Retirement Income Alert: Do You Own A $1 Million Plus IRA In A High Income-Tax State?

Published Wednesday, August 14, 2019 at: 7:00 AM EDT

If you own a $1 million IRA account and live in a state with a high income-tax rate, here's a financial planning tip that could save you thousands annually on state income tax. The strategy requires setting up a trust in a state with no income tax, which is probably not something you do every day. So, here's a primer.This is a new way to legally reduce your taxes and comply with current tax law, and a key principle driving the strategy recently was affirmed by a Supreme Court ruling. Basically, the non-grantor trust you would set up creates...

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This article was written by a professional financial journalist for new michael mcdonald and is not intended as legal or investment advice.

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