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Estate Planning

Wealth/Estate Preservation

Wealth transfer planning or estate planning is the process of positioning assets that will not be needed during a person’s lifetime so that they may be transferred in the most efficient manner to the next generation. An effective wealth transfer plan will allow you to transfer wealth to your heirs in a financially sound manner while minimizing any taxes. A common misconception about estate or wealth transfer planning is that it is only for the wealthy. We should all be concerned with wealth transfer planning at some level. While the wealthy may require more sophisticated estate planning, wealth transfer planning is beneficial to everyone who has assets that will need to be transferred upon death. Depending on a person’s age, family status and asset mix, the wealth transfer process may be as simple as repositioning assets. It could also be as complex as establishing and funding Irrevocable Life Insurance Trusts (ILITs), or setting in place a variety of tax-mitigating strategies.

Whether it’s through mitigating of estate taxes, maximizing your social security benefits, or using unique financial insurance tools to minimize the impact of tax collection on your assets – We focus on one thing: letting you keep as much of what you have earned, as possible.

Surviving Spouse Needs

The plan for a surviving spouse should account for lifetime needs, the level of income necessary and compare that with the level of income that will be provided by available assets. The principal available to the surviving spouse should be taken into consideration in this calculation in order to determine the necessity of taking advantage of the elections available. This income planning should be coordinated with estate tax planning to be certain that sufficient assets and income will be available while at the same time minimizing the assets that will be exposed to estate taxation at the surviving spouse’s death. It may be necessary for the surviving spouse to reallocate assets to generate sufficient appreciation and income to pay for projected expenses. It may also become necessary to reduce expenses so the available resources will be sufficient. Our holistic approach to financial planning takes all of the variables into account for the surviving spouse, family and future generations.

Legacy Planning with “Stretch” IRA’s

A Stretch IRA is a term commonly used to describe an IRA established to extend the period of tax-deferred earnings. A Stretch IRY is typically extended over multiple generations. In the short term, you can use a Stretch IRA to lower the required withdrawal you must take from an account if you’re retired or at least age 70 1/2, plus you will cut your current income tax bill. In addition, because you are extending the IRA payout until a future generation retires (such as your grandchildren), you get substantial additional deferral years to compound the earnings growth. As part of your personal retirement plan, we can determine if a Stretch IRA fits your unique needs.

We will work to free you to pass along as much of the wealth you’ve earned as possible, on to your loved ones. We work with strategic financial products which provide opportunities to avoid tax penalties.

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Neither Ramer Retirement nor Regal Investment Advisors LLC are a law firm or an accounting firm and no portion of this should be interpreted as legal, accounting, or tax advice. Readers are encouraged to seek advice from a qualified tax, legal, or registered investment professional to determine if any information presented may be suitable for their specific situation. Investment advisory services offered through Regal Investment Advisors, LLC an SEC registered investment advisor. Ramer Retirement is independent of Regal Investment Advisors.