Please note: This content may contain outdated information about RMDs and retirement accounts due to the SECURE Act 2.0, a law governing retirement savings (e.g., among other provisions, the SECURE Act 2.0 will raise the age at which individuals must begin taking required minimum distributions (RMDs) from their retirement account to 73, beginning in January 2023). For more information about the SECURE Act 2.0, please read this article or speak with your financial consultant. (0323-3N8G)
Transcript of the podcast:
Taxes are a big issue for any investor. For people likely to incur federal estate tax, does it make sense to give away assets to family members sooner rather than later? The answer to that question can be fraught with all kinds of psychological and emotional issues. But it's important to contemplate the details of different lifetime gifting strategies if you want to maximize what you leave for your heirs.
To understand more, Mark Riepe speaks with Susan Bober, a director in Schwab's Wealth Strategies Group in Indianapolis. Mark and Susan discuss why the idea of giving money to family members can cause so much fear and anxiety, the annual exclusion gifting strategy, and the importance of finding an advisor you trust.
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This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice. Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, financial planner or investment manager.
The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.
All expressions of opinion are subject to change without notice in reaction to shifting market conditions.
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