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Strategies to alleviate taxes on retirement plans

Don’t let taxes deplete the assets you want others to inherit

If you’ve done a great job of building your personal wealth, as well as your retirement account or IRA, the good news is you have an asset you can leave to your heirs. The bad news is that before your heirs get any benefit from those retirement accounts, there may be layers and layers of taxes to pay. The truth is, federal income and estate taxes, as well as what your state assesses can substantially deplete a large retirement plan balance.

There are several strategies that can alleviate some of the taxes, but of the options available, one if the simplest and easiest to implement—if you are insurable—is a strategy we call IRA Wealth Maximization. Find out more.

Note: Neither New York Life Insurance Company nor its agents provide tax or legal advice. Please consult your tax or legal adviser to find out how the general concepts discussed in the video may or may not apply to your personal circumstances.