Leaving a Legacy
Greatly ease and prolong the tax burden due from your heirs, through stretching
IMPORTANT LAW CHANGE! On August 2006, President George W. Bush signed into law the 1,000 page Pension Protection Act. Among other things it instituted the provision that now allows a non-spousal beneficiary of your IRA the ability to stretch their inheritance over their lifetime instead of taking it all at once or over five consecutive years and paying all the income taxes up front. Furthermore, based on the recent IRS Private Letter Ruling 200151038, a few annuities possess the same qualities as the new stretch IRA, allowing non-spousal beneficiaries the ability to receive income over their lifetime and the lives of their heirs, instead of all at once or in the form of an immediate annuity that ends at the death of the annuitant. RESTRICTED BENEFICIARY PAYOUT NON-QUALIFIED AND IRA ANNUITY CONTRACTS.
Here is one of example comparing the differences:
Lump Sum Distribution:
• Tax Deffered Growth Lost
• Income Taxes Due
OR
Life Expectancy:
• Tax Deffered Growth Continues
• Beneficiaries Receive Lifetime Income
Greatly ease and prolong the tax burden due from your heirs, through stretching.
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