Husband and wife w/1.7 mill in IRA
Hello,
I have this couple, both Doctors. He’s retired, age 82 and she’s 77, working part time. i got a hold of there UBS account. It has approx. 1.7 in in IRA money. His biggest concern is more income. Her concern is legacy planning. They live in highly taxed suburb of NY. They have two sons. I think I have the right solution, but not sure. Hoping you can lend some support and knowledge with this matter.
Thank you,
Goran
[email protected]
Permalink Submitted by Bruce Steiner on Fri, 2009-09-11 22:23
You didn’t provide enough information (for example, what are their other assets). Also, a forum such as this can be useful for general information, but not for specific legal advice. They should consult with tax/estates counsel, who can give them specific legal advice based upon their situation and their objectives.
Bruce Steiner, attorney
NYC
also admitted in NJ and FL
Permalink Submitted by Alan Spross on Fri, 2009-09-11 22:56
Of course with enough detail, a plan can be developed that addresses the goals of both spouses. The combined RMD would be somewhere in the area of $91,000 per year and is due to increase considerably each year from here. Roth conversions may or may not be appropriate, but that option should be explored among many others. This year is unique in that the large RMD has been waived. As Bruce indicated however, this forum is not appropriate for posting the large amount of detail required OR for highly specific planning.
One thing you can hope for is that the other assets do not include “another” UBS account held in Switzerland and not disclosed on their tax return :).