Timothy Sumer

After accumulating wealth for years, you want it to be inherited by the right beneficiaries when the time comes. (Instead of your ex-spouse from 10 years ago!) If you are the one inheriting the IRA, you want to minimize the tax liability on your inheritance. In this episode, J. Barry Watts explains the most tax-efficient way to handle inherited IRAs and setting up your IRA for optimal distribution to your loved ones. Barry discusses: - The importance of updating your beneficiary designation forms (and maintaining a copy) - Who should — and shouldn’t — be named as a beneficiary on your IRA - How to set up primary, contingent, and tertiary beneficiaries to avoid probate - Key tax implications and distribution requirements for an inherited IRA - And more Resources: New IRA & 401K Rules for 2023 (Ep. 55) - Connect With Barry Watts: Schedule an Introductory Call - PriorityCare@WealthCareCorp.com 800-278-1755 WealthCareCORP.com LinkedIn: J Barry Watts - LinkedIn: We...

Would you like to put $58,000 into a Roth IRA this year, then grow that money, tax-free, until you retire, and then take it out as tax-free retirement income? In this episode, J Barry Watts introduces the mega back door Roth IRA strategy. He shares how some individuals can contribute $58,000 to their Roth IRA, despite traditional limits on contributions. Barry covers what you need to understand about Roths, including who can have a Roth and more. Barry discusses: - What you need to understand about Roth IRAs - Who is eligible to have a Roth IRA - How people can contribute $58,000 instead of $6000 to a Roth IRA - The mechanics of the mega backdoor Roth IRA strategy - And more Connect With Barry Watts: office@savingyoutaxes.com  800-278-1755 SavingYouTaxes.com LinkedIn: J Barry Watts LinkedIn: SavingYouTaxes Disclosure: The content has been made available for informational and educational purposes only, and is not intended to be a substitute for professional tax and inves...