Qualified retirement plans. Yours may be worth just 17 on the dollar.
In summary, let's review the result of the Joneses' coordinated retirement income and estate planning strategy: 1. The Joneses maximized their estate assets, converting an inefficient estate asset to an efficient estate asset, without jeopardizing their current or future standard of living. 2. They committed to a gifting program for only 10 years, after which they have the flexibility to continue gifting the trust or to retain all the current IRA income. 3. They are free to "consume" their other taxable assets during their lifetimes without worrying about saving something for their three children. The Wealth Replacement Trust will leave approximately $1 million for each child. This strategy is obviously not available to everyone, nor is it applicable to everyone. While this solution worked extremely well for these clients, everyone's situation is different. Every situation needs a professional and personalized plan based upon individual objectives. Only after objectives have been clearly identified and alternatives thoroughly explored can a suitable solution be identified. It is important that a thorough review of the entire financial picture be performed by a competent financial planning team before you attempt to correct a potential problem. Make certain your advisers are familiar with solving this type of problem so as not to create additional problems.
Schalkle
B L
BL
Dyrhaug
K J
KJ
Hess
D J
DJ
D005376:Financial Management / Q000191:economics*; D006801:Humans; D007183:Income Tax / Q000331:legislation & jurisprudence*; D007449:Investments / Q000331:legislation & jurisprudence*; D010415:Pensions; D014481:United States