401 , 403 , IRA’s inheritance
I cannot imagine the government letting us do this
I do have a will and irrevocable trust, I have a proximately 1.4 million in all of the funds is it possible to pass it on to your children before you die and not have to make the RMD’s until they are required to do it. They turn the age where they have to turn in their RMD’s i’m sure its stupid question but you never know. I do have 1.5 million in cash I’m 73 and still earn $155,000/year and won’t retire for another 2 yrs !
Kind Regards
Jim D
Terry Says
I’ll make you a bet. I bet that you and your wife will live long enough to use most of this money. And that you’ll be glad you had it!
You may — even if you remain in good health — spend close to one third of it on health insurance and related costs according to the latest Fidelity survey.
And no, you cannot give it away before your dear without withdrawing it — and paying ordinary income taxes on it. Don’t do that!
At age 73 you will be required to start regular withdrawals.
Don’t forget to name the correct beneficiary for each retirement plan.
Instead go to Wealthramp.com and get matched with a few-only FIDUCIARY financial planner. Just one meeting will open your eyes re your future financial needs.
And I’m assuming you created a Revocable Living Trust, not an irrevocable trust.
