Between me and my siblings we inherited over a million in IRAs (split up into little pieces. As far as sI know we have all chosen the longest option, i.e. RMD's spread out over our projected life spans, hence, that money remains in the markets, invested. Since the markets have done well in that time, the balances are likely at least as high as what we inherited. I know mine is.
It has been 5 years since our dad passed away. Under the new proposal, none of it would still be in IRAs.
Not only would it all have been taxed, but it would likely have pushed most of us into AMT land, thus taxed at an even higher rate.
Once out of the tax advantaged IRAs, it changes completely how, or even if, it would be invested.
Projecting that out to all of the IRAs being thus passed on over the next decades, how can that not be devastating to the markets?
Please keep comments away from political agendas, in order to keep Porky Pig at bay.
Thoughts?
It has been 5 years since our dad passed away. Under the new proposal, none of it would still be in IRAs.
Not only would it all have been taxed, but it would likely have pushed most of us into AMT land, thus taxed at an even higher rate.
Once out of the tax advantaged IRAs, it changes completely how, or even if, it would be invested.
Projecting that out to all of the IRAs being thus passed on over the next decades, how can that not be devastating to the markets?
Please keep comments away from political agendas, in order to keep Porky Pig at bay.
Thoughts?