Strategic Tax Planning for Retirement
August 13, 2023
Insights from Joseph Patrick Roop, founder of Belmont Capital Advisors
When planning for retirement, one crucial aspect that often goes overlooked is strategic tax planning. As individuals and families strive to secure their financial futures and achieve their monetary goals, understanding the intricacies of tax planning becomes essential. Joseph Patrick Roop, often known as JoePat, is a well-known financial advisor and the founder of Belmont Capital Advisors, Inc., a boutique investment business known for its tailored and client-focused strategy. With over three decades of business experience, JoePat has dedicated his career to assisting individuals and families in preparing their financial futures and achieving their monetary goals.
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The IRS has released new rules for beneficiaries of inherited IRAs that will take effect in 2025. These changes clarify the controversial "10-year rule," requiring most beneficiaries to fully withdraw the IRA within 10 years, with some facing mandatory annual distributions if the original account holder had begun taking RMDs before passing away. This marks a significant shift from the previous ability to "stretch" distributions over a lifetime. In this post, we'll break down the new rules, highlight important exceptions, and offer tips on how to best navigate these changes to avoid costly tax mistakes.
Insights from Joseph Patrick Roop, founder of Belmont Capital Advisors
EXPERT INSIGHTS FROM JOSEPH PATRICK ROOP, FOUNDER OF BELMONT CAPITAL ADVISORS
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