Corey Daharsh, CISP’s Post

Roth IRA Inheritance Insights: Did you inherit a Roth IRA? Discover why this might be a boon for your financial future. Our recent blog explains how Roth IRA earnings grow tax-free, offering a significant advantage for beneficiaries. Learn how to leverage this powerful estate-planning tool! Read it now: https://lnkd.in/eppSJ8Ky #inheritedIRA #rothIRA #estateplanning

You’ve probably heard of a Roth Conversion and wondered if it’s a good option for you. I’m going to explore the concept of Roth conversions and whether it might be a good strategy for your financial future. We'll cover what a Roth conversion is, the benefits of it, and the potential downsides. We'll also discuss scenarios where a Roth conversion makes sense and where it doesn’t. Learn how we can help you achieve your financial goals through a focused process and ongoing support. Visit our website to schedule an initial consultation. Tune in here: https://lnkd.in/e_vp-fPu Sequence of Return Chart Source: https://lnkd.in/eiEu3jjR DISCLAIMER: TRADITIONAL IRA ACCOUNT OWNERS HAVE CONSIDERATIONS TO MAKE BEFORE PERFORMING A ROTH IRA CONVERSION. THESE PRIMARILY INCLUDE INCOME TAX CONSEQUENCES ON THE CONVERTED AMOUNT IN THE YEAR OF CONVERSION, WITHDRAWAL LIMITATIONS FROM A ROTH IRA, AND INCOME LIMITATIONS FOR FUTURE CONTRIBUTIONS TO A ROTH IRA. IN ADDITION, IF YOU ARE REQUIRED TO TAKE A REQUIRED MINIMUM DISTRIBUTION (RMD) IN THE YEAR YOU CONVERT, YOU MUST DO SO BEFORE CONVERTING TO A ROTH IRA. #RothConversion #FinancialPlanning #RetirementPlanning #TaxStrategies #FinancialAdvice #RetirementSavings #RothIRA #IRA #InvestmentTips #TaxFreeGrowth #CertifiedFinancialPlanner #WealthManagement #TaxPlanning #RetirementGoals #FinancialFuture #FinancialFreedom #RetirementIncome #EstatePlanning #FinancialStrategy

Navigating the complexities of inherited IRAs involves understanding your options, the rules, and the tax implications. Whether you’re a spouse or non-spouse beneficiary, making informed decisions can help maximize the benefits and minimize potential tax burdens. Read this Blog Post from The Financial Incline to learn more. #InheritedIRA #RetirementPlanning #FinancialAdvice #BeneficiaryOptions #TaxImplications #EstatePlanning #WealthManagement #IRAInheritance #FinancialStrategy #TaxPlanning #TheFinancialIncline

Seeing this Roth IRA error too often this year! 🤦♂️ Many people overlook the income limit when contributing to a Roth IRA, which leads to excess contributions that need to be unwound. This is a tricky one and is an easy error to make. Custodians don't track your income, putting the burden on you to know the tax laws. Fixing this mistake is a headache, especially if you just found out you’ve been making excess contributions for several years. If you’re planning on making a Roth IRA contribution in 2024, take note of the income phaseouts for making direct contributions. For 2024, the upper phaseout limit for single filers is a MAGI of $161k, and it’s $240k for those married filing jointly. Helping to avoid these errors is another good reason to have a planner on your team! #RothIRA #Financialplanner #TaxTips

When debating the merits of a Roth IRA conversion, a number of issues need to be evaluated. And while many advisors will advocate conversions when financial markets are down, you shouldn't dismiss the idea when markets are stronger. Conversions are a key part of any wealth plan. This article summarizes three issues to evaluate when deciding on the timing and size of a conversion. #personalfinance #wealthmanagement

Quick Tax Tip: Backdoor Roth IRA Explained in One Minute... A Tax-Free Growth Strategy This is a popular method for high-income earners who exceed the income limits for traditional tax-deductible or Roth IRA contributions. In this video, we explain how to make a Backdoor Roth contribution in just one minute! Here’s how it works: you contribute to a non-deductible traditional IRA, then quickly convert that amount to a Roth IRA, taking advantage of tax-free growth. We’ll also touch on IRS Form 8606, which you’ll file to report the non-deductible contribution. Be sure to consult a licensed financial advisor or tax professional, as this strategy can be complex if you have other traditional IRA funds. #BackdoorRothIRA #RothConversion #TaxFreeGrowth #HighIncomeStrategy #Form8606 #IRAStrategy #RetirementPlanning #TaxPlanning #IRS #FinancialAdvice #TaxTips

How to find someone's #assets after death? When someone dies, it is up to their family to locate all the assets that they left behind. Find out more in our latest #blog by #Tax & #Estate Planning Director, Dipesh Parmar https://bit.ly/41V0SKI #Probate #estateplanning #IHT #inheritancetax

When debating the merits of a Roth IRA conversion, a number of issues need to be evaluated. And while many advisors will advocate conversions when financial markets are down, you shouldn't dismiss the idea when markets are stronger. Conversions are a key part of any wealth plan. This article summarizes three issues to evaluate when deciding on the timing and size of a conversion. #personalfinance #wealthmanagement

🚀 Navigating the waters of inherited wealth can be both exciting and daunting. As we approach the year-end financial evaluations, one item that should be at the top of your list is maximizing that treasure trove you've inherited, and more importantly, doing so in a tax-efficient manner! Here are a couple of strategies to consider: 1️⃣ **Trusts**: They’re not just for the elite! Utilizing trusts can protect your assets while offering control over how and when your heirs receive their inheritance. They not only help manage tax liability but also serve as a robust estate planning tool. 2️⃣ **Roth Conversions**: Thinking long-term? Converting inherited assets to a Roth IRA can be a game changer. Why? Because qualified withdrawals are tax-free—an invaluable feature in bolstering your financial independence down the road. These strategies require careful planning and insight, so don't hesitate to partner with a financial expert to customize your approach. Let’s ensure that the wealth you've inherited works effectively for YOU and leaves a lasting legacy. Here’s to building a financially savvy future with your inheritance! 💰✨ #WealthManagement #Trusts #RothIRA #FinancialPlanning #TaxStrategies Full analysis here! https://lnkd.in/dyAH4497

Effective tax strategies can help minimize liabilities and ensure that more of the wealth is passed down to heirs. Having multiple income streams can create complex tax situations, making proactive tax planning important for safeguarding generational wealth. By exploring options like backdoor Roth IRA conversions and other tax-saving techniques, wealthy families can better navigate the complexities and maximize the transfer of wealth to future generations. By converting traditional IRA or 401(k) funds into a Roth IRA (and paying taxes upfront), high-income earners can bypass the income limits for contributing directly to a Roth IRA, allowing them to enjoy the tax-free growth and withdrawal benefits, or pass on a substantial tax-free inheritance to their heirs. Staying informed is crucial for effective wealth preservation. ALINE Wealth Management and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions. #Tax #Retirement #WealthPlanning #WealthManagement #Finance