A Balancing Act for Your Clients: Planning for Longevity, Flexibility, and Taxes with Qualified Plans
Speakers: Michael Amoia
Qualified Plans offer an amazing opportunity for clients to save money on a pre-tax basis. However, there will be a day of reckoning — either at retirement, death, or when health care costs become too expensive and there is a need for cash. We know accessing the cash while the client is alive will be costly, but it may be much more "expensive" to keep it in the account and leave it to the client's family. So what do you do with those IRAs, 401ks and other plans to maximize flexibility and asset protection, while minimizing the income and estate tax impact? This session will go through some of the rules which are often forgotten; what issues arise for clients when dealing with qualified plans; and a series of case studies on how clients have repositioned their qualified plans into different, more tax-efficient buckets for needs such as long-term care, legacy planning, estate equalization, and charitable desires.