When considering which assets to leave your beneficiaries, there's one asset that's loaded with taxes: IRAs. Inheriting an IRA is very different from inheriting a Roth IRA. In fact, without proper planning, as Dustin with Mundorf Wealth Management explains to Erin Kennedy, the #IRS may end up being your largest beneficiary!
Distributions from an inherited Roth account are both tax and penalty free, which means you won't saddle your heirs with a heavy tax burden during their prime earning years.
If you have any questions about your financial legacy, or if you'd like to learn more about strategic tax planning to ensure your family receives the most tax-efficient gift possible, please feel free to reach out to Dustin by calling or texting 830-476-2505 or by visiting www.LongLiveMyMoney.com.
#TaxPlanning #WealthManagement #RothIRA