Episode #10 - When to Convert a Traditional IRA to Roth or a Solo 401K
ROYAL LEGAL SOLUTIONS
Learn how to free your time, protect your assets, and create lasting wealth with asset protection attorney and long-time real estate investor, Scott Royal Smith. When a close friend lost over $3 million in a single lawsuit, Scott decided to leave his litigation practice to help people protect themselves from frivolous lawsuits. His law firm, Royal Legal Solutions, now helps thousands of real estate investors and entrepreneurs protect more than $1.2 billion in assets. Join Scott as he deconstructs the lawsuit game and shows you how to protect yourself and your hard-earned wealth.
*********************************************************************************
MEET THE HOSTS
Scott Royal Smith, Esq., CEO, Real Estate Investor. As the founder of Royal Legal Solutions, I am an asset protection attorney and long-time real estate investor in every asset class in 10+ states. My background in litigation and investing uniquely has provided me with insights into how to best use the law for maximum legal advantage while streamlining operations, taxes, and compliance.
Pete Schindele, CFO, CPA. Pete is from Boise, Idaho, where he attended the University of Idaho and earned a Bachelor of Science in Business, majoring in Accounting and Finance. Pete has been a licensed CPA in the State of Idaho since 2011. He is the owner of GryphonFinancial Consulting, PLLC, a boutique consulting firm in Boise, advising small businesses and real estate investors on budgeting, forecasting pro forma financial statements, scenario analysis, tax, and financial modeling. In 2020, Pete joined Royal Legal Solutions as their Chief Finance Officer. Pete enjoys domestic and international travel, attending concerts, and seeking out investment opportunities in real estate around the Northwest.
*********************************************************************************
KEY TAKEAWAYS
Royal Legal Solutions CPA, Pete Schindele demonstrates the use of a decision tree to decide if it makes sense to convert funds from a Traditional IRA to Roth or a Solo 401K.
When to Convert Decision Tree
Consideration #1: Tax Bracket. Do you think you will be in the same or higher tax bracket when you retire?
Consideration #2: Time Horizon. Do you expect to start making withdrawals after 5 or more years?
Consideration #3: Tax Payment. Do you have enough money out of pocket to pay taxes due on conversion?
Pete continued by providing an explanation of how this might look relative to various income scenarios. Find out if converting retirement funds is worth considering for you.
Want a refresher or to see what you missed? Watch the replay.
FREEBIES
Convert a Traditional IRA to Roth or a Solo 401K (pptx)
Ready to go beyond basics and take your education to the next level? Get FREE Access to the Asset Protection Vault. This resource contains our top 5 video Masterclasses and ebooks.
*********************************************************************************
ENGAGE WITH US
Are you ready to take action on Tax Strategy?
Take our Financial Freedom Quiz, where we will gather your general information to have a productive conversation. At the end of the quiz, you will have the opportunity to schedule your consultation. https://hubs.la/Q014rfVz0
*********************************************************************************
DISCORD COMMUNITY
https://discord.gg/KKS7rZG5kM
*********************************************************************************
WEBSITE: royallegalsolutions.com
LINKEDIN: Check out what folks are saying and make a professional connection with Scott Royal Smith. www.linkedin.com/in/scott-royal-smith/
FACEBOOK: Join our exclusive group to discover the tax, legal, & asset protection secrets every real estate investor needs to know. www.facebook.com/groups/495820367909918/
Create your
podcast in
minutes
It is Free