Any Wealthy Woman’s Roth Contribution Plan

Here’s a simple plan that may help a person tuck away a little money and go tax free. Especially now that tax laws changed for 2020, it becomes even more important to go tax free. And, there is a hidden benefit for older folks and people with a higher income. So let’s dive in. SimilarContinue reading “Any Wealthy Woman’s Roth Contribution Plan”

A new Idea, pay your parents’ taxes, inherit a tax-free Roth

Most retirees are in a lower tax bracket than their working-age children, so if grandma had paid the income taxes on her IRA and converted it into a Roth IRA, then her daughter would have a zero tax burden on the inheritance. This brings up an advanced financial planning idea—perhaps daughters and sons who willContinue reading “A new Idea, pay your parents’ taxes, inherit a tax-free Roth”

The Defunct Stretch IRA—we would have paid less taxes

Let’s look at the substantial tax increases for younger inheritors. Assume grandma passes with a $100,000 IRA. Last year, her daughter would have inherited it at age 50 and was able to spread the income over her life expectancy of 34.2 years.[1] That means that first year less than 3% of the inheritance is income-taxable.Continue reading “The Defunct Stretch IRA—we would have paid less taxes”

Retirement savers have a win and a loss at the end of 2019

Who says Congress is tied up with impeachment? Both the House and the Senate passed a Christmas-time bill that gives retirement savers both a gift and a piece of coal. A gift! Required distributions start later The good news is that if you’re not already of the age 70 ½, then you can delay yourContinue reading “Retirement savers have a win and a loss at the end of 2019”

Introducing Karl Frank CFP(R)

This is a blog written by Karl Frank CFP(R). I am the author of Go Tax Free and a Certified Financial Planning Practitioner at A&I Financial Services LLC. This blog provides timely updates to the timeless advice in the book, Go Tax Free, available at or from A&I Financial Services LLC. Click here forContinue reading “Introducing Karl Frank CFP(R)”