The Top 5 Ways to Leave Tax-free Wealth To Your Loved Ones

(don’t forget to checkout the video of this blog too)

Once you’ve successfully funded your own retirement don’t unnecessarily leave a large tax bill to your loved ones!

Here are the top 5 ways to leave tax-free wealth to your loved ones instead:

✅ Leverage Taxable Retirement Accounts For Retirement Income

Utilize taxable retirement accounts as your primary source of retirement income (since it’s the worst money to leave behind to loved ones).

That’s because retirement accounts typically have to be liquidated in 10 years…

With your loved ones also having to pay all the taxes on that retirement account they inherited.

So spend this money instead (if you can do so in strategically low marginal tax brackets).

✅ Preserve Principal with Contractual Guarantees (when possible)

Protect your tax-favorable money…

This includes non-qualified & tax-free accounts.

When interest rates are high you can create a supplement source of guaranteed income (using CDs, Bonds, and annuities), while simultaneously protecting your principal with a contractual guarantee.

Protecting your favorable dollars and leaving more money to loved ones more effectively.

✅ Consider Roth Conversions

Utilize the full capacity of the tax code to move money you won’t likely spend in retirement into a tax-free Roth IRA account…

This money can then be invested much more aggressively (since you won’t be using it for income withdrawals), which typically translates to much higher returns over time!

Doing this continues building your wealth inside of a 100% tax-free vehicle… meaning you can leave more money free-and-clear of any IRS collecting to your loved ones.

✅ Maximize Social Security Income by delaying

By maximizing the income value of Social Security you can protect more of your wealth…

This gives you much more protection against the eroding effects of inflation as well as the costly potential of a long-term care event.

Again, helping ensure you leave more money to your loved ones.

✅ Utilize the Tax Benefits Offered by Life Insurance Contracts for wealth transfer

Life insurance is the best way to create a generational tax-free wealth transfer…. yet it’s very underutilized by retirees for this purpose.

Wealthy families have been using life insurance for generations to keep wealth in their family…

It’s still the biggest loophole in the IRS tax code & with the recent elimination of the Stretch IRA…

It’s become an even more attractive tool for keeping money in your family (completely tax-free).

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