IRA mistakes are expensive and often irreversible.
Imagine inheriting a large IRA and “rolling” it over into your own IRA only to find out that the IRS has a very specific protocol regarding inherited IRAs and that you got it ALL wrong.
Worse still, the financial advisor you worked with and got paid to help you, he got it wrong as well!
Oh and this mistake, it can’t be fixed.
Or how about these scenarios…
- Your spouse dies and never listed you as the beneficiary.
- You never took your required minimum distribution after turning 70 ½ or you calculated it incorrectly.
- You conducted a “prohibited transaction” inside your IRA turning the entire account into a major taxable event.
These are disasters that should never happen. Unfortunately, IRA owners, financial advisors and even IRA custodians make mistakes all the time. In extreme cases you could lose half your IRA balance or more in taxes and penalties.
Well actually, if your spouse doesn’t have you listed as beneficiary on his IRA when he dies, you could lose the entire thing!
These aren’t just garden variety mistakes. These nightmare scenarios can change your life.
Member Ed Slott’s Elite IRA Advisor Group
Since 2007 I have been a member of a group of financial advisors called Ed Slott’s Elite IRA Advisor Group.
This is where I go to learn the latest IRA and retirement plan tax rules and distribution strategies. I spend my own time and money to make sure that my clients never have to experience the financial losses that can occur when you mess up an IRA.
In plain English, Ed Slott’s Elite IRA Advisor Group helps financial advisors understand what could go wrong with their clients’ largest financial asset and how to avoid these mistakes in the future.
For a great description of what it really means to be a member of Ed Slott’s Elite IRA Advisor Group, watch the video above. For more information about Ed Slott and the Elite IRA Advisor Group, click here.
To be clear, I am only “member” of this group and receive specialized training in IRA tax rules and distribution strategies. Membership in this group does not confer upon me an “elite” status of any type. It’s just how I choose to educate myself and stay sharp on this important topic.
What does your advisor do?
Ed Slott’s Elite IRA Advisor Group is solely an indication that the financial advisor has attended training provided by Ed Slott and Company. Ed Slott is not affiliated with Royal Alliance Associates, Inc.