Tax Planning for Retirement Savings: 15 Strategies for Saving Income and Estate Taxes

This is a book about income and estate tax planning for retirement savings. The 15 chapters represent different strategies the author has developed since the SECURE Act was passed late in 2019, in order to help advisors and clients minimize the adverse tax effects of the new law. The strategies are derived from various articles the author has published for Estate Planning and Financial Advisor, as well as three other books he has authored since 2020.

One of the most important tax themes recognized in this new book is the fact that, as illustrated in chapter II, except at the 37% tax bracket each of the current progressive federal income tax brackets is now reached twice as quickly by a single individual than it is by a married couple. Thus, when it comes to retirement planning for already retired couples, there is a definite "single filer penalty" that must be considered in planning for a surviving spouse.

If the interests of the couple's children are also to be considered, another important tax principle is the fact that, under the SECURE Act passed in late 2019, it is no longer possible to defer IRA and 401k fund balances over the lifetime of the couple's children after the couple passes. Instead, the balance in the couple's IRAs and 401k plan accounts must be paid out to the children over the 10 years after the couple passes, years in which the children are likely to be in their peak income tax brackets.

The final focus of this book is on minimizing estate taxes on retirement savings, both at the death of the surviving spouse as well as the passing of each succeeding generation.