Timothy Sumer

Have you heard of the SECURE Act? If you have not, now is the time to learn about the Act as the changes are significant and most likely will impact your legacy planning. Why? Because it could drastically change your well laid out plans for legacy. Add to the SECURE Act the strong possibility of increases in tax rates in the near future, the combination could create a devastating impact for your beneficiaries, including the annuity beneficiaries. Between the changes caused by the SECURE Act and possible increased tax rates, you have a ticking time bomb. Time for you to be informed so you can protect your hard earned retirement savings from Uncle Sam. Even though the discussion will not be focused on retirement annuities, it does apply to retirement annuities in qualified accounts and IRAs. So, watch the video till the end to learn what top industry experts are recommending to protect your hard earned retirement savings from Uncle Sam. Please Subscribe and Don'...

Let’s dig a little deeper on legacy planning and talk about taxes on the death benefit to the annuity beneficiary, both for a taxable and non-taxable account. Is a retirement annuity the most tax advantageous way to gift to a beneficiary at death? And while I am on the topic of a tax deferred account, such as an IRA, I will also discuss the payout options for a fixed index annuity since the Secure Act has changed how inherited IRAs are to be distributed to non-spousal beneficiaries. Table of Contents: 00:00 - Introduction 01:29 - Refresher on Annuities and Taxes 02:10 - Taxation of Death Benefit for Inherited IRA 02:54 - Is there a more tax advantageous way to gift a death benefit? 04:23 - Introduction on The SECURE Act 04:52 - Impact of the Act on Fixed Annuity in an Inherited IRA 06:04 - Taxation of Death Benefit in Taxable Account ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ ▶️Schedule a 15-minute conversation: ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 📲CONNECT WITH...

So is the Roth IRA the best option for your fixed annuity? I mentioned in a prior video that a Roth IRA provides the best tax consequences for your fixed annuity of all of your choices. And if your fixed annuity provides lifetime income, you have a double benefit of favorable tax benefits and never outliving your money! Who could want for more? Well, let me throw in one more curveball. What are the consequences of a fixed annuity if it is in an inherited Roth IRA? You generally don’t have to pay taxes on an inherited Roth IRA. So you would think there are no ramifications from the 10-year rule of the SECURE Act for non-spouses since the intent is for the government to get their tax dollars sooner. But there are… If the SECURE Act is a factor for an inherited Roth IRA, could there possibly be a better choice than a Roth IRA when considering multi-generational wealth building in addition to tax benefits and lifetime income? Please Subscribe and don't forget ...