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The Top 7 Mistakes in Estate Planning # 4: Not Avoiding Double Taxation on Retirement Plans

      Taxes on IRAs and other retirement plans can create a 70 percent tax before your IRAs can reach your children or grandchildren.  IRAs and other retirement plans are taxes twice, once as part of your taxable estate, and a second time as they come out of the IRA as income.  These taxes together can reduce your IRA by 70 percent unless you plan effectively.

      The combination of a retirement plan trust and an effective plan to stretch out and protect an IRA over the lifetime of a younger person, such as a child or grandchild, can create significant tax savings and magnify growth for your family.