Douglas Kaune, Probate attorney
Roth IRA Conversion Might Equal Estate Tax and PA Inheritance Tax Savings. Many individuals are considering whether or not to take advantage the new Roth IRA conversion rules.
Read this Smart Money article for some of the issues to consider for Roth conversions. This decision will require an in depth analysis of each individual’s circumstances and goals. That being said, the Roth IRA conversion is likely to create a PA Inheritance and Federal Estate Tax savings in estates where thoses taxes apply. Generally speaking, paying the income tax associated with your IRA now will serve to reduce the overall size/value of your estate. This will theotically reduce the assets subject to estate and inheritance tax at death and help avoid the possible “double or tripple taxation” of your IRA at death. The possible estate and inheritance tax savings are not the sole determining factors, but can likely be placed in the positive column when making the overall assessment to conert your traditional IRA or not.
Please feel free to contact us any time at 610-933-8069 or dkaune@utbf.com to discuss your particular estate/probate case to determine the appropriate fee structure for an attorney or executor.
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E-mail: dkaune@utbf.com
Phone: 610-933-8069
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Mr. Kaune's practice is focused in the areas of estate planning, estate and trust administration, creditor protection, elder law, nursing home and Medicaid planning. He is a frequent speaker on the topics related to his practice. In 2010, Mr. Kaune was named a Top Lawyer by Main Line Today Magazine in the Elder Law section.
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This entry was posted
on Monday, January 25th, 2010 at 8:08 am and is filed under Estate Planning, Estate Plans and Issues For Parents, Estate tax, Estate Tax Planning, Inheritance tax.
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