I recently had a discussion with a client concerning some year end tax planning. He was talking to his financial advisor about converting some of his Traditional IRA into a Roth.
The idea behind this is some early estate planning. His assets are positioned in such a way that he will not need to tap into his Traditional IRA until he is required to do so for his RMD.
To minimize the impact of the future income the financial advisor had him call me. We discussed some specifics and I worked up some numbers. I was able to work up a scenario that will allow the maximum transfer that will still not trigger a tax liability.
We will run these scenarios every year moving forward. We enjoy helping our clients especially when we help them keep their own money.
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