Economics PhD, CFP, President of Lyon Financial Planning, Jay Abolofia shows you how to do estate planning using MaxiFi Planner's new spending cap and other unique features.
This text discusses what assets individuals plan to pass on based on how long they expect to live. It makes it clear that the focus isn't on legal matters like trusts or wills, nor is it about finding ways to reduce estate taxes. Instead, it centers on the essential idea of planning to leave assets to heirs, no matter how much wealth one has. The new spending limit feature is pointed out as a tool for even the wealthiest MaxiFi users to manage their spending within the program and to grasp the balance between enjoying their resources now and what they might leave behind in the future.
Another feature suggestions would be to have the option to spend down X% of EACH retirement account owned by each person. In my case, I want to spend down an IRA but preserve a Roth IRA for my estate since my kids can stretch the Roth tax free (and my disabled kid can apply for approval to stretch his share for his lifetime)
Hi Andy...MaxiFi has the capability you described, if I correctly understand you. Yes!!! it is a valuable strategy for sure! Attend Maxifi "Orientation" Zoom this Saturday (14 June @ 1200PDT), raise your hand, ask that question and we'll help you with that. (If you mean EACH account owner, that's trickier than if you mean EACH type, Roth vs. Traditional, of account.)
These are all welcome additions for adding estate planning more explicitly!
A future feature that I would appreciate would be to set charitable giving as a percentage of AGI in any given year (at least up to the annual limits as a percentage of AGI, or confirm that Maxifi taxes will carryover contributions above the limits per the carryover rules). All this is a bit tedious to estimate/input in the current version.
"contingent estates"
This text discusses what assets individuals plan to pass on based on how long they expect to live. It makes it clear that the focus isn't on legal matters like trusts or wills, nor is it about finding ways to reduce estate taxes. Instead, it centers on the essential idea of planning to leave assets to heirs, no matter how much wealth one has. The new spending limit feature is pointed out as a tool for even the wealthiest MaxiFi users to manage their spending within the program and to grasp the balance between enjoying their resources now and what they might leave behind in the future.
Another feature suggestions would be to have the option to spend down X% of EACH retirement account owned by each person. In my case, I want to spend down an IRA but preserve a Roth IRA for my estate since my kids can stretch the Roth tax free (and my disabled kid can apply for approval to stretch his share for his lifetime)
Hi Andy...MaxiFi has the capability you described, if I correctly understand you. Yes!!! it is a valuable strategy for sure! Attend Maxifi "Orientation" Zoom this Saturday (14 June @ 1200PDT), raise your hand, ask that question and we'll help you with that. (If you mean EACH account owner, that's trickier than if you mean EACH type, Roth vs. Traditional, of account.)
Cheers, Mark
These are all welcome additions for adding estate planning more explicitly!
A future feature that I would appreciate would be to set charitable giving as a percentage of AGI in any given year (at least up to the annual limits as a percentage of AGI, or confirm that Maxifi taxes will carryover contributions above the limits per the carryover rules). All this is a bit tedious to estimate/input in the current version.