Jim Lange’s Free IRA Book:
Committee Votes to Kill the Stretch IRA. What Should You Do Now?
The Senate Finance Committee voted 26-0 to kill “the stretch IRA.” The “death of the stretch IRA” is the most important change to the IRA law in years and Jim Lange’s free book, The Ultimate Retirement and Estate Plan for Your Million-Dollar IRA, details proven strategies for protecting your IRA from the laws that threaten to take a third of it away after you pass.
For years, Jim Lange, CPA/Attorney has been warning that Congress was going to pass a provision known as “the death of the stretch IRA.” The implications for children and grandchildren are devastating. The new law that we refer to as “The Death of the Stretch IRA” is not effective immediately, but will be included in a formal bill called the “Retirement Enhancement and Savings Act of 2016” (RESA). RESA is not law yet, but the chance that it will become law before the end of 2017 is very high. Senate Finance Committee Chairman Orrin Hatch is pushing for its approval in year-end legislation for 2016. President Obama has the power to sign it, and he has supported the idea in the past. Whether it is passed in 2016 or 2017, you may be able to save your family hundreds of thousands of dollars by acting on the recommendations in The Ultimate Retirement and Estate Plan for Your Million-Dollar IRA. If you are interested in your free copy, please download for free at http://paytaxeslater.com/pm
There are two important exceptions from the death of the stretch IRA. The most important exception is that the new law doesn’t apply to surviving spouses. This means you can leave your entire IRA to your spouse and the old law will still apply. What is new is that they didn’t kill the stretch entirely, they granted each IRA owner a $450,000 exclusion. A non-spouse heir will get to stretch a limited amount of an inherited IRA. Our response to the Senate Finance Committee vote and the new $450,000 per IRA owner exclusion was to write an Addendum to the book. In the Addendum, we offer practical strategies accommodating the $450,000 exclusion. That Addendum can be downloaded for free by going to www.paytaxeslater.com/addendum.
To get the most from the information, first read The Ultimate Retirement and Estate Plan for Your Million-Dollar IRA (free at http://paytaxeslater.com/pm) and then read the Addendum (free at www.paytaxeslater.com/addendum).