“The SECURE Act will extract a devastating tax from the families of IRA and retirement plan owners,” said Lange, “but it doesn’t have to be that way. I wrote this book to provide safe, easy, and 100% legal ways after the SECURE Act, COVID-19 and the CARES Act to keep the reader’s legacy wealth in their family’s hands – and out of Uncle Sam’s – all without raising an eyebrow at the IRS.”
The SECURE Act is a new tax bill that went into effect and became law on Jan. 1, 2020. It forces heirs to suffer massive income tax acceleration on inherited IRAs and retirement plans within ten years of the IRA owner’s death. While there are some exceptions, including spouses, Lange says it will have potentially devastating effects on the hard-earned wealth in IRA and other retirement accounts.
“I find this tax change particularly infuriating,” Lange said. “It’s almost as if Congress were sitting around thinking: What group could we hurt the most? How about taxpayers who pursued the American dream and worked hard for 30 or 40 years and played by the rules?”
Simplifying the Complex
As people try to navigate their way through the labyrinth of tax laws, investment portfolios and retirement, things can get overwhelming. This book was designed to simplify all that. In it, the reader discovers:
• How to use Roth conversions to minimize taxes • How to use gifting strategies to maximize family wealth under the SECURE Act • How to update wills and trusts to protect against the SECURE Act • How to ensure financial security for the surviving spouse • Why leaving an IRA to a Charitable Remainder Trust (CRT) can be more beneficial to the wealth creator’s children than leaving the IRA to them outright • Why couples should reconsider owning jointly-held investment accounts after the SECURE Act • How to combine multiple tax-reduction methods for maximum benefit
“You dutifully sacrificed and put as much money as possible in your IRAs and retirement plan. The government told you putting money in your IRA and retirement plan was great for you and your kids. Now, late in the game, after relying on their representations, they pull the rug right out from under you. Now, they are attempting to confiscate a third of your IRA or retirement plan after you die. Don’t accept this. Fight back and protect your family,” Lange exclaims.
Real-World Illustrations—Book Proceeds to Charity
Since the minimization of investment costs and taxes are the key elements of any financial plan, Lange wrote this book, Beating the New Death Tax, using real-world questions and answers, examples, and illustrations to shepherd readers through the often-intimidating world of taxes and retirement costs.
The book also helps readers navigate their own path through the SECURE Act – something he says they simply must do in order to protect their hard-won assets, not only for the sake of their children and loved ones, but also for the charities that are important to them. In fact, charitable giving is so important to Lange that he is donating all proceeds from the sale of this book to charity: water, one of the non-profit organizations closest to his heart.
“785 million people lack basic access to clean and safe drinking water,” said Lange. “By partnering with experienced local organizations, charity: water is able to build sustainable, community-owned water projects around the world. If the proceeds from this book help in some small way to end the water crisis, I will feel grateful for the opportunity to have contributed.”