How You Can STILL Do a “Stretch IRA” for Heirs

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One of the new rules under the SECURE Act

One of the new rules under the SECURE Act is that beneficiaries of inherited IRAs can no longer take Required Minimum Distributions over their life expectancy.  Now, they have to take all of the money out and pay taxes on it within 10 years.  But, it can all wait until the last day of the 10th year, because there are no other distribution requirements.

Here are some strategies to help get back some of what the SECURE Act took away:

1. Move the money into a 9 year index annuity designed for maximum growth

a. And, be sure to choose a carrier that has a Gold Star Renewal Rating (see pg.3)

2. After the end of the 9 year surrender period, donate the cash balance to a 501(c)(3) charity that will turn the asset into a big tax credit and an income stream for up to 30 years

a. The tax credit can offset the hit from cashing out the inherited IRA

b. And, the income will be a guaranteed annual payment that will total MUCH MORE than the amount of the IRA cash value that was gifted to the charity

In the end, the client minimizes the tax impact of inherited IRA, donates money to people in need, and creates a guaranteed income stream at a much lower tax rate than the IRA.  You can even take this a step further and use the income stream payments back to fund the purchase of other leveraged assets like an annuity, life insurance, long-term-care, or life settlement shares. Your client will thank you, and refer you to friends and family.

2 New Assets To Sell To Clients?

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#1:  A Fixed Annuity with a Top Income Rider

This power house has some rare qualities that make it appealing to certain clients, as well as certain advisers.  First, those clients who believe the market could become very unsteady in the future, and are mainly concerned with building a lifetime income stream for the future—but don’t want to watch their cash value suffer.  This non-index annuity has a 7.2% rollup rate on the income account, guaranteed for 10 years.  And, the payout factors make the income stream rank in the top 10% of ALL annuity types with income—including variables and index-linked.  Second; advisers who work with a Broker Dealer that limits access to index annuities with income riders.  Since this is NOT an index annuity, it falls outside of most B/D rules about limiting annuity sales.  So, most securities registered advisers can sell this annuity without taking a huge haircut.

#2:  A Super-Simplified Life Plan That Pays BEFORE the Funeral Happens!

Even if you have ‘plenty’ of life insurance, it won’t help your loved ones pay to bury you.  Most families have to pay for the funeral costs long before receiving death benefit payouts.  Here is the solution:  a simplified issue policy that pays directly to the family AND the funeral home (if desired) simultaneously, just days after the client dies.  Up to $100,000 can be used to fund the policy in a lump-sum.  It also pays a VERY nice commission. One of our first advisers made a 15% commission on the lump-sum deposit.  Compare that to index annuities, or even life commissions.  

Give us a call. or click to watch the video.  Or…watch the video, and then call.

~ Greg Skogsberg

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