REQUEST A STRETCH IRA ANALYSIS
If you would like to receive a Stretch IRA Proposal, click here or contact us at 847-312-3454.
Below are links to some resources for your benefit.
STRETCH IRA: YOUR STRATEGY FOR THE FUTURE
A Stretch IRA is a wealth-transfer strategy that allows you to extend the period of tax-deferred earnings on the assets of a pre-existing, or newly established IRA by passing your IRA assets to a younger beneficiary. This allows the money that would have been paid in taxes to work for your heirs, instead of Uncle Sam. An article in Business Week, November 13, 1995, states an IRA beneficiary lost over 90% of his IRA due to immediate taxation. This could have been avoided had a proactive advisor been consulted. Under IRS regulations issued in 2002, any individual who holds a traditional IRA can change the beneficiary to "stretch" IRA distributions. If you do not need to live on your IRA assets and want to benefit younger generations, consider using the Stretch IRA strategy.
Attorney’s fees, executor’s fees, and advertising
all account for charges that can add up to 10% to the cost of probate.
The executor can charge up to 5% of the estate value. In addition, taxes
can take up to 55% of some assets if planning is not done properly.
If
everything goes smoothly it can be as quick as a couple of months. It
has been estimated that the average is a little over 9 months. Probating
an estate while one of the spouses is survived goes much quicker. When
you pass assets out of the marriage union it can take considerably
longer.
Because the process includes public announcements
and a court process, anyone who wants to know the details can check them
out. A simple trip to the courthouse or as in some states, you can pull
the information up on the computer in your living room.
At
anytime during the probate process, anyone can contest the ownership of
the deceased assets. Once a claim is filled all assets are frozen and
each side (the one making the claim and the executor of the estate) must
prove their side, to carry out the transfer of the estate. Once this
happens the other three issues can increase dramatically.
