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If you have a traditional IRA, you might benefit from converting some or all of it to a Roth IRA. A conversion can allow you to turn tax-deferred future growth into tax-free growth. According to Doeren Mayhew’s wealth management partner, Polaris Greystone, it also can provide estate planning advantages: Roth IRAs don’t require you to take distributions during your life, so you can let the entire balance grow tax-free over your lifetime for the benefit of your heirs.
There’s no income-based limit on who can convert to a Roth IRA. But the converted amount is taxable in the year of the conversion. Whether a conversion makes sense for you depends on factors such as:
Doeren Mayhew partners with financial advisors at Greystone Financial Group to provide our clients with prudent advice to clarify investment objectives, arrive at optimal planning solutions, monitor performance and adapt to strategies as circumstances change. For more information, contact Doeren Mayhew or contact Polaris Greystone in Michigan or Houston.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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