirs/#comment-144276 Wed, 18 May 2016 17:04:39 +0000 http://gfc-live.flywheelsites.com/?p=27191#comment-144276 One other option to consider is whether the client is currently donating a significant amount of money to a charity or tax-exempt religious organization. If so, they should consider using the RMDs to cover that amount directly out of the tax-benefitted account. By doing that, the charity gets the money tax free, and the client fulfills the distribution requirements. Now they can take the money they were previously giving to the charitable organization from after-tax funds and apply that in another direction (like those above). Obviously there will likely be some other tax implications, so those should be taken into consideration. But this approach would cut the tax effects off the RMDs and stretch those dollars even further. More info in this article https://personal.vanguard.com/us/insights/article/QDC-RMD-tax-break-122014.

]]> https://www.goodfinancialcents.com/the-legacy-optimizer-strategy-how-to-turn-a-325000-ira-into-a-786000-benefit-for-your-heirs/#comment-129268 Mon, 14 Dec 2015 12:57:16 +0000 http://gfc-live.flywheelsites.com/?p=27191#comment-129268 This has “CFP practice question” written all over it! You can see where my mind is right now. 🙂 Definitely a good read for financial planners.

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