Next Steps – Tax Story Part C

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Homework Time! Let me further explain Part C of your Tax Story worksheet. This is where the strategies we have been learning really come alive for you. Please take the time to fill out this section.

Lesson #5 – Conversions: Cash Value Life Insurance Policies

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An enhanced Roth Conversion could include the use of a Cash Value Life Policy. This lesson discusses when a Life Policy might be used to accomplish some of the same tax benefits of a direct transfer Roth Conversion (stocks/bonds to stocks/bonds) with some additional retirement planning benefits.

Lesson #4 – Conversions: Roth Conversions

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Controlling when you pay taxes can be accomplished through Roth Conversion. This lesson discusses a traditional Roth conversion and the benefits. I also take some time to share two ways that the taxes for a Roth conversion can be planned for and paid (hint: one is better than then the other;) Again, I will go back and use Bill & Janet’s … Read More

Lesson #3 – Charitable Giving: Donor Advised Fund

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This lesson introduces the Donor Advised Fund strategy. I will walk you through how this fund works as well as a few things to consider to determine if this is a good fit for you. I’ll also walk you through the benefits both immediately and long-term.

Lesson #2 – Charitable Giving: In-Kind Donations

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This lesson discusses a charitable giving strategy called In-Kind donations. As usual I use a few easy to understand examples to illustrate the benefits, requirements and the impact of using this strategy in contrast to the traditional way of donating to charity.

Lesson #1 – Charitable Giving: Qualified Charitable Distribution (QCD)

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This lesson will introduce what a Qualified Charitable Distribution (QCD) is and how it might work inside of your retirement finances to significantly reduce your taxable income. I will share with you an example along with the benefits and eligibility of this tax strategy.

Introduction

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This Section will introduce the 3 types of charitable giving tax strategies for retiree as well as how to control when you pay taxes through conversions. These are the strategies that we will help you identify wither or not they are a good fit for you in your retirement finance plan.

Investment Advisory Services offered through Retirement Wealth Advisors, (RWA) a Registered Investment Advisor. Brighter Wealth and RWA are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision. This information is designed to provide general information on the subjects covered, it is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that Brighter Wealth and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney. Annuity guarantees rely on the financial strength and claims-paying ability of the issuing insurer. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Retirement Wealth Advisors.