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Jim Long, JD / CPA is a nationally recognized expert on the IRA and lecturer for the financial services industry. presentation by Jim offers not one but two questions to consultants. He not only released the best information content Roth IRA conversion, but it also shows a step by step how to use these proven strategies to increase production dramatically. Whether you’re in the business of professional management consultants, distributors or insurance, hire Jim Lange explode your business. For ore information, visit or contact Nicole http://www.retiresecure.com/speakertour.php demartino, Marketing Director at 412.521.2732 / 1.800.387.1129 or nicole@paytaxeslater.com.

“America’s IRA expert Ed Slott joins Jim Long, JD / CPA Roth IRA and Second Life Insurance coverage

Dieda country known IRA expert Ed Slott, describes the benefits Roth IRA, Roth IRA conversions and the second to die life insurance through a menagerie of fun and true stories for the avid investor.

Welcome to the Hour Long Money: Where Smart Money Talks, organized by Beth Bershok, expert advice from Jim Lange Pittsburgh CPA, lawyer and expert on retirement and estate planning. Jim is also the author of the Secure Retirement pay more taxes later. To learn more about his book, practice, and how Jim Long Financial Group for a speaker for your next event, visit its website paytaxeslater.com. Now, get ready to “Smart Money” to speak.

Bershok Beth: We’re talking about “Smart Money” and now, wow, this is a show information package. Thank you for your participation. I’m Beth Bershok and today we have not one but two nationally recognized experts. Especially, of course, Jim Lange. Jim is a CPA attorney, he paid out the Secure bestseller, taxes, and later wrote, by the way, came the second edition of the book last month and a week after its release, Jim, it was number 1 bestseller in several categories at Amazon.com. So congratulations on that. And we also have with us Ed Slott, America’s IRA expert, Ed, and you could see on PBS, because it had all the special “Stay Rich Forever and ever the show No. 1 fundraising for public television across the country was. It now has a new, a new PBS special called stay rich for life. There are of course, a book and a book of stay rich for life – Culture and protect your money in turbulent times. And thank you very much for taking the time to join us today, Ed

Ed Slott: I am happy to be here

Beth Bershok I think this is the first time the two of you, Jim Roth IRA niche.’s your IRA. I think this is the first time the two of you has never been in a forum like this, I’m not mistaken?

Jim Lange: Yes, it is, it’s true

Ed Slott It should be like a presidential debate or something

Jim Lange .. I will not say in debate, but I would like some words

Beth Bershok add a record, as I ‘I

Ed Slott:. A top IRA

Jim Lange: Information Read Ed Slott really critical of. I mean, I’m Natalie Choate, Bob Keebler, Seymour Goldberg Bruce Steinberg, Steve Leimberg, Gary Lesser, read more. But Ed is probably more popular than any of them and he, more than any other armor, stories, humor, and involves them in lessons criticism and I think it’s great. His new package stay rich for life on irahelp.com which is on its website a tremendous resource. But Ed, always back up your stories, because I is a wonderful way of thinking and learn, you do so well, and a story I remember most and that goes back 6 years ago when I read the Retirement Savings Time Bomb. Before I ask you remember this story, I mention that Pittsburgh is a great baseball city. In fact, if we lose over half our games this season, we’ll set a new record for most consecutive losses to all major sports team all time.

Bershok Beth: I am pleased that, in fact, I think it will Slott

passierenEd: I have no sympathy for you, I am Mets fan and they can not so many games because they are not so long lost, but how it loses so much better br Bershok Beth: It is strongly

Jim Lange: Well, I think we’ll actually get into that in a minute. But in Pittsburgh, hit nearly 50 years, Bill Mazeroski hit a home run in the 9th Channel to win the World Series favorite team New York Yankees, though, and it will remain for the home run in memory, but what many people do not remember it was just a ballplayer .260 and he really was a great player and here is my question, Ed, because this story just sticks in my head so clearly. Could you tell us about Bill Buckner and the lessons to take our listeners to Bill Buckner?

Ed Slott: Well, Bill Buckner, for baseball fans, is well known, you know, the failure at the crucial moment. But without going through all of its statistics, it is one of the greatest baseball player who has ever played. But if at the end of the game counted, and that’s why I use the analogy with planning your retirement, is what you keep that counts, the result at the end of the game, the score at half-time if you’re in baseball 7. Or stick 8th Inning – it’s how you finish the game So when Bill Mazeroski was probably nowhere near the player Bill Bucker Bill Mazeroski in the Hall of Fame has been, is, because at the end of the game, he earned great success and as everyone knows, in Pittsburgh, but I have to say that many people across the country If I know Bill Mazeroski story is not that he is the only one that ever a 7th game World Series winning home run hit off of. When I say that people around the country, fans baseball say Oh no, not what is true. Joe Carter did. Joe Carter did not just baseball news, it did in the sixth game. Mazeroski Bill is still the only out the World Series in the seventh game. If poor Bill Buckner had a fantastic career, more than 2,000 visits. In fact, had 500 hits over Joe DiMaggio. If more hits than the likes of Mickey Mantle and Ernie Banks and so row and won the title of Fielding won the National League batting championship. But when it counted and the error against the “Mets in the World Series 86, you know, they almost drove him to Boston. In fact, last year it was reduced to launch for the first time in more than 20 years, first ball, and I guess they forgave him because they won the World Series since. Bill Bucker will probably never be in the Hall of Fame, he has a good career Hall of Fame. You look at the statistics of the population, it has more hits than 70% of players already in the Hall of Fame.

Bershok Beth: Actually this is the first time I heard Bill Bucker – here on this show.

Ed Slott: The fact is he had great career and the analogy to old age. You had a great career in economics, construction and investment and with more and more. But if they have been removed or the bullet drop like Bill Buckner in After the game, sales strategies, planning, your family remember the same thing about you that they remember Bill Bucker – you dropped the ball, You did it explode when it counts, even if for 30 years, you did everything correctly and it is the biggest problem with retirement planning. The people plan, as I call it, the first half of the game to collect the money, and you know you really do not have much control over half of the game. You might think you want with the system, but it is larger than we found more forces at work that n is not like Wall Street and check everything. But the only thing you can control it using the money and hope for the best. to find even with an investment adviser important that you really can not much Control how much it will increase, but do it in one and can be the rear end of the game for me is to steer half winning the game, that’s what I call the socket half of the call the game in my new book, stay rich for life. You can control, because it’s all about taxes and that is what people must now focus on what you can control. You can not control the stock market, greed, fraud and all that. But you can control the tax code mining, while great tax planning for the end of the game when he hit like Bill Mazeroski, who has run home.

Bershok Beth: Well, I think many people are now worried. I have to jump here because I saw on the last newsletter, Ed, you are a buzzword in today’s economy, which I like. They call it the yo-yo economy.

Ed Slott: Yes, we are in a Yo-Yo look, I call it. A YO-YO is available for you on your own. Never felt so helpless, even with financial advisers, who were now really just salespeople, brokers sell stocks and bonds. I think Warren Buffet said it best. He had a saying that when the tide rises and you find out who is in a swimsuit. And this is what happens now, we see the curtain coming. Many of these people who call themselves financial wizards or gurus, these brokers and banks and many of them did not really know what they were doing. He sells only what your company told them to sell them. You have your money they received bonuses if you have an end, and it is one of the things I talk about in my book. How to find bodies, where financial advisors, which makes tax planning, distribution planning, where questions asked at the end of the game . What you can control.

Bershok Beth: You know, you would know about Ed today, we had a few listeners who sent us questions and we will attend the summit in just a minute, but I know it was something Jim wanted to ask first.

Jim Lange. Well, I actually attend a seminar and met a man named Bill Nelson, who sang your praises

Ed Slott Oh yes, Bill

Jim Lange: And he told me that the secret was one of the most important things about planning for IRA retirement assets Time Bomb and he gave me the page is the old problem I still have the old edition because they were all my friends and I checked the new edition to do so. But I use the old edition, because he emphasized again and gave up, etc. If you recall, there were in the case study of Ralph and Sadie had 000,000 in an IRA and they had a daughter named Ruby 40 years, and some recommendations for you Ralph and Sadie and I was wondering if you could tell our listeners what is for Ralph and Sadie, who, 000,000 in an IRA and to recommend a girl named Ruby 40 years.

Ed Slott: That’s funny that you mention, because I did this story and put Update for my new public television special stay rich for life – the same name as the book, and I understand what you both told me that he is in Pittsburgh.

Bershok Beth: Yes, WQED

Ed Slott Thus, in the second act of the show I tell that story, my name may have changed .. I do not think I called. But what I wanted to try to bring the administration of taxes, do some planning, taking advantage of what I call the gold nuggets in the tax code, most people do not. Most people lose their pensions. As I said, retirement savings, I mean your 401 (k), your 403 (b) plan, your company, your IRA because the money is not taxed. So now, do something about planning pro-active before doing so now, can not believe what I do is to get huge tax increases. Look at the economy, rescue after rescue – Who will save America? This are the people that everything is done right – in cash 401 (k) s and IRA, but everyone on this type of planning how to do only after, and I call it the greatest benefits in the code tax, and just so you know, I do not sell insurance, stocks, bonds, funds, bonds, but I believe in using the tax code – I’m an accountant. The reason I ‘ I said that’s because the biggest advantage is by far the life insurance, the tax exemption for life insurance. The reason I say that because I think when People say life insurance should I sell or something, I’m not! I tell you to use you use your money if you use the tax code to the taxpayers’ money in Franchise Tax once again a good deal. I’d do all day.

Bershok Beth: You know, let us come back, so in a second. We need to take a short break there along time money: Where Smart Money Talks. Jim Long today, our very special guest, Ed Slott. PrimeTime Silver Long: When Smart Money Talks

PrimeTime Bershok Beth Silver Long:. When Smart Money Talks. I’m Beth Bershok and we have two, we have a large customer today, Ed Slott, America’s IRA expert, and Jim Long, well sure. We just talked about in the middle of a history of insurance that was Ed and Jim, if you want to continue with the idea that Ed

Jim Lange: Well, we were on Ralph and Sadie, who speak a 000,000 IRA and a girl of 40 years named Ruby and Ed was, where a little more about some of the benefits of the tax code because he is very satisfied future taxation was concerned and talked about life insurance.

Ed Slott: I’m too concerned about future tax charges! I think we are all affected tax much higher so that we do something for our money would be tax-free accounts, and the point of the story is, one spouse usually best to get the money free and clear – not money tax-free . Which is nothing better than life insurance. There are no required distributions and children and grandchildren are generally better with the IRA, because they renew or extend, the distributions can in their lives. So that was the point of the story instead of what would most people think: Well, I want my wife or husband to the IRA, you better insurance life will never be taxed – or state income tax, and the IRA for your children, property tax exemption, you can do now to get more than the tax exemption for tax land has been increased to 500,000. This opens a lot more money if you have that much. You know, the less you have, the more important it is to protect what you have, even if you do much more, you can give to be 500,000, or should I say, 500,000 of the IRA for children and grandchildren, the estate tax were free.

Jim Lange: Ed, let me ask you this issue. So basically, you say, if the husband is with, 000,000 in the IRA, you say to a life insurance policy for the husband to consider.

Ed Slott: Well, in this example, I told the man had a, 000,000 IRA and generally when someone, probably the same thing happens with your customers, if someone came up with this scenario, the female recipients would be because that’s what everyone said to the IRA. I say this change to the girl at the receiver but then the woman says, “Well, what do I live” and that is where the ‘life insurance comes in. But basically, what I end up doing is changing the beneficiary IRA back to the woman anyway, but adding that the girl who may qualify for this if the woman in full control . What the woman really wants, not so much of the IRA, wants financial security. She looks at the IRA as a financial guarantee, but it’s not really a secure future, if you do not know to what extent it is taxed when you need it most are. When she reached her hand there, as is most vulnerable and most in need could eat the taxes of 50% to 60% of them, depending on future tax rates and housing rates. You’re better off with life insurance, which is a sure thing – it must be free and clear, and it can also be the IRA, if they wish, but by naming her daughter that quota has the opportunity to reject this inheritance, Another advantage of the tax code, called a waiver, where she was able to climb up the girl after the death anyway. I know that was a mouthful.

Ed Slott: That’s why I try to down the story. But the fact is, life insurance, see taxpayers’ money now leverage. He pays the money from your IRA now pay taxes at a reasonable price -. We are at very low rates right now and use it in life insurance

Jim Ed Long, by the way, you and I are on the same wavelength on many areas. I know a big fan of the exclusion clauses like you, a long-recipient cascade is essentially a development plan attached with warnings, so I have a little more comfortable naming the surviving spouse and to the left of the decision of who gets what .. ‘M

Ed Slott: Well, that’s what I said they have both. She is better off, unlike life insurance as an IRA. He has no life expectancy, both the IRA and life insurance for the uncertainty of what may be future tax rates.

Beth Bershok: Basically the idea behind this is to cut taxes, pay less tax at the end ..

Ed Slott: For me, financial security is clear and without money. The last thing you need in retirement is to get in your hand when you need it the most urgent and the government takes 70% of what is to keep the time required to 100%.

Bershok Beth: Our client is Ed Slott and you’re ready for a question that we had thrown a listener

Ed Slott: I’m ready

Beth Bershok. Oh Jim say here is another question. We want to leave, he asked Jim for the first time we get to other issues.

Jim Lange: Alright, Ed, I also advocate the combination of life insurance and IRA and pension and has been for over 20 years. One of the things I found in my practice, maybe a little different, and I thought I would ask you to comment on this. What I often do is second to die policies. I am currently running numbers and your way works better and I am the first to admit the. If you have any figures, it works better for people over the fortune of the whole family to do what you propose to life of man is to have that to go first to the Women and the IRA would have children and grandchildren. What I did and I think this may be conservative, yours is rather conservative, the mine could be a little different in that it might be a better bonus, I often use is the second death or survival of life insurance and retirement pay does not on first death, but the second death, and I tend to use warranty policy, so there’s no question if this is not a life situation where it depends on investment results, etc. I was wondering if you could comment on that, I know it’s not quite like you do.

Ed Slott: I think actually all different, it depends on what is best for the client. It depends on how much money might be needed on the first death. The problem with my script, sometimes you never know who will die first. During the second death, of course, if you do not need money if they have sufficient other assets to live without having to die life insurance while the second course, because you distribute the risk of two life if it depends on each case. But if there is a case where a spouse is concerned about financial security when the IRA owner that a large IRA and it has nothing to say know, then I really want to have the money tax-free as far as possible on the first death.

Jim Lange: I think it sounds good. So if we are concerned by both spouses, we have perhaps a traditional policy of the IRA owner and if necessary to do more than enough for two seconds to die. I sometimes donate a certain budget and want to earn money for kids, just plain old regular donations, some money for 529 shots and then a little money for life insurance as well.

Ed Slott: If both have enough to live, it’s probably to make more of an advantage, a policy from the second to die. If neither spouse is concerned, if there is no money, if the first dies.

Beth Bershok: Ed Slott, our guest today, America’s IRA Expert, and Jim Long Long Time Money: Where Smart Money Talks. We have a few questions from listeners and we’ll look at that in just a minute. Along Silver Time: Where Smart Money Talks

Beth Bershok Speaking more SmartMoney, The Long Time Money:. When Smart Money Talks. Jim Long, and we have a large customer of today, America’s IRA expert Ed Slott, author, and it is called a PBS television special stay rich for life and if you do all his information out there irahelp.com art site is irahelp.com Ed and I thank you very much again, Ed, here today.

Ed Slott:. No problem, happy to be here

Beth Bershok We have so many questions from listeners who know us, you’d be at the show and I found an article sent to this e-mail. Everyone seems to be completely confused about the suspension of RMD for 2009, and I suppose Ed, you are also using this as a strategy. I know Jim was also a strategy to convert to Roth IRA. But here’s the question that comes from a retired dentist in Indiana. His question is, he jumps on 2009 revenue, but he wants to convert his IRA to a Roth IRA, and he wants to know if the distribution is still permitted to bins to do?

Ed Slott: Yes, well, if it qualifies. In 2009, your income must not exceed 0.000, which is the limit. But would a better strategy than I do for some clients who are ready to use, even if they are not, those clients over 70 ½, distributions normally required. Now they do not take them. Now, on the surface looks like a good thing, but I tell them that you are better to make money when you know what tax rates today are very, very low white – almost their lowest level since in people’s lives. So it is better to take the money anyway, and if your income does not exceed 0000th say, you can convert to a Roth, you are eligible for Roth conversion, you must convert. Normally, they would not be able to convert to a Roth, because if they take required distributions, these distributions are not eligible to be converted to a Roth, but now this year only because these distributions is optional and does is not necessary they can be converted to a Roth. So it’s a real opportunity to convert to a Roth now.

Bershok Beth: Actually, Jim, you make this chime? Because Jim was present as a strategy.

Jim Lange: Well, I agree with you 100% and the reason I have a big fan of both Roth IRA conversions in 2009 for people who are qualified because the lower tax rate this year and the tax bracket will probably never will be on in. So let’s say 70 years or more, you have money in an IRA, and usually, we say social security, pension, interest, dividends – what you have. Usually, the minimum required distribution from an IRA will be pushed up into a higher tax bracket. So if you were in a Roth IRA conversion, you’d have to pay taxes on the higher rate. Well, since you do not have to take a minimum distribution, you can as it will be converted to Roth IRA for less. I usually say the Roth IRA conversion, but after you retire before the required minimum distribution, if you’re in a low tax bracket. 2009 is now a very special year because we can convert the tax rate lower than we probably ever

Ed Slott: Well, I agree with that. I do not think people realize, you know, there are many complaints about taxes all the time, but most people do not know how they actually do now. In my book, living the rich life, which, if you’re interested, they get on my site irahelp.com. It’s my site, you can even ask questions, you can listen to the type of questions you today, you can direct any questions on the homepage of the site and will be addressed by property experts. And if you scroll down you see a photo of Rich stay for life – the book that speaks to us, and if you click there, it’s straight to Amazon.com and this is probably the best value to get. But what price you get in it will be worth it when you read it. Page 7 in this book, I’ll give you a history of tax rates.

Jim Lange: The page on which I now binBeth

Bershok:. He is, he is literally there

Ed Slott is truly a thing opened my eyes when you see prices in the 70, 80 and 90. If you say that people now people now think rates are high! Back in the years, I only years the baby boomers were isolated from 1946 to 1964. The federal tax rate as the marginal tax rate paid by the richest 90%, 9 0, if you enter the radio now. He said, 90? How can this be? What remains for me? Nothing! Over 90% of each of these years, baby boomers, with the exception of last year ’64, when he was only a meager 77%. Now is the point of me that this year the year of the baby boomers were born east are. They needed a lot of people. Now they are collecting on the other side of the fence. The first baby boomers just started collecting social security contributions in the past year 2008. They shall in all other financial and economic problems and rescue operations. The 80 million baby boomers are going strong need more government in one form or another is going on there, a kind of dependence that the pressure to push the tax rate will increase even further. That’s my point, the tax rate is declining and it is now time to act. It is now time to make this Roth IRA, you withdraw money, even if you do not need. Use it in life insurance and get money to buy the tax office. I call on the purchase of sales tax because that is what they are today.

Bershok Beth: I think we should change the tax law in 2010 also mentioned when talking about the Roth.