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Tax-Qualified Plan Review

There are many significant tax traps you may be able to avoid with tax-qualified retirement accounts. Do you have the right retirement plan based on your retirement goals? Has it been disqualified by a prohibited transaction or activity? Is your Inherited IRA titled correctly? Are you using the correct Required Minimum Distribution (RMD) factor? How much of your IRA did you plan to give to the IRS? What percentage might your heirs actually receive?

A simple mistake can give more of your IRA assets to the IRS than you ever intended. Being aware of the issues is critical. Transition Planning offers a comprehensive analysis of your retirement accounts to verify that no serious errors have been made, and that these accounts are designed and managed to most effectively accomplish your financial goals. The analysis includes the following:

  • Discovery of values-based goals (Who do you want to benefit and why? What do you want to happen?)
  • Examination of retirement account
    • Type
    • Title
    • RMD Calculations (if applicable)
    • Disqualification Actions
    • Disqualified Assets
    • Accumulation Goals
    • Income Strategy
    • Distribution Goals (upon death)
    • Tax Issues
  • Analysis of current situation (What may happen - without changes?)
  • Consideration of special needs
  • Feasibility of financial goals
  • Risk Profile Discussion
  • Investment Strategy Review
  • Recommendations to Consider
  • Collaborative Referral to other professionals as needed for
    • Drafting trust documents
    • Updating other estate plan documents

What good would it do to inadvertently lose a significant portion of your retirement funds to taxes after years of effort to pile it up for your own financial security?

Make sure that your retirement funds are as secure as they could be from the IRS by being titled, designed, operated, and distributed correctly. To more clearly see how your tax-qualified plans will profoundly impact your retirement goals and lifestyle, participate in the secure, interactive financial planning tool.  Let's get started today!