Ep 14. Give more money to your loved ones and less to the IRS
Ep 14. Give more money to your loved ones and less to the IRS
With the stock market down year to date you can take advantage of the opportunity to move assets in kind from your IRA or old 401(k) at a lower price, pay lower taxes now and allow that money to grow for your family to inherit later on.
In this podcast episode we use the example of Joe who is 80 years old and wants to leave his IRA to his children. By converting his stock from his IRA to a taxable account, any growth will get a step up in basis and his children can save a lot of money when they receive it. If you are a visual person, check it out on Red Barn Financial TV on YouTube here: https://youtu.be/pw9s7pYTN2g