New book, 'Retire Secure for Parents of a Child with a Disability,' unveils a groundbreaking approach that could help many parents of children with disabilities ensure a secure financial future for their child. Readers can benefit from the same strategic planning that CPA/Attorney and primary author, James Lange, and his wife used to provide their own daughter with an extra $1.9 million (measured in today's dollars) over her lifetime. Hardcover and Kindle editions are available on Amazon; read on to learn more.
PITTSBURGH, Jan. 9, 2024 /PRNewswire-PRWeb/ -- Why is this plan so different?
"Many, if not most IRA and retirement plan owners who have a child with a disability, could help secure their child's financial future by developing and implementing a long-term Roth conversion plan. Since experiencing the benefits of a strategic long-term Roth IRA conversion plan for my own daughter with a disability, I've made it my mission to educate others," says James Lange, CPA/Attorney and primary author of Retire Secure for Parents of a Child with a Disability.
One of the book's biggest revelations is that establishing and executing an appropriate Roth IRA conversion plan will significantly help most IRA and retirement plan owners who are parents of a child with a disability. When parents implement an appropriate long-term Roth IRA conversion plan, their actions could be life changing.
An appropriate Roth IRA conversion strategy, while critical, is not the only step. "First, you must get your child approved for Supplemental Social Security Income (SSI), and then for Social Security Disability (SSDI) in order to receive the "golden ticket," says Deborah McFadden. Co-author McFadden is an expert in getting a child qualified for SSI or SSDI. She is the former Disabilities Commissioner under George H.W. Bush and the mother of Paralympic champion, Tatyana McFadden.
The monthly benefits for the child, though they vary, amount to roughly $900. Medicare and/or Medicaid, state benefits, other medical benefits, special equipment purchases, vocational school, and college tuition including graduate school also become available. In addition, either SSI or SSDI status grants the child official Eligible Designated Beneficiary (EDB) status with the IRS. EDB status allows the beneficiary of an inherited IRA or Roth IRA to "stretch" the distributions from the inherited IRA over their lifetime. This lifetime "stretch" IRA, instead of the standard ten-year stretch, is a huge benefit. Stretching an inherited Roth IRA is even better.
"In order to maintain government benefits and enjoy the stretch IRA or Roth IRA, the estate plan―wills, trusts, beneficiary designations, etc.―must be set up optimally," says Julieanne Steinbacher, co-author and estate attorney with over 20 years of experience drafting special needs planning documents for families.
In Jim's case, qualifying his daughter for SSDI, getting his estate plan and accompanying documents optimized, and making a series of Roth conversions will allow his daughter to have an extra $1.9 million in today's dollars over her lifetime.
Jim and his wife, Cindy, became convinced that their solution could offer a blueprint that other families—equally consumed by the most agonizing worry of financial security—could follow.
The same strategies will work for parents who have a $500,000 IRA. Their child could benefit by $239,000 over their lifetime in today's dollars. The number would be substantially higher if we added in government benefits.
Lange has written nine Amazon best-selling books for IRA and retirement plan owners and has been quoted 36 times in The Wall Street Journal. He wrote Retire Secure for Parents of a Child with a Disability to be the best financial resource for parents of a child with a disability. Burton Malkiel, author of A Random Walk Down Wall Street (two million copies sold) has graced the book with a foreword.
To order Retire Secure for Parents of a Child with a Disability, go to Amazon (https://a.co/d/hgZ5xUL), visit DisabledChildPlanning.com, or contact Lange Financial Group toll-free at 1-800-387-1129 today.
Media Contact
Erika Hubbard, Lange Financial Group, LLC, 1 800-387-1129 224, [email protected], DisabledChildPlanning.com
SOURCE James Lange
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