jerseygirl
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Post by jerseygirl on Jun 19, 2020 14:22:07 GMT -5
We have too much is IRAs and don’t need all of RMDs. Looking to transfer some into a Roth. Pay the tax now so next 15-20 years lower RMDs. Financial advisor suggested looking at a charitable remainder trust. Take stocks with good growth and put into CRT . The tax savings from this would offset the taxes due for Roth conversion. Apparently then get yearly money from CRT and goes to charity on death. We put too much into 401k to IRAs so have RMDs more than needed and taxes keep increasing. Plus kids will have to pay taxes on inherited IRAs Anyone have experience with CRTrusts?
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tractor
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Post by tractor on Jun 20, 2020 6:59:59 GMT -5
I don’t know much about them, but aren’t they a vehicle for leaving money to a charity upon your death while being able to take advance of the tax savings while you’re alive? I think they would be great, if you intend to leave a portion of your estate to charity. Not sure about being able to transfer any of the funds to your heirs though.
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jerseygirl
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Post by jerseygirl on Jun 20, 2020 8:32:00 GMT -5
Yes on death it goes to charity, not kids. But I’m hoping setting this up will let me get money out of IRA and lower taxes. Once RMDs are required the taxes are bad from IRAs. I’m thinking taxes will start going up enormously from Covid costs
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