Program: Michael Lupton of Wells Fargo Advisors in Morristown spoke about investments in today’s economy.

Michael Lupton of Wells Fargo Advisors in Morristown was introduced by Jill Greg. Michael is a graduate of the US Naval Academy and has a Master’s in Business from Duke University. He served in the US Marines as a helicopter pilot.

He handed out literature on “non-spousal IRA” and “The benefits of the stretch IRA strategy.” As a Financial Advisor, he keeps track of the market and noticed on his Blackberry that the market was down again today. The economy and market have been tough in recent years with the latest problems being financial problems in Greece and Italy.

Locally we see business failing and inadequate funding for governments and schools. We wonder if there is anything we can do to insulate ourselves from these problems and realize benefits in the long term.

He introduced and explained a concept called “stretch IRA”. Wells Fargo clients are using this to more effectively pass funds to non-spousal beneficiaries. Michael stressed that he is not a tax attorney and that everyone should consult their own estate planning advisor. The concept is to stretch the assets out over a longer period of time, which will provide more time to recover value.

The approach benefits people which multiple sources of income who want to pass some IRA funds to beneficiaries. It is important to carefully select the beneficiaries. If they are young, the income from Required Minimum Distributions will be stretched over a longer period of time. There are many options for setting this up for non-spouse beneficiaries.

 Over time, the market will recover and get better. This concept lets you park your investments so that they will last longer and you can leave your legacy to your family. It is important, especially in this down market, to periodically review you financial plans and to make prudent decisions. Click here for more information.