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Old 09-03-2014, 09:46 AM
 
Location: 2016 Clown Car...fka: Wisconsin
738 posts, read 814,260 times
Reputation: 1197

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Quote:
Originally Posted by mathjak107 View Post
<snip>...i can leave my wife a million bucks in taxable ira's and she will have rmd's and taxes to deal with. but if i take some taxable ira money , pay the taxes and buy a million dollar single premium policy i will pay way less and she gets 1 million of tax free money with no taxes and it is guaranteed and not subject to the whims of the markets...<snip>
^^This^^is why I consulted with a professional tax accountant who recommended a similar strategy to minimize the tax impact once pensions, RMDs and SS kicks in. Yes...professionals can be expensive, but in my situation, completely worth the expense.

RVcook
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Old 09-03-2014, 09:51 AM
 
Location: 2016 Clown Car...fka: Wisconsin
738 posts, read 814,260 times
Reputation: 1197
Quote:
Originally Posted by Jukesgrrl View Post
I belong to a credit union and they offer seminars on how and when to apply for Social Security so you get the benefits that work best for you. Some community colleges and public libraries have them, too. It can get very complicated if one is a widow or widower of a primary earner, if one or both spouses in a couple were married previously, if the spouse have a wide gap in their ages, etc., etc. It's good to hear all this in lecture form where you can ask questions either during or after the seminar.
Or...you could do this: https://www.maximizemysocialsecurity.com/

(Not endorsing, just providing an option for those completely baffled by the SS system)

RVcook
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Old 09-03-2014, 09:57 AM
 
Location: SoCal
6,074 posts, read 9,538,346 times
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Originally Posted by RVcook View Post
^^This^^is why I consulted with a professional tax accountant who recommended a similar strategy to minimize the tax impact once pensions, RMDs and SS kicks in. Yes...professionals can be expensive, but in my situation, completely worth the expense.

RVcook
We consult with a financial planner. For a few years, our taxes were complicated enough that we also consulted with a tax accountant. On one issue, we got conflicting advice, because each of them was considering how to maximize what they each knew about. So, if you only consult a tax accountant be sure that person also has long-term planning in mind. And if you only consult a planner, be sure that person also has tax issues in mind.
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Old 09-03-2014, 10:16 AM
 
Location: 2016 Clown Car...fka: Wisconsin
738 posts, read 814,260 times
Reputation: 1197
Quote:
Originally Posted by oddstray View Post
We consult with a financial planner. For a few years, our taxes were complicated enough that we also consulted with a tax accountant. On one issue, we got conflicting advice, because each of them was considering how to maximize what they each knew about. So, if you only consult a tax accountant be sure that person also has long-term planning in mind. And if you only consult a planner, be sure that person also has tax issues in mind.
Agreed. As in your case, outcomes can be very different when comparing short-term to long-term planning without a coordinated approach. Excellent point!

RVcook
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Old 09-03-2014, 10:57 AM
 
71,706 posts, read 71,829,507 times
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Quote:
Originally Posted by RVcook View Post
^^This^^is why I consulted with a professional tax accountant who recommended a similar strategy to minimize the tax impact once pensions, RMDs and SS kicks in. Yes...professionals can be expensive, but in my situation, completely worth the expense.

RVcook
like I said good advice may be expensive - but you can't afford free.
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