Craig Wear, CFP®Craig Wear, CFP® | Expert in Roth Conversions & Tax-Efficient Retirement Strategies for IRA Millionaires

Avoid Making the IRS one of Your Heirs

20 Oct 2024 · 0 min

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0:22

YouTube video by Craig Wear, CFP® warning that leaving too much money in an IRA at death can unintentionally transfer large tax liabilities to the IRS instead of intended heirs. The speaker emphasizes this risk is acute for people in their 60s and early 70s, potentially resulting in 'millions of dollars at the doorstep of the IRS.'

The unintended consequence of not getting this right is that you leave a lot of you leave too much money in your IRA at your death, which makes the IRA a pretty significant error. Instead of maybe other organization or people that you care about. And more importantly, if you're, especially if you're in your 60s and early 70s, you're going to leave millions of dollars at the doorstep of the irs.