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How can I keep from burdening my heirs with an inherited IRA?
Season 6 Episode 263
Have you ever wondered how to ensure your loved ones don’t face a heavy tax burden when they inherit your IRA? In this episode, host Ralph Estep Jr. shares key strategies to ease the financial strain on your heirs. Inspired by a listener question from Kathy, Ralph dives into practical solutions that can help you manage the complexities of inheritance tax planning and safeguard your legacy for future generations. What Steps Can You Take to Reduce Inheritance Taxes for Your Heirs? With Ralph Estep, Jr.
In this episode, Ralph explores various strategies to lower the tax burden on your heirs when they inherit an IRA. From Roth conversions to life insurance funding and charitable remainder trusts, he explains how these approaches can help ensure that your heirs benefit from your legacy without being overwhelmed by taxes. Ralph also uses real-life examples to illustrate how you can effectively pass down your wealth.
00:00 Episode Overview
01:03 - Listener’s Questions
02:56 Bible Verse
04:02 - Real-Life Example: Victor’s Inheritance Story
07:31 Strategy 1 - Roth Conversions Explained
08:00 Strategy 2 - Life Insurance to Cover Taxes
08:23 Strategy 3 - Using a Charitable Remainder Trust
08:50 Strategy 4 - Spend Down Your IRA
09:14 Strategy 5 - Split Over Multiple Beneficiaries
09:59 Strategy 6 Educating Your Heirs
11:59 Step-by-Step Guide to Solving Kathy's Problem
13:17 Recap
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Published on 1 year, 3 months ago