Create Tax Savings And Transfer Wealth To Your Child With A Roth IRA
Parents must give serious thought to protecting
their family through estate tax planning. While life
insurance and trusts should be a part of every plan, Roth
IRAs can be a simple tool for passing money to your child on
a tax-free basis.
Roth IRA
First, we need a quick summary of the Roth IRA. A Roth IRA
is an after-tax retirement vehicle that produces huge tax
savings because all tax distributions are tax-free. That
statement can a bit confusing, so lets break it down. The
downside of a Roth IRA is the fact that contributions are
not tax deductible as with traditional IRAs or 401(k)s. The
upside of a Roth IRA, however, is that all distributions are
tax-free once the person reaches the age of 59
