A short YouTube advisory by Craig Wear, CFP® aimed at high-net-worth IRA owners. He urges IRA millionaires to convert IRAs now to avoid inherited-IRA tax rules, reduce taxes for themselves and their heirs, and preserve estate assets for intended beneficiaries.
So if you're an IRA millionaire, as I call it, it is 99% probability that you have got significant taxes that you can avoid for you and for your heirs by getting this taken care of and getting it done. And if you do the conversion now, your heirs don't have to worry about these silly inherited IRA rules and the taxes that it's going to cause on them. Now, you've helped take care of that. You've saved yourself a lot of taxes. You're going to help them by saving them a lot of taxes. And as importantly as anything, you're going to keep your estate from being depleted by a bunch of taxes being paid when you could have made sure that it all went to the people and the causes that you really care about.
