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Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family
 
 

Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family (Paperback)

~ (Author) "Bill and his two siblings had inherited a $270,000 IRA from their mother, a widow when she died in 2002..." (more)
Key Phrases: oldest trust beneficiary, trust tax rates, conduit trust, Year Age, Financial Group, Uncle Sam (more...)
4.3 out of 5 stars  See all reviews (14 customer reviews)

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  Kindle Edition, March 10, 2006 $9.99 -- --
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Frequently Bought Together

Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family + The Retirement Savings Time Bomb . . . and How to Defuse It: A Five-Step Action Plan for Protecting Your IRAs, 401(k)s, and Other RetirementPlans from Near Annihilation by the Taxman + Your Complete Retirement Planning Road Map: A Comprehensive Action Plan for Securing IRAs, 401(k)s, and Other Retirement Plans for Yourself and Your Family
Price For All Three: $32.78

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Editorial Reviews

Review

“Ed Slott’s easy-to-understand tax strategies mean money in your bank account, not the IRS’s.”
—Jan M. Rosen, coauthor of Wall Street Secrets for Tax-Efficient Investing and financial columnist for The New York Times --This text refers to an alternate Paperback edition.


Product Description

Ed Slott is without a doubt "one of the country’s leading IRA experts" (Reader’s Digest). Appearing at a time when virtually everyone is concerned about retirement savings, this authoritative thoroughly accessible book presents an easy-to-follow plan for making money—a lot of money— with your IRA. Slott shows readers how to choose the right financial advisor, manage vital information and deadlines, and create a retirement fortune that will not only benefit the individual, but continue to enrich beneficiaries for generations. This powerful, straightforward tool is the book for Americans interested in creating a fiscal windfall for the future.

Product Details

  • Paperback: 320 pages
  • Publisher: Penguin (Non-Classics) (December 27, 2005)
  • Language: English
  • ISBN-10: 0143036416
  • ISBN-13: 978-0143036418
  • Product Dimensions: 8.4 x 5.4 x 0.8 inches
  • Shipping Weight: 8.8 ounces (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (14 customer reviews)
  • Amazon.com Sales Rank: #284,867 in Books (See Bestsellers in Books)

    Popular in this category: (What's this?)

    #71 in  Books > Business & Investing > Personal Finance > Estate Planning

More About the Author

Ed Slott
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Inside This Book (learn more)
First Sentence:
Bill and his two siblings had inherited a $270,000 IRA from their mother, a widow when she died in 2002. Read the first page
Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
oldest trust beneficiary, trust tax rates, conduit trust, stretch period, successor beneficiary, federal estate tax exemption, stretch opportunity, beneficiary form, spousal rollover, stretch option, required beginning date, life expectancy factor, overall estate plan, custodial agreement, estate exemption, state estate tax, multiple beneficiaries, first exemption, required minimum distributions, own life expectancy, designated beneficiary, discretionary trust, several beneficiaries, professional financial advisors, trust qualifies
Key Phrases - Capitalized Phrases (CAPs): (learn more)
Year Age, Financial Group, Uncle Sam, Life Required Roth, Fred Jackson, Mary Smith, Beneficiary's Roth, Corpus Christi, Great-Grandma Moses, Heritage Financial Place, Plan Expectancy, Social Security, Investment Advisors, Victoria's Millions, Factor Distributions Factor Distributions Year Balance, Las Vegas, San Antonio, Adam Hill, Blake Taylor, Elmira Street Sayre, Family Fortune Table, Grove Street Clarks Summit, Overland Park, Raymond James Financial Services, Regulations Section
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Front Cover | Table of Contents | First Pages | Index | Back Cover | Surprise Me!
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Customer Reviews

14 Reviews
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Average Customer Review
4.3 out of 5 stars (14 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

 
33 of 36 people found the following review helpful:
5.0 out of 5 stars Requried Reading for Anyone with an IRA., July 23, 2006
This book focuses on ensuring that your IRA is properly set up, so that it can be passed on to beneficiaries intact, effectively establishing a "stretch IRA". The stretch IRA describes an IRA held by a beneficiary, and which will pay out over their lifetime.

This book is very well organized, and the author is clearly very enthusiastic about his subject. He does quite well making his case, that you should ensure your IRA passes intact to a beneficiary, in that it can offer them HUGE tax advantages for their entire life time.

He is also quite good about explaining the steps you need to achieve this. Much of the book is reference material that will not apply to everyone at any given time, but that is not a real criticism. The book is cheap enough, and the sections that apply to all are worth the entire purchase price.

If you have an IRA, and you have any desire to pass your assets along to a beneficiary, this book is an excellent starting point.
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36 of 40 people found the following review helpful:
3.0 out of 5 stars Good IRA Reference, but Stretch IRA Wildly Overhyped, July 9, 2008
By Donald E. Fulton (Stoneham, MA USA) - See all my reviews
(REAL NAME)   
This is both a very good and very bad book. Slott is a CPA and his bio indicates that he specializes in IRA law and estate planning. The retirement column in the Wall St. Journal uses him as an IRA expert. If you've seen Slott on PBS, you know he is also a pitchman and showman. This book is a mixture of expert IRA info and advice and wild overselling.

On the plus side:
This book is full of IRA information and good IRA advice presented in a very readable manner. I made dozens of notes in the front cover while reading this book. An excellent IRA reference. And I think the book does a service by pointing out that the IRA code has (sort of) a loophole that allows the 'effective' taxes paid on the IRA to be greatly reduced if the IRA is passed on to younger family members who should (Slott recommends) only take out the minimum annually over their lifetimes. Slott calls this the 'stretch' IRA.

On the negative side:
Your IRA can grow into a FAMILY FORTUNE, he screams, with pages of tables showing a 100 thousand IRA growing to millions (in one case to nearly 300 million if left to grow into well into the 21 century!). Nonsense, what about the time value of money? Slott never heard of it (or pretends he never heard of it). The reality, of course, is that if your income tax rate is, say, 33% then when you withdraw IRA funds you lose 1/3rd of it to taxes. The best that even a perfect tax strategy can do is recover this 1/3rd. Nice, but hardly a fortune.

Slott provides a useful check list of features an IRA contract should have. You would think that maybe he would read the IRA contracts of top IRA providers (like Fidelity, Vanguard) and tell us how they stack up? Nope, that's our job, not his.

Convert to a Roth IRA and your money will grow TAX FREE he screams. Slott's very positive on Roth IRA's, too positive. I worked through a Roth conversion example and find that the extra shielding that a Roth IRA allows can boost your after-tax returns a little. (Calculation details are in 'Roth Primer' section of the 'Charity' essay on my home page.) I calculate in a 6% market environment that Roth IRA will yield 6% vs an after tax yield for a traditional IRA of approx 5.4%, or an extra 0.6%/yr investment gain. However, there can be a serious downside to doing a Roth conversion that Slott doesn't mention. A large Roth conversion will likely be taxed at a much higher incremental income tax rate than normal minimum withdrawals, and since Roth has only a tiny yield advantage over a traditional IRA it could easily take a decade or more just to get even.


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16 of 16 people found the following review helpful:
5.0 out of 5 stars Concise info on stretch IRA's, January 3, 2007
By M. Cheney (Kansas --beside the Santa Fe Trail) - See all my reviews
(REAL NAME)   
Ed Slott is considered THE expert on stretch IRA's. Book is aimed at investors who will probably die before depleting their IRA funds. It explains how to structure a stretch IRA to pass this money on to future generations with minimal taxation.

Book is better organized than Slott's previous books. It is very readable. I keep it for a reference and have purchased additional copies for gifts.
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Most Recent Customer Reviews

5.0 out of 5 stars IRA management info
The book provides valuable information to improving my understanding of the various IRS rules for managing my IRAs. Easy to read and mark for reference. Read more
Published 2 months ago by L. M. Burks

5.0 out of 5 stars Excellent, clear, focused advice on IRA
Ed Slott provides focused directions on the many types of IRAs and how to best use them to maximize the transfer of wealth. Read more
Published 3 months ago by Older and Wiser

4.0 out of 5 stars Easy reading....convincing...
This book really shows how important it is to save and how you can turn a 401 that you may not think is a lot into a money stream to span generations. Read more
Published 5 months ago by Michael G. Wall

5.0 out of 5 stars Great book.
Great book. Very sounds instructions for protecting wealth. However I would still work with a professional. Find one who is well-versed in Ed Slott's literature. Great buy!
Published 7 months ago by K. Eickhoff

1.0 out of 5 stars this book can be summarized in 2 sentences
1) get a stretch ira instead of a regular ira to give your beneficiaries the combined benefits of extended compounding plus lower taxes
2) designate as beneficiary(ies) one... Read more
Published 9 months ago by D. Holmer

5.0 out of 5 stars Financial Wizard
I learned so much about inherited or stretch IRAs on the first read. Now I read selected chapters over again and really like Ed Slott's style of writing and his sincerity. Read more
Published 12 months ago by S. K. Yamada

4.0 out of 5 stars TO PARLAY OR NOT PARLAY
Ed Slott is excellent in his field. I find his other books full of good information and alwasy watch when he is on PBS. Read more
Published 17 months ago by Juelene Cloe

4.0 out of 5 stars Great Starter
[[ASIN:B000HT2P1Q Parlay Your IRA into a Family Fortune: 3 EASY STEPS for creating a lifetime supply of tax-deferred, even tax-free, wealth for you and your family]. Read more
Published 19 months ago by Howard M. Shaver

5.0 out of 5 stars Parlay your IRA into a family fortune
This book shows you basically two options. Give most of your tax deferred assets to the government after you and your wife's death, or set it up so your kids and/or grandchildren... Read more
Published on November 9, 2007 by Bill Hartman

5.0 out of 5 stars IRA for the long term
I think I understood the underlying theme of this book, but the author made it more difficult to read and understand than need be. Read more
Published on June 26, 2007 by Kenneth C. Milton

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