WEBINAR REPLAY: Creating Tax Free Legacy
Come join us as we discuss how to get ahead of taxes and how your assets will pass to your heirs. 💪 🤓 What you will learn: How your funds get taxed now and when you die Rules around gifting, estate taxes, and how the Secure Act change inherited IRA’s Limitation for filling the tax-free (Roth) bucket when you are retired The Art of the Roth Conversion Generation Skipping Transfer Taxes And MORE! 0:00 - Welcome: Information on this webinar and the presenters. 1:25 - Important and necessary disclosures from our lawyers. 2:15 - Tax Buckets: the different ways that we can save money. How it gets taxed when we put it away and when it passes to our beneficiaries. 5:40 - Why we prefer that you avoid passing pre-tax funds to your beneficiaries. 7:40 - Client example of inherited IRA not being able to be converted. 8:50 - "Shadow Taxes" - unintended consequences of additional income. 9:40 - Lifetime and Annual Gift Exclusions with amounts. 13:22 - There are different estate taxes in different States. 14:55 - The "10-Year Rule" imposed by the Secure Act in 2020. 18:30 - How does money pass to non-spouse beneficiaries? 21:48 - I inherit a Roth IRA - tax implications if I buy a Lambo? 23:10 - "Ticking Time Bomb" that we see with non-spousal inherited IRA's. 26:30 - How can you fill the "Tax-Free Bucket" when you are retired? 28:00 - The Art of the Roth Conversion 29:08 - How does the IRS and state benefit from you growing your funds in the Pre-Tax Bucket? 31:20 - What can the Tax-Free Bucket fund and what costs are potentially avoided? 33:55 - Plug for our blog: https://www.WhiteHawkWealth.com/blog 34:30 - Surviving spouse's ability to do Roth Conversions. 37:00 - The Neglected Bucket - "Taxable Bucket" - with hypothetical numbers. 42:01 - Generation Skipping Transfer Taxes (GSTT) 43:47 - Charitable Remainder Trust (CRT) as beneficiary on Traditional IRAs. 46:25 - Client? Not a Client? 48:00 - Question #1: "Inherited IRA in 2015, do I have 10 years to withdraw the funds?" 49:23 - Question #2: "I'm in a higher tax bracket and Roth Conversions don't make sense, what can I do for my heirs?" 50:56 - Closing Featuring @TheRetirementCheatCode
