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Eli Mitcham speaks out on common
financial planning concerns. Information provided here is meant to be general in
nature and should not be construed as a solicitation to
effect transactions in securities, or the rendering of
personalized investment advice for compensation, over
the Internet.
Disclosure to Consumers
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- How to Leverage your IRA
- Don't Make this Mistake with Your IRA
- Particulars of the Stretch IRA
- Missed Your RMD? Better Get out your checkbook
- What to Do if your IRA is the bulk of your estate?
- Which Investments are best for your IRA?
Filled with Timely Tips to help you get the most out of your finances!
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Is Your IRA or Retirement Account An I.O.U. To The IRS? It seems like a stupid question, doesn't it? However, if you have a large retirement or IRA account, Uncle Sam may have already arranged your financial life for you... Unfortunately, he neglected to inform you! You see, everyone's "favorite Uncle" - Uncle Sam - has devised your future in such a manner that one simple mistake on a form can end your IRA and cause up to 65% taxation of those proceeds. You read that correctly... 65%! Uncle conveniently "writes himself into your will" and he gets two thirds... your legacy is all but wiped out! Improper planning can also put your life's work into the hands of a "spenditious" child... it can pass to an outlaw ex-son or daughter-in-law... it can disinherit family even if that wasn't your intention... it can go to settle a lawsuit taking money away from your intended beneficiaries... but most often, poor (or no) planning of your individual retirement account's distribution puts the vast majority or your life's work into the hands of the IRS! Judge Learned Hand said, "Anyone may so arrange his affairs but his taxes shall be as low as possible. He is not bound to choose that pattern which will best pay the treasury. There's not even a patriotic duty to increase one's taxes." Sadly, 90 percent of all IRAs are cashed out at the death of the second spouse, and it ends what Albert Einstein called "one of eight wonders of the world"...tax deferred compound interest. Plus, it takes a huge chunk of cash in the form of taxes and gives it to Uncle. Your family loses... maybe a cherished friend or loved one loses... your favorite charity misses out... your legacy is gone... Is that what you intended? I doubt it! The big mistake with many affluent IRA owners is lack of knowledge when it comes to distributing the proceeds of your IRA in the manner YOU want - not as the IRS hopes... Don't Let Your IRA or Retirement Become an IOU to The IRS! Learn Everything You Need To Know About Distributing Your IRA As YOU Choose. Please allow me the privilege of providing information that will detail items that you may have overlooked in your own planning... any one of these issues could create up to two thirds of your estate to pass to the IRS instead of your family, cherished friend or loved one, or your favorite charity. I have created a FREE "IRA Owner Awareness Guide" to help you make prudent decisions about your retirement planning and I will be happy to provide it to you without cost or obligation. If you would like to meet either in person or by telephone, or simply would like to receive my free "IRA Guide", please use the CONTACT US link and let me know. I look forward to meeting you!
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