Conventional wisdom provides that it’s usually better to sell long-term non-qualified investments instead of removing money from qualified tax-deferred accounts because long term capital gains taxation is generally lower. However, conventional wisdom may not create the best after-tax income and wealth. Instead, it may be better to use a tax-efficient withdrawal plan which takes into consideration the fact that required minimum distributions will be greatly inflated and thus reduce tax efficiency and wealth if retirement savers wait until age 70 ½ before taking qualified distributions. As such, withdrawing money from qualified accounts could force you into a higher tax bracket, due to the large required minimum distributions.
- Alzheimer's & Dementia (66)
- Asset Protection (45)
- Community (34)
- Elder Law & LTC Planning (164)
- Estate Planning & Administration (151)
- Estate Tax (1)
- Firm News (11)
- Four-Cast (8)
- Government Benefits (37)
- Legislation (11)
- Long Term Care (52)
- Pet Trusts (1)
- Retirement (12)
- Testimonials (9)
- Veterans Benefits (20)
Get Our FREE Tips on the 4 Ways to Pay for Long Term Care! (The fourth one may surprise you!)
Glenn ErbI’ve never “met” a lawyer like Kelly Shovelin. She’s friendly, honest, helpful, and she immediately returns every single one of...
Betty Ann Myers CookTo me, Kelly Shovelin is a good example of what a lawyer should be. I have every confidence in Kelly...
Steve HillImagine a lawyer who is so caring, she drives out of her way on a weekend trip to make a...
Emily HillKelly brought the perfect combination of strong expertise and personal sensitivity to the situation, helping us to provide for our...
Graylynn ThriftWhen our family was faced with the daunting task of safeguarding our parents’ wellbeing, Kelly Shovelin expertly navigated us through...
Peter SaffoWhen my mother-in-law fell sick and required full-time nursing care, my wife and I stepped in to help manage her...
Bobby Ray MooreAfter losing my wife to a nursing home, and losing my life savings to long-term health care, I was at...
Bette ParrettAs my parents struggled with the financial burden of my father’s ongoing medical expenses, social workers told me there were...
Frank G. AhernI was immediately taken with Kelly’s communication skills and extensive knowledge of elder law. Kelly’s warm personality and sense of...