If you are not yet 65, then give a copy of this article to everyone you know who is. And remember, someday you, too, will turn 65, so put a copy in your desk drawer.
Over the years, this tax column has addressed a ton of tax subjects. But never have readers’ responses been greater than they were for two recent items in the column that are sort of cousins.
Transferring the wealth that took you a lifetime to accumulate is one of the most complicated and perplexing problems you must solve. Why? Because of the estate tax monster.
A common theme of this column is tax secrets of the wealthy. The secret of wealthy people is a system designed to accomplish two purposes: to show successful business owners (and other persons of means) how to keep all their wealth in the family instead of losing it to the IRS; and to show you how to keep absolute control of your wealth, including your business, for as long as you live.
Recently, I gave two seminars titled “Tax Secrets of the Wealthy. ” One was in Las Vegas to a large audience of active business owners (all members of a national trade association).
For the past 3 months, every tax newsletter, journal and other publication (I read a bunch of them in my never-ending struggle to stay current on the tax law) has had one or more articles on the virtues of Roth IRAs.
Here’s a quote from one of the more widely read newsletters: “Making a Roth IRA payin [for your child] is a great idea this year.
