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What is QLS®?
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The benefits of funding qualified retirement plans seem extraordinary: Your contributions are tax deductible and growth inside the plan is tax deferred. The problem is getting the money out without losing so much of it, as much as 50% in income taxes. Add death taxes, and the total tax loss can approach 70%.
Regardless of whether you plan to spend your qualified plan assets for your own retirement income or leave the balance to a beneficiary, the commonly recommended solutions leave you with five equally poor options:
Common solutions for getting your retirement income:
- Take it when you need it. It will be taxed as ordinary income plus a 10% penalty if you’re under age 59 ½.
- Take Required Minimum Distributions (RMDs) starting at 72. It will be taxed as ordinary income.
- Do a Roth conversion, also taxed as ordinary income.
Common solutions for wealth transfer:
- Only take RMDs during your lifetime and implement a Stretch IRA for future generations (now limited to 10 years per The Secure Act). Subject to income tax as an IRD asset as well as estate tax.
- Make gifts to a qualified charity starting at age 70 ½ and leave the balance to charity at death. Qualified Charitable Deductions (QCDs) are limited to 100k/per year.
The Solution: The QLS®
The QLS® Difference
- Removes assets tax free from your retirement plan.
- A balance of traditional assets are repositioned into a tax-free Roth.
- The QLS® generates:
- Greater retirement income
- More wealth passed on to heirs
- A more money for your favorite charity
QLS® Ideal Client
An executive or business owner with a qualified plan.
- Net worth is $4 million+
- Has at least $1 million assets in a retirement plan(s)
- Holds an equal amount of assets outside the qualified plan (ideally, cash or high-basis stock) that can be liquidated within the next 2 to 5 years
- The client and/or spouse are between 40-65 (Older clients should consider our Wealth Transfer approach.)
- The plan owner (or their spouse) should be in good health