Hank Brock Featured in Private Air Luxury Homes Article

ST. GEORGE, Utah - May 6, 2014 - PRLog -- Hank Brock, President and CEO of Brock Financial Consultants, is featured in an article published in the May-June 2014 issue of Private Air Luxury Homes. Titled "Why Retirees Should Close Their IRAs and the Sooner the Better," the article turns conventional wisdom upside down.

Private Air Luxury Homes Magazine is published exclusively for the world’s most discerning travelers. "It is an honor to be a featured source for a publication that caters to the ultra-wealthy," Brock stated. "We continue to find that even the very affluent receive well-worn advice that simply is not in their best interest," he added.

Since the magazine's readers are affluent, Brock points out that common recommendations to delay IRA distributions to age 70½, or to withdraw only minimum amout required once reaching that age, are not as wise as they may seem. Such advice is greatly flawed when applied to those with estates that will likely be subject to estate taxes.

"If you begin immediate withdrawals, you will pay ordinary taxes on the distributions," Brock pointed out. "However, if you leave the money in your IRA, your heirs will pay both the income tax (presumably at the top rate of 39.6%), plus a 40-percent estate tax. Think what you want about how much money your heirs inherit, but did you really accumulate all that money just to hand 60 percent of it to the IRS at your death?"

Mr. Brock draws on decades of experience working with high-net-worth retirees and affluent business owners.. He is a CPA, MBA, and Chartered Financial Consultant. He earned a B.S. in accounting from Brigham Young University, and a MBA from the University of Utah.  In addition to authoring Your Complete Guide to Money Happiness, Mr. Brock wrote Dominoes of Destruction, a book highlighting many economic problems that could create severe financial consequences for many, and especially for retirees.

"We live in challenging economic times," Brock explained. "Deficit spending and the resulting federal debt, suggest to me that it is more likely that tax rates will increase in the future. Today's affluent retirees should learn how to minimize both income and estate taxes as part of their financial planning."

Brock added, "If you have a large-balance IRA, and have an estate that might be subject to estate taxes, you should ask your financial advisor about alternatives to leaving the majority of the money in your IRA to the IRS."

Brock and Associates is a fee-based financial consulting firm specializing in the needs of high-net-worth retirees. Based in St. George, Utah, Brock operates a branch office in Las Vegas, Nevada.

http://www.brockfc.com