Table of Contents
by James Lange, CPA/Attorney
We are pleased to announce that an Advance Reader Copy (ARC) of my new book, Retire Secure for Professors: Maximizing and Protecting Your TIAA, IRAS, and Other Retirement Assets is available now. If you would like to receive your “hot off the press” copy, either digital or hard copy or both, for either you or a friend, please go to https://PayTaxesLater.com/GetJimsBook to request a free copy. You could also download a copy at https://PayTaxesLater.com/ProfessorARC. Please feel free to share this link or ask for additional hard copies for your friends.
Though it primarily is written with professors in mind, much of the content is relevant for all IRA and retirement plan owners. Getting the book and reading the chapters that aren’t specific to professors or TIAA would likely be an excellent use of your time.
Fair Warning About Availability of Services
As you may have read or heard, our business is booming. The pandemic paved a new paradigm for many investors around the country. Since an investor couldn’t visit his advisor in person anyway, it now doesn’t matter if his advisor is next door or 3,000 miles away.
I have 10,000 loyal email subscribers consisting of IRA owners who have read my books and newsletters and listened to my radio shows for years. I also mail this hard copy newsletter to 5,000 readers. Before the pandemic, relatively few out-of-towners gave serious thought to working with our firm. Then, we started doing webinars and many viewers who had read my books or even listened to my radio show for years liked the information I presented in the webinars and subsequently became clients.
In addition, our last book, Beating the New Death Tax, was a number one best-seller and brought in a lot of business. I was just on Jim Dahle’s podcast and 1,450 viewers, primarily physicians who tend to have large IRA and retirement plans, requested a copy of that book, and requests for consultations are coming in already.
Our release of the ARC of Retire Secure for Professors is likely to bring in a lot of business, potentially more than we can adequately handle. There are 800,000 professors. The ARC of Retire Secure for Professors is now in the hands of a terrific book agent, and we may end up with a big New York publishing company.
The reason I am mentioning this is if you have been putting off some work you wanted one of our firms to help you with, please call and get on our calendar quickly or there might be an extended wait.
But we do encourage you to ask for a hard copy and/or a digital copy of Retire Secure for Professors for you and/or your friends by going to https://PayTaxesLater.com/ProfessorARC or by calling Edie at 412-521-2732.
Wealth Preservation Solutions for Million-Dollar IRA Owners:
Roth Conversions, Trusts, Investment Strategies & More
These strategies could save you and your family tens, maybe hundreds of thousands, of dollars in taxes…but most financial advisors don’t even think to recommend them.
Tuesday & Wednesday, September 28 & 29, 2021
Register to attend: https://PayTaxesLater.com/Webinars
TUESDAY, SEPTEMBER 28, 2021
Session 1: 10:00am-Noon Eastern
Roth IRA Conversions: Pay Taxes Once and Never Again!
The benefits of a series of well-timed Roth IRA conversions in the appropriate situation could mean tens, or hundreds of thousands, of dollars difference to you and your family. Roth IRA conversions are also often a critical defense against the SECURE Act’s provision that causes a massive tax acceleration on inherited traditional IRAs.
In addition, Roth IRA conversions can reduce estate and inheritance taxes.
This information-packed workshop, with Roth IRA analysis, peer-reviewed and vetted by the American Institute of CPA’s most prestigious tax journal, can help you get more tax benefits from a Roth IRA conversion and more security for your family.
Traditionally, the best time to do a Roth IRA conversion is after you no longer have an income from your job or business, but before you turn 72, when required minimum distributions on top of your Social Security benefits and other income kick in. But our projections prove that when you take into consideration very likely tax rate increases and the SECURE Act, many taxpayers who are still working can benefit from a series of conversions. In addition, IRA owners 72 or older can also benefit.
But that doesn’t mean everyone should be doing large Roth conversions right now. Roth conversions must be evaluated based on an individual’s or family’s unique circumstances. Additionally, factors such as triggering additional premiums on Medicare Part B, the impact on qualified dividend exclusion, capital gains rates, as well as investment income tax rates must be weighed into the calculation.
What You’ll Learn:
- The peer-reviewed math of Roth IRA conversions.
- Optimal timing for Roth IRA conversions.
- The best plan for taking distributions from your retirement accounts.
- Does it make sense to pay for a Roth IRA conversion with a home equity loan?
- The one single decision that can get you bigger Social Security checks.
- The synergistic calculation of optimal Social Security and Roth IRA conversion strategies.
- Using Lange’s Cascading Beneficiary Plan in conjunction for Roth IRA conversions and why our strategies have changed since the SECURE Act.
- Roth IRA conversions and trusts (that will be tied into tomorrow morning’s session).
Session 2: 1:00pm – 3:00pm Eastern
Live Q&A with James Lange: Ask Me Anything!
Jim will answer attendees’ questions submitted in advance of the webinar as well as during the webinar. This is a golden opportunity to get straight—and personalized—answers to your most perplexing retirement questions. What haven’t you thought of? Learn even more from listening to the questions and answers from others who are in similar circumstances.
WEDNESDAY, SEPTEMBER 29, 2021
Session 3: 10:00 am-Noon Eastern
Who Says You Can’t Control from the Grave? Using Trusts to Protect Your Family.
Trusts can ensure your hard-earned money is handled responsibly, long after you are gone. Perhaps you are worried about creditors destroying your legacy. Unfortunately, the ex-spouses of your children can be the fiercest creditors jeopardizing an inheritance from you. Trusts can stop them dead in the water!
Most trusts that we examine when the underlying asset is an IRA and retirement plan are botched. Bad trusts can trigger a massive acceleration of income taxes after your death if they don’t meet five specific conditions. Yet many attorneys don’t include those provisions in their trusts. Those omissions could cost beneficiaries tens or even hundreds of thousands of dollars.
What You’ll Learn:
- Should your heirs inherit your IRA directly, or would naming a trust be safer?
- Is it worth the aggravation of creating and administering a trust after you are gone?
- Is trust planning still appropriate for your family and which trusts should you use?
- Is the “I don’t want my no-good son-in-law to inherit one red cent of my money” trust right for you?
- Trusts for minors.
- Spendthrift trusts — how to protect adult children from their own bad judgment and creditors.
- Trusts for special needs beneficiaries. The SECURE Act offers protection for beneficiaries with disabilities or chronic illnesses if the trust is drafted properly.
- The SECURE Act changes the type of trust we recommend for IRA owners.
- The pros and cons of avoiding probate.
- Lange’s Cascading Beneficiary Plan — how to integrate trusts into the best and most flexible estate plan for married couples.
Session 4: 1:00 – 3:00 pm Eastern
Live Q&A with the Dream Team: Larry Swedroe, Adam Yofan of Buckingham Strategic Wealth, and James Lange Answer Your Questions on Investing and Wealth Management and Preservation
Who doesn’t have investment questions? Larry, Adam, and Jim will answer attendees’ questions submitted in advance of the webinar as well as during the webinar. Take advantage of this golden opportunity to have your most nagging investment questions answered.
Larry Swedroe, Chief Research Officer of Buckingham Strategic Wealth, educates individuals on the benefits of evidence-based investing. Larry has authored nine books and co-authored seven books on investing, including his newest book, Your Complete Guide to a Successful & Secure Retirement. Larry has made appearances on NBC, CNBC, CNN, and Bloomberg Personal Finance.
Adam Yofan, CPA, PFS, leads Buckingham’s Pittsburgh office. Adam navigates clients toward financial clarity by defining goals and needs, reviewing assets, providing recommendations, implementing and managing portfolios, and tracking progress as they pursue well-defined goals.
Register today at: https://PayTaxesLater.com/Webinars
Past performance is no guarantee of future results. All investing involves risk, including the potential for loss of principal. There is no guarantee that any strategy will be successful. Indexes are not available for direct investment.
If there is a silver lining to the limits we have endured throughout this pandemic, it is that webinars and distance learning have allowed me to dramatically increase my educational outreach.
Twenty years ago, I made many in-person presentations and workshops for CPAs, financial planners, attorneys, and IRA and retirement plan owners from all over the country. I taught my peer-reviewed Roth IRA conversion strategies and demonstrated the advantages of Lange’s Cascading Beneficiary Plan™ among other tax-savvy retirement planning strategies. I loved the teaching aspect and speaking to professional organizations was well-paid work.
Over time the travel got old, and I started concentrating on educational events closer to home. I focused on workshops for IRA and retirement plan owners from Western Pennsylvania. I brought new energy to writing books, and for five years, I hosted a live radio show.
Then the pandemic hit, and all in-person workshops and events stopped. We shifted from in-person workshops to webinars. We have been attracting 200-500 viewers per webinar. Our business is booming.
Many professional organizations are now inviting me to present virtual events for their members and constituents, including CPAs, financial planners, attorneys, doctors, as well as other end consumers.
These events are a blast because I get to teach but don’t have to travel or deal with the hassle of setting up equipment, etc. This month I am booked with three different organizations that provide continuing education for CPAs. My seminars will reach thousands of CPAs. I find that very rewarding.
But even more rewarding is helping individual IRA and retirement plan owners and their families get the most from their IRAs and retirement plans.
I am happy to host virtual workshops for groups of retirees, religious groups, charities, universities, etc. If you are an organizer, or simply a member of such a group and you think your fellow members would benefit from my highly sought-after retirement advice and recommendations, please let me know. I don’t charge consumer groups, and I promise it will be a great virtual event for you and your audience.
Please call Erika at 412-521-2732 for more information and to book a virtual event.
Oops, My Bad with a Sincere Apology
by James Lange, CPA/Attorney
In my last newsletter, I wrote about my new favorite way to make coffee. I thought it was an innocent uncontroversial piece that would not spark reactions beyond differing coffee preferences. But, mea culpa, I made a very unfortunate reference…
When discussing adding MCT (medium-chain triglycerides) oil to coffee, I mentioned Joe Mercola. I didn’t say anything particularly favorable, in fact my comments were at least slightly unfavorable. Right after my newsletter appeared, The New York Times published an article that said that Mercola was one of the most influential anti-vaccination proselytizers in the country.
I should not have mentioned his name at all. I was unaware of his relentless anti-vaccination advocacy. For that, I apologize.
More than one reader rebuked me about the inclusion, and not so gently either. I am very grateful to them. I do not wish to endorse any anti-vaccination views or individuals.
A better source of information regarding Covid would come from one of, if not the top peer-reviewed medical journals in the world, The New England Journal of Medicine. “Though most Americans may be able to do so, restoration of normality does not apply to the 10% to 30% of those who are still experiencing debilitating symptoms months after being infected with Covid-19. Unfortunately, current numbers and trends indicate that “long-haul Covid” (or “long Covid”) is our next public health disaster in the making.” Please see https://www.nejm.org/doi/full/10.1056/NEJMp2109285.
Again, my sincerest apologies.