Sep
21
Shielding Retirement Assets From Taxes
For the tax conscious, the premise behind retirement plan distributions is simple — the longer you are expected to live, the less the IRS requires you to withdraw (and pay taxes on) each year. Because your heirs could inherit this payout schedule along with the assets’ tax bill, talk to your tax or financial advisor about how recent distribution rules should be applied to best meet your goals and objectives. Keep in mind that if you or your heirs do not withdraw minimum amounts when required, taxes can take 50% of what should have been withdrawn. There are various ways to make the tax payments on these assets easier for heirs to handle. For example, the IRS rules for calculating the required minimum distribution (RMD) from IRAs and...
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