At Brandywine Oak, we believe that proactively helping individuals and families navigate the tax code to avoid overpaying the IRS is essential to long-term financial success. If individual income tax rates increase in the future, Roth conversions can be invaluable to a family’s long-term wealth plan. If the amount of wealth that a family can pass down to their heirs without death (estate) tax is reduced, high net worth individuals and families should consider utilizing their lifetime gift exemptions to take advantage of current law. With recent changes from the SECURE Act eliminating the stretch provision for non-spouse IRA beneficiaries, it is important to review trust documents to ensure that they still accomplish tax efficiency in addition to asset protection for your beneficiaries.
To learn more about these tax planning strategies, please read Think Advisor’s https://lnkd.in/g-uyUsd.