About: George Kiratzopouios

I started selling insurance products in 1967 in NYC and moved to Florida in 1993 as a financial advisor. I provide my clients protection and financial stability. They all receive a guaranteed growth of their money with no risk. During these hard economic times many people are concerned about taxes and possibly outliving their money.  My specialty is providing enough income for my clients insuring that they will never face that problem.  If you are not satisfied with your financial picture presently. please give me a call and I will do my utmost to assist you. There is no charge for my service. I can assist you with your IRA, 401K, etc.

If you want to maintain control of your money. reduce taxes, receive a better return for your investment and are upset with mutual funds, CD rates and your present broker/financial advisor, let me help. I can be reached at 321-446-0646

Two Things That Can Ruin Your Plans To Stretch Your IRA Money

From My Booklet:
Helping You Avoid IRA Distribution Mistakes

If you have consulted a financial advisor about your IRA, they may have told you about the “stretch” IRA—the concept of allowing your beneficiaries to spread out the tax on the portion of your retirement dollars that you leave to them. Example, if your $100,000 retirement fund happened to grow to $320,000 and you died before spending any your heirs would receive the $320,000. They can spread out the payments from the IRA and a spouse can continue to defer taxation until age 70½ (see IRS Publication 590).

The two things that can impair this tax deferral are the possible actions of your heirs and your IRA custodian.

At your death, your heirs can remove the whole balance in one lump sum and go buy a yacht.  Yes, they will pay all of the tax at once and lose years of tax deferral. One way to control this is not to leave your IRA assets outright to heirs, but to leave the assets in an IRA trust. In a trust, you can control how the heir gets paid. For more information about trusts give me a call.

Also, your custodian may have rules such as “all distributions to heirs must be paid out in five years. If your funds are in a 401(k), the plan may also force a last payout and make the stretch concept impossible to implement for non-spouse beneficiaries.

Please call if you would like more information on this, Please call me at - (321) 446-0646

 

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