Quote:
Originally Posted by Gigi3000
I've been advised of the Secure Act yep. Probably what I'll do is cash out and put the money toward the farm for my.kids to run while I romp in Florida in the winter  . I know I'll pay $70000ish in taxes but property in Central Ohio is booming and with Columbus growing so rapidly, it'll probably be my best bet. Then I'll heir it to them and feel better that they'll eat the rest of their lives them Armagendon comes . |
Aha!
I know the territory of which you speak. It is that lovely, flat, green belt across the middle of Ohio with a good share of beautiful farmland.
It sounds like you are really liking the idea of owning a farm and played right, I think that might possibly have some tax advantages, too. (But I really don't know anything about how taxes and/or incentives can work for farms. But I am sure you can find out.)
I am not sure you are going to have to pay as much as $70,000ish in taxes. Like I said earlier, get a CPA who knows about this stuff. The annuity has your money imprisoned. You want to spring it. Find out the best plan for how to do that.
Happy growing -- whatever it is.
Boomer
PS: To my fellow Ohioan -- and don't fall for any of those investment guys who want to buy you dinner first.