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Copyright © Impact Technologies Group, Inc. | All Rights Reserved | | Ph: “Stretch IRA” Concept Success Story
Current Situation Copyright © Impact Technologies Group, Inc. | All Rights Reserved | | Ph: Advisor overcomes previous bad experiences by client 77 year-old widow with a $15 million estate of which $10 million is in qualified retirement plans. The client desired to leave all of her assets to her 3 children, one of which she felt was a spend thrift. Client had 2 bad experiences with financial advisors in the past where they were more concerned with their financial well being as opposed to hers. Client’s husband was a brilliant attorney who had made most of their decisions in the past. Client, a research physician, was dedicated to putting her financial house in order.
Problem Statement Copyright © Impact Technologies Group, Inc. | All Rights Reserved | | Ph: A nice problem to have but also an obstacle to overcome Client faces the tale of two taxes—the estate tax and the income tax. If client was able to stretch out the IRA distributions over her children’s life expectancy, they would receive close to 40 million dollars. The problem is that she does not have adequate liquidity to accomplish that goal. Without that liquidity, a significant amount will go to the government to pay estate taxes ruining the power of tax deferred growth.
Recommendations Copyright © Impact Technologies Group, Inc. | All Rights Reserved | | Ph: Recommendations made easy when client realizes potential results Purchase 4 million dollars of life insurance to provide the proper liquidity to allow the IRA to remain intact to do the stretch out planning. QPDA showed the magnitude of the power of taking IRA distributions over her children’s life expectancy. Client was shocked as how big a number it was. The software showed the amount of liquidity that was needed. ETA then showed how the life insurance recommendation was able to provide the needed liquidity to pay the estate tax at her death without liquidating the IRA’s.
Results Copyright © Impact Technologies Group, Inc. | All Rights Reserved | | Ph: Closing the opportunity made easy with both QPDA and ETA QPDA showed the huge financial opportunity into doing stretch out planning. But, then we said without the proper liquidity planning you can’t do it. ETA showed the effect of doing the planning.
Bonus The software was critical in closing the case. Not only did we make a 4 million dollar life sale, but the client realized we were experts in IRA distribution planning so we were able to capture an additional 3 million of IRA assets that were with a brokerage house. David Boekeloo TIAA-CREF Copyright © Impact Technologies Group, Inc. | All Rights Reserved | | Ph: Nice to have ROI and a trusted advisor relationship cemented
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