June 9—The global pandemic has created challenging economic times. What strategies can high earners with retirement investments that are currently undervalued, or who expect a low-income year, take advantage of? National Director of Advanced Financial Planning, Bradley Crockett, discusses how this may be an opportune time to convert assets from a traditional IRA to a Roth IRA for long-term tax saving benefits.
The threat of higher tax rates in the future emphasizes the importance of a tax-free source of income. For this reason, a Roth IRA can be a very effective planning tool. By preserving the Roth IRA for as long as possible, you are providing the opportunity for maximum growth to an account that can be income-tax-free.Benefits of a Roth IRAThe benefit of a Roth IRA is that it is essentially an income-tax-free vehicle.
What steps have you taken to help your clients update their estate plans with IRAs and other retirement plans? Henderson, Caverly, Pum & Trytten LLP Partner Steven E. Trytten sat down with Wilmington Trust’s President, Western Region Brian Oard and Chief Wealth Strategist Alvina Lo at the 2019 Hawaii Tax Institute to discuss how to maximize your estate plan to take advantage of the Secure Act changes.Download Transcript >Please see important disclosures at the end of the video.