Rescuing Pension Rescue Plans: Dealing With the IRD Problem Is More Difficult, But Still Workable
- Topics:
- Insurance,
- Tax Incentives,
- Termination
- Tags:
- Asset,
- Taxes,
- Pension,
- Payroll Solutions,
- Operational Planning,
- Free Trade,
- Financial Planning,
- Finance,
- Business Operations,
- Asset Management,
- ...
- Source:
- Thomson Gale
Vendor Registration: required
Overview: The December 2003 California CPA article on the hidden tax traps of Income in Respect of Decedent (IRD) noted that the IRS clobbers certain types of assets, such as qualified retirement plans and IRAs at death. For clients in the maximum income tax and estate tax brackets, the asset erosion due to taxation is severe, especially if qualified plan balances and IRAs pass directly to the client's children or grandchildren in a lump sum. In a worst-case scenario, the tax approaches 80 percent. The paper features capital transfer strategies, sometimes known as IRA or pension rescue programs, as one method to solve the IRD taxation dilemma.
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Format: HTML | Date: Aug 2004
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