Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family

Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family

by Ed Slott

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Overview

"America 's IRA expert"(Mutual Funds magazine) Ed Slott shows readers how to make the most out of their retirement plans.

• Achieve unlimited tax-free income after retirement and keep assets in the family
• Protect retirement funds from creditors, divorce, bankruptcy, lawsuits, or other problems that could expose it to loss
• Use a Roth IRA to build a tax-free fortune Slott's three-step strategy cuts through the tax laws and provides simple, easy-to-follow instructions for managing IRAs and other retirement income.

Product Details

ISBN-13: 9780143115168
Publisher: Penguin Group (USA) Incorporated
Publication date: 12/30/2008
Edition description: Revised
Pages: 288
Product dimensions: 5.40(w) x 8.30(h) x 0.60(d)
Age Range: 18 Years

About the Author

Ed Slott is a highly sought-after professional speaker, CPA, and tax adviser. His diverse client list includes major corporations such as Fidelity Investments, American Express, Merrill Lynch, Nationwide Insurance, and Oppenheimer Funds. Ed Slott frequently appears in The Wall Street Journal, The New York Times, USA Today, and on broadcast television and radio programs nationwide. He is publisher of the popular monthly newsletter “Ed Slott’s IRA Advisor.”

Table of Contents

Introduction: What Comes After a Trillion? xi

Part 1 Keep It Together 1

1 The Ninth Wonder of the World 3

2 Your Incredibly Missing IRA Transition Strategy 25

3 Will Estate Tax and a Need for Cash Be an Issue for You? 40

4 Setting Up Your IRA for the Stretch 53

5 Who Can-Should-Inherit Your Stretch IRA? 71

6 Setting Up a Stretch IRA for Multiple Beneficiaries 112

7 Preserving the Stretch When Naming a Trust as Your IRA Beneficiary 122

Part 2 Parlay it Into a Fortune 139

8 Exercising Your Options-Decisions, Decisions 141

9 Taking Inherited IRA Distributions-What to Do When 154

10 Tax-Cutting Strategies for IRA Beneficiaries 176

Part 3 Choose the Right Ira Advisor 195

11 Why You Need and IRA Advisor 197

12 Is Your Advisor an IRA Expert? Let's Find Out! 201

13 The Green Berets of IRAs aka Ed Slott's Elite IRA Advisor Group 221

Appendices

I Resources That Make for Top-Notch IRA Advisors 227

II Uniform Lifetime Table and Joint Life Expectancy Tables 231

Index 257

Acknowledgments 265

What People are Saying About This

From the Publisher

"Ed Slott's easy-to-understand tax strategies mean money in your bank account, not the IRS's."
-Jan M. Rosen, coauthor of Wall Street Secrets for Tax-Efficient Investing and financial columnist for The New York Times

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Parlay Your IRA Into a Family Fortune: 3 Easy Steps for Creating a Lifetime Supply of Tax-Deferred, Even Tax-Free, Wealth for You and Your Family 4.5 out of 5 based on 0 ratings. 2 reviews.
Anonymous More than 1 year ago
A wise man once said that compound interest is the 8th wonder of the world. He was no doubt referring to tax-free compound interest. This book explains how to use the tax-deferred or even tax-free status of IRAs to maximum advantage in the transfer of wealth from one generation to the next. The basic strategy is for the beneficiary of an IRA to stretch the required withdrawals out over the maximum length of time by making only the IRS-required minimum withdrawal every year. If you do this, the effects of compound growth and time can turn an inherited IRA into a remarkable cash machine. And if it's a Roth IRA, all of that money is tax free! In order to do this, however, the IRA and the withdrawals have to be set up correctly, or the IRS will pounce. The author goes through all of the necessary steps with great clarity and even humor. If you are going to be either the donor or the beneficiary of an estate containing an IRA, you really need to read this book.
Anonymous More than 1 year ago
I highly recommend this book to anyone who wants to understand the different types of IRAs, how Uncle Sam can tax you beyond belief if your not careful, and how to leave love ones money that can grow into a small fortune. This a book people should start reading in their twenties and thirties. I sure wish I had. It is hard to play catch up when the government changes tax rules . It is even harder in todays economy to place what most people would like into their IRAs due to the higher cost of living. Ed Slott gives practical and professional advice that can let you have an intelligent conversation with you retirement investment agent/ broker/ representative.