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...

Free Pandemic Investing Report www.bronsonequity.com/report Get on our upcoming deals list! www.bronsonequity.com/join “The question isn’t at what age I want to retire, it’s at what income.” – George Foreman Retirement is one of those topics that everyone has thoughts on. Even your neighbor who doesn’t even have a retirement plan has their thoughts. But have you ever wondered if you can use your retirement funds to invest in passive investments such as multi-family real estate syndication? The short answer is yes, you can! But there is a little more to it than that. I have talked with over 1000 investors who are in multi-family syndication, and the question that comes up most often is: How do I use my retirement account to invest? Retirement can be a complicated and wrought topic. Lucky for you, I am here to break this process down and give you the insight you need to make the best use of your retirement. To do this, there are a few things you need to kno...

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...