Stories of People Helped
Mark and Marcella faced $1.2 million in capital gains, and $1 million in taxable IRA’s.
Mark and Marcella are 60 years old. They’ve saved well in their IRA’s and as a result they have $1 million that will be fully taxable when they withdraw it. They also made a $30,000 investment 30 years ago into the stock of a newly-forming bank. That stock is now worth over $1.2 million. They need to diversify that money, but they are afraid of the taxes they’ll have to pay.
WealthCare Solution designed by J. Barry Watts: We showed Mark and Marcella how to use a tax avoidance trust to turn their $1.2 in taxable gains, into an annual income of $72,000 per year while getting a $400,000 tax deduction for funding their favorite charity. They were then able to move the money from their taxable IRA, to a tax-free ROTH IRA and use the $400,000 tax deduction to pay the taxes due on their IRA. The end result is $72,000 in income guaranteed for life and $1 million in tax-free IRA’s.
John & Tammy have $1.6 million in rental properties, and need income to live on now that John’s has retired on disability due to cancer.
John and Tammy had built up a portfolio of 16 rental houses. They are being forced to retire early due to John’s cancer diagnosis. They need income to live on and want to avoid taxes on their rentals.
WealthCare Solution designed by J. Barry Watts: We showed John and Tammy how they could sell their rental houses and pay no capital gains because of the tax bracket they are in. Then, we were able to begin moving money out of their IRA without increasing their tax bracket, and moving the money into a tax-free Private Insured Retirement Advantage account that will guarantee an income for Penny’s lifetime, if John should pass away earlier than expected due to his cancer. The end result is they got rid of a problem—managing rental houses while fighting cancer, avoided the taxes, and designed a plan that will guarantee Tammy’s income to age 100.
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