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Tip of the Day! The balance remaining in your retirement plan after your death is subject not only to federal estate tax, but also to income tax — and, if you name a grandchild as beneficiary, to the generation-skipping tax. The result can be that only 20 to 25 cents on the dollar may be left for your family. Why give so much of your hard-earned retirement assets to the government when you can give them to GBMC instead? Direct the balance of your plan to GBMC, and use other assets — not subject to all the taxes applied to retirement assets — to make gifts to your family. Recent IRS regulations make it easier to make GBMC a beneficiary. Read more..., Email us, or contact us at 443-849-3303.
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