Charitable planning and philanthropy can play a key role in reducing the tax burden when advisors help clients who converting an IRA into a Roth IRA.
Roth conversions may make sense if a client faces higher taxes when he starts withdrawing funds. In addition, a Roth conversion can increase the amount available to heirs. Since there are no minimum distribution requirements during the owner’s lifetime, more money can remain in a Roth account to grow, tax free, for a bequest.
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