Make that inherited IRA create tax-free LTC benefits

Make that inherited IRA create tax-free LTC benefits

Author: Diane Stoddart, Certified Long Term Care Consultant, CLTC September 5, 2024 Duration: 10:40
Preparing For Tomorrow podcast
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On Sunday, Suze Orman discussed the finally finalized rules for inherited IRA's. Listen here: https://www.suzeorman.com/podcast Today, I'm going to share a case study to share what one of our clients did with some of the IRA funds she inherited from her mom. Some of you know that "non-eligible" beneficiaries of IRA funds are required to withdraw all tne money in the IRA within 10 years and pay taxes on those withdrawals. If you don't know, listen to Suze's podcast episode from Sunday, September 3, 2024 with the above link. Nicole used $17,000 a year of the $45,000 she is required to withdraw annually over 10 years to create a paid-up long term care plan that will pay more than the entire inheritance she received ($450,000 IRA and $450,000 non-IRA funds). Listen and learn how we accomplished this. Nicole's mom left her a nice inheritance with an unforseen tax burden. We repositioned that tax burden to create tax-free LTC benefits for her or a tax-free death benefit for her kids. Schedule with me to learn how you can reposition yout tax-burden at https://calendly.com/diane-p4t/30min

Diane Stoddart brings a professional yet deeply personal perspective to the complex world of long-term care planning in Preparing For Tomorrow podcast. As a Certified Long Term Care Consultant, she understands that preparing for future care needs involves more than just finances-it's about safeguarding your family's well-being and peace of mind. Each conversation cuts through the industry jargon to clarify the real options available, from insurance products to legal strategies, all aimed at protecting your life savings from being depleted by unexpected care costs. You'll hear Diane break down essential concepts and terms, making a daunting subject feel manageable and urgent. Alongside expert guests, she explores the emotional and physical dimensions of caregiving, offering a holistic view that acknowledges the full weight of these decisions. This isn't about fear; it's about empowerment through knowledge. Tuning into this podcast provides a straightforward guide to creating a practical plan, ensuring you can face tomorrow with confidence rather than anxiety, knowing your loved ones and your legacy are secure.
Author: Language: English Episodes: 100

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Podcast Episodes
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