Five Marketing Problems Advisors Face Today

I’ve been in this business a very long time and I can tell you first hand that, today, advisors face more challenges than they ever have before. Here are five of the top challenges advisors face in today’s constantly changing financial world.

Multi-Generational IRAs… What Are Those?

The term Multi-Generational IRA (MGIRA) is not an official term, but is used in the retirement planning industry to refer to the ability of

beneficiaries to stretch IRA distributions over their individual life

expectancies. For your beneficiaries to continue enjoying the benefit of

tax-deferred growth on IRA assets they inherit from you, they must be

allowed to “stretch” distributions over their individual life expectancies.

This option is available only if the IRA plan document or custodial agreement allows it and specific steps are taken. 

After an IRA owner’s death, his or her designated beneficiaries can use the separate account rule and continue to receive annual distributions

from the inherited IRA based on their individual life expectancies. The

individual beneficiaries will pay income tax only on the required minimum

distributions as they are received each year. Under an MGIRA strategy,

only RMDs (required minimum distributions) are withdrawn each year.

Who will get the money in your IRA if something happens to you? How can you be sure? You might be surprised to learn that Uncle Sam, in his tax man guise, could take 35% to 80% of your IRA assets, depending on the state you live in.

Unless you make sure your retirement plan is set up correctly, the U.S. government may be the primary beneficiary of your IRA when you die. The good news is, it doesn't have to be that way. An MGIRA strategy is designed for those who want to ensure that any money left in their IRA at death will go to their heirs and not the tax man. An MGIRA strategy can greatly benefit you and your family and the best part is it costs nothing to set up.