IRA conversions to Roth IRA.
My wife and I are both 81 yrs old. She is in good health and I have some health issues . I am organizing our finances to maximize her finances after I am gone. I am considering transferring all of my traditional IRAs to Roth IRAs and paying the taxes now to avoid the taxes for her to pay later. Do you see any problems with doing that?
Terry Says
Well, that needs to be done in the context of a larger financial plan. Leaving her cash-poor so you can pay taxes at today’s rates might not be the smartest move. One or both of you might need long term custodial care and need the cash. And it’s till a toss-up on whether you will outlive her.
Would you consider going to Wealthramp.com and having just one meeting with a Fiduciary, fee only financial planner to get an overall review? I can’t opine on this strategy just as a ‘bet” on tax rates.
