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Tax Planning & IRA Planning

As you know, there are huge tax advantages that allow people with IRAs to create enormous tax-deferred & even tax-free wealth for themselves & their families, but these are largely unknown by most tax & financial advisors & consumers.

That is why members of Ed Slott’s Master Elite IRA Advisor Group have been educating ourselves on these issues for years as members.

This is the highest level of continuous training available anywhere in the area of IRA distribution planning.

For three days in November, Mike Sommers once again took advanced technical training from the nation’s leading IRA & tax experts to help us help you keep more of your retirement savings protected from current & future taxes. 

Here are some of the areas Mike Sommers received updates on:

2014-15 Tax & IRA Planning, including:

  • Tax basis planning – to create plans to reduce current & future taxes building in your investments
  • Stealth tax planning (the new stealth taxes can quietly eat away at your wealth) 

 

 IRAs are Turning 40 – Yes, IRAs will turn 40 years old in January 2015!

  • Yes, IRAs will turn 40 years old in January 2015!
  • How we got here & where IRA tax rules may be heading, including how to plan with the recent tax proposals that could eliminate the tax benefits of the Stretch IRA        

 

IRA Update – Latest IRA info, tax court cases & IRS rulings

  • Latest IRA info, tax court cases & IRS rulings

 

The Retirement Protection Program™

Latest IRA info, tax court cases & IRS rulings

This is an advance notification program to alert you to future retirement events, deadlines, decisions, & opportunities in order to remove any uncertainty about the future of your retirement plan & eliminate any costly mistakes before they can happen. 

 

What’s New for 2014 & 2015:

  • QLACs – qualifying longevity annuity contracts  
  • New once-per-pear IRA rollover rules - Effective January 1, 2015 Inherited IRAs are no longer protected in bankruptcy
  •  After-tax plan funds can be converted tax free to Roth IRAs - Effective September 18, 2014
  • January 1, 2015 = 5 years for 2010 Roth conversions – distributions of these converted funds will be tax & penalty free as of January 1, 2015. If you are also age 59 ½ or older at that time, then all distributions of these converted funds, including earnings will be tax free.
  •  New IRS reporting rules for hard-to-value IRA assets – Mandatory in 2015
  • MyRA retirement account introduced.  Roth IRA savings plan offered by employers to employees with no other employer plan  
  • QLACs – qualifying longevity annuity contracts  

 

In addition covering advanced level case studies & rulings in these areas:

  • Divorce – How to properly plan for splitting IRAs & company plans in divorce – & how to avoid the biggest & most costly mistakes – How to properly plan for splitting IRAs & company plans in divorce – & how to avoid the biggest & most costly mistakes
  • Trust & Estate Case Studies - learning about estate & trust planning strategies for IRAs, reviewing recent IRS rulings. 
  • Qualifying Longevity Annuity Contracts (QLACs) 
  • Naming a Charity as an IRA Beneficiary - Using charitable trusts as IRA beneficiaries 
  • Charity Tax Traps - Case Study of how NOT to leave an IRA to charity


Mike Sommers wants you to know that we value your trust & confidence in us & that we invest in our commitment to education.