By outdoor-nature-child.com With over $13 million in net assets and more than $5 million in IRAs, it’s essential for Roth IRA holders to stay informed. The tax law implemented under Trump in 2017 is scheduled to expire at the end of 2025, which means the lifetime gift and estate tax exemption will revert to $5 million, adjusted for inflation. It’s critical to work proactively to prevent any potential tax reform legislation from being applied retroactively as of December 31, 2024, as this could lead to significant missed planning opportunities.
For those facing estate taxes, maximizing the $13.61 million gift exemption before the year’s end is a wise strategy. By employing strategic planning techniques like discounts, individuals can transfer assets worth as much as $20 million. Depending on their specific financial situations, recipients should evaluate the most suitable type of irrevocable trust to establish. First-generation parents might consider utilizing this irrevocable trust to transfer wealth across generations. This strategy not only removes those assets from the estate tax calculation but also allows parents to retain income rights, supporting their financial stability in retirement while safeguarding their wealth for heirs. This irrevocable trust can also be combined with charitable trusts or foundations, offering valuable insights into how high-net-worth individuals legally minimize income and estate taxes. Our upcoming educational series will delve into these complexities, and it’s an opportunity you won’t want to miss.
Here’s a sneak peek of what our seminars will cover:
**First Major Topic: Proactively Tackling Tax Challenges with High-Value Assets**
– We’ll kick things off by exploring the proposed tax reforms for 2025, discussing how participants can take advantage of the high lifetime gift exemption before year-end.
– Learn about lesser-known installment payment trusts and advanced strategies involving direct investments in indexed stocks to offset capital gains taxes during asset sales.
**Second Major Topic: Are You Prepared for Retirement Amidst Significant Tax Burdens?**
– We’ll examine this from three perspectives, helping you understand the different types of asset income and their tax implications, while considering how reorganization could lead to tax benefits.
– Find out when it can be advantageous—or detrimental—to convert to a Roth IRA.
**Third Major Topic: Navigating Trust Planning for Optimal Control**
– Are you relying on certain revocable living trusts that may leave you vulnerable to estate taxes? We’ll clarify the key differences between revocable and irrevocable trusts and discuss the advantages of an irrevocable trust.
– Participants will receive a thorough breakdown of two types of charitable trusts to maximize their benefits.
**Special Session (Second and Third Workshops) led by Acupuncturist Dr. Xu Ming Duan:**
– Discover how traditional Chinese medicine can aid in treatment and disease prevention.
– Learn about meridians and how to effectively utilize acupoints for therapeutic benefits, supported by real-world case studies.
**First Session:** October 9, 2024, Wednesday, 4 PM – 5:45 PM (Online, English)
**Second Session:** October 10, 2024, Thursday, 2 PM – 4 PM (Online and In-Person, Chinese)
**Location:** Ameriprise Irvine Office, 2 Park Plaza, #1100, Irvine, CA 92614. Tel: 949.863.9400
**Third Session:** October 11, 2024, Friday, 4 PM – 6 PM (Online and In-Person, Chinese)
**Location:** DoubleTree by Hilton, 888 Montebello Blvd., Rosemead, CA 91770 USA
Please RSVP by noon on October 8 by emailing [email protected] Include the number of attendees, your preferred day, and whether you’ll attend in person or online.
Upon registration, participants will receive an email link to access the online seminar. Attendance is free; however, organizers reserve the right to deny admission to financial investment professionals.