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In this week’s Hidden Wealth Review, I teach the timing importance of how you can be a low-tax or no-tax retiree. This involves removing Uncle Sam from your children’s inheritance and insulating your income from the IRS. It’s possible to do this while we still have certain tax rules in place. But you must take action before these rules are changed.

An article in the August edition of Legacy warns that changes to federal tax laws could be retroactive back to January 1, 2021. There are currently proposals to change federal income and transfer tax laws. One of the most controversial tax law changes would tax asset transfers retroactively to January 1 of this year!

Charles and Bonnie are our clients from Florida. Charles is in his late seventies and Bonnie is in her early seventies. They had three objectives:

  1. Get rid of all unnecessary taxes.
  2. Protect Bonnie as she will most likely outlive Charles.
  3. Leave no unnecessary tax burden to their two daughters.

Charles and Bonnie learned how they could take a deduction (for those who qualify and while we still have the deduction in our tax code) and use it to get rid of the remainder of their taxes from IRAs by Roth converting Charles’s IRAs. This stopped his Required Minimum Distributions (RMDs). This eliminated an extra $10,000 to $20,000 a year in taxable income, which they don’t need. This unneeded income was being forced on them by RMDs. This saves them from being pushed into a higher marginal tax bracket. Unfortunately, it’s common for RMDs to push people into higher tax brackets since the percentage you have to take out increases each year and this percentage is based on the value of all IRA balances at the end of the year.

The wealth Charles had built in his retail stock brokerage account was getting eroded due to all the long and short term capital gains that the accounts were creating. Because of all of the buying and selling going on last year, Charles was pushed into a 32% tax bracket. With the right planning, he could have been all the way down in the 12% bracket.

He and Bonnie got rid of their IRAs and, as a result, their RMDs are gone. Also, there are no more IRA inheritance tax consequences for their daughters when Charles and Bonnie pass. Less tax while they’re living and no tax to their heirs when they are gone.

Using a special tax deduction for which they qualified, we eliminated the capital gains from their retail brokerage accounts. Their money is now in institutional brokerage accounts where there are no unwanted reported capital gains and it remains tax efficient for income distributions and eventual inheritance. This helps to lower their income tax and keeps their tax bracket lower, as well. The end result is no tax to them and no tax to their children.

How Do I Insulate My Income From The IRS?

The Biden administration is coming after capital gains tax in two ways:

  1. Raising capital gains tax rates.
  2. Lowering the basis of the assets our children inherit.

Unlike many prior changes to the law in this area, the proposed legislation will not just affect planning for ultra-high net worth people. These changes could result in the imposition of tax on Americans across the wealth spectrum.

Learn how to insulate your income and inheritance from Uncle Sam and the IRS. Tuesday, during my Wealth Protection and Preservation Webinar, I will teach you how to live more and leave more. Imagine, more financial success, less stress, less worry and less tax. You’ve worked hard for your money and Washington’s War on Wealth is only getting started.

To register for Tuesday’s no-cost, no-obligation, log on and learn financial educational event, simply follow these four simple steps:

  1. Go to (or scroll down to the form below).
  2. Select the webinar date/time you prefer.
  3. Enter your information thoroughly – make sure to double check your email address.
  4. Click “Reserve My Spot!” to submit, that’s it!

Once you’ve registered, you’ll receive an email containing a personal access link to join Tuesday’s event. Don’t forget to add it to your calendar!

Joe Biden’s tax plans are targeting high income earners, those with large capital gains as well as those with estates valued over $3.5 million. We find those higher income earners of $200,000 or more or those who have saved $1 million or more benefit the most from our proven solutions with a track record of measurable results.

Register for your preferred webinar time now because these events have proven to fill up fast.

Those who attend this event will receive a complimentary copy of my latest eBook:

The Baby Boomer Retirement Breakthrough-The Unfair Advantage to a Safe and Secure Retirement.

CHuck Oliver Retirement Breakthrough

Spouses and Significant Others are Encouraged to Attend This Event Together

Note: We serve Boomers and Retirees all over the Unites States. We have an efficient, supported process to meet online, as have been doing for over 20 years. Our online meetings are private, the access is restricted and we never share our meeting link with anyone who’s not a part of the meeting.

Chuck Oliver
Wealth Strategist | Best-Selling Author
We help Baby Boomers and Retirees thrive in retirement through a clear retirement road map that provides market correction and tax protection to optimize income and assets!