Talking new tax laws

  • Traditional IRA

    • allows you to save money for retirement

    • reduces taxable income

    • grows tax deferred

      • BUT the taxes are still there when you want the money

    • NOT tax free - directly

    • to manage how much income they are taking from their IRA they take it bit by bit to minimize cost

  • Inherited IRAs do not have bankruptcy exceptions

  • Beneficiaries in a trust are based on how the trust allocates the IRA


  • Taxed extremely quick

  • Easy to reach the top tax bracket

  • Leaving your IRA over to a trust can really backfire

Roth IRA

  • Money goes in and gets taxed right away, then grows tax free

  • Rather conversions can be a tool

Having an advisor is a critical component to understanding everything that is going on

June 20, 2019