As we delve into the topic of wealth management, there are critical changes that individuals with substantial assets should be aware of. With over $13 million in net assets and more than $5 million invested in IRA and Roth IRA accounts, future tax implications are becoming increasingly important. The tax reform introduced by the Trump administration in 2017 is set to expire at the end of 2025, which means that the current high lifetime gift and estate tax exemption will revert back to $5 million, adjusted for inflation. We need to proactively consider how to navigate potential tax reform legislation that could take effect retroactively as of December 31, 2024, possibly missing out on significant tax planning opportunities.
If estate tax seems inevitable for you, leveraging the $13.61 million gift exemption before the year ends could be a smart move. With strategic asset transfers and discounts, individuals could potentially move assets worth up to $20 million. It’s crucial to assess which type of irrevocable trust aligns with your financial goals. First-generation parents, for instance, should think beyond their lifetime and consider placing their wealth in an irrevocable trust, which could help them avoid estate taxes entirely. This option also allows parents to retain income rights from their properties, ensuring a comfortable retirement. Furthermore, these irrevocable trusts can be integrated with charitable trusts or foundations, providing high-net-worth individuals with viable strategies to mitigate income and estate taxes. We will unveil the nuances of these wealth management techniques in our upcoming lecture series—an event you won’t want to miss!
Our lecture topics include:
**Main Topic 1: Proactively Tackling Tax Challenges of High-Value Assets**
– We’ll kick off with an overview of the proposed tax reforms for 2025, including how to effectively utilize the $13.61 million lifetime gift exemption before the year concludes.
– Attendees will learn about innovative strategies to minimize high capital gains taxes from asset sales through lesser-known installment sale trusts and advanced arrangements with indexed stocks.
**Main Topic 2: Are You Prepared for Retirement Without Facing Severe Tax Burdens?**
– Together, we’ll explore three crucial areas: understanding types of income derived from your assets and their tax implications, and considering asset reintegration for potential tax savings.
– We’ll discuss when it makes sense to convert to a Roth IRA and the scenarios to be cautious of.
**Main Topic 3: Trust Planning for Effective Wealth Management**
– Is your revocable living trust addressing estate tax concerns? We’ll distinguish between revocable and irrevocable trusts and how an irrevocable trust can offer benefits.
– We’ll also examine two types of charitable trusts that could be advantageous for you.
**Special Sessions Featuring Acupuncturist Dr. Duan Xumin:**
– Discover the benefits of traditional Chinese medicine for early disease prevention and treatment.
– Learn about meridians and how to apply meridian and acupuncture points in treating various ailments, supported by insightful case studies.
**First Session:** October 9, 2024, Wednesday, 4 PM – 5:45 PM (Online, In English)
**Second Session:** October 10, 2024, Thursday, 2 PM – 4 PM (Online & In-Person, In Chinese)
*Location: Ameriprise Irvine Office, 2 Park Plaza, #1100, Irvine, CA 92614, Tel: 949.863.9400*
**Third Session:** October 11, 2024, Friday, 4 PM – 6 PM (Online & In-Person, In Chinese)
*Location: DoubleTree by Hilton, 888 Montebello Blvd., Rosemead, CA 91770 USA*
Please ensure you register by 12 PM on October 8, Tuesday. To sign up, email [email protected] with your name, number of attendees, and whether you will attend online or in-person.
Upon registration, participants will receive an email with a link to the online lecture. This event is free of charge, but the organizers reserve the right to deny access to professionals in investment or financial insurance.
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