Reach the Summit

The value of a regular Summit Meeting in investment and estate planning optimization.

Persistent inflation, heightened volatility, and an uncertain economic outlook make a threatening environment for the average investor. “Set it and forget it” is never a viable option with respect to retirement and estate planning, and now is an especially important time to be fully informed about your unique situation.

A Summit Meeting is an in-depth discussion with your financial advisor, lawyer, and CPA. Summit Meetings enable you to take advantage of time-sensitive opportunities and make course corrections to ensure that your advisors are on the same page regarding the planning and execution of your family’s plans.

A few of the checklist items commonly discussed include:

Roth IRA Conversions

Unlike an IRA, a Roth IRA has no required minimum distributions and no income tax implications upon withdrawal. Depending on your tax bracket, a more significant Roth conversion could make sense: by taking a tax hit now, you can ensure that your converted funds grow tax-free in perpetuity.

Long-Term Care Insurance

As the population ages, long-term care insurance becomes more and more relevant. Longevity risk (the risk that you outlive your savings) is a significant worry for older investors. Medicare and most traditional insurance policies do not include LTC coverage. When combined with the astronomical price of high-end memory care facilities, families must be more prudent than ever.

Policy Options

Second-to-die life insurance policies should be a planning focus for high-net-worth investors. A second-to-die policy does not pay out until the second covered individual passes away. Therefore, these policies are significantly cheaper than traditional single-life life insurance policies. By utilizing an irrevocable life insurance trust (ILIT), the proceeds are distributed to the beneficiaries free of estate and income taxes. These proceeds, essentially purchased for pennies on the dollar, can be used to pay the estate tax associated with the parents’ estate.


Additional income from required minimum distributions (RMDs) can come with unwelcome tax obligations. For example, by increasing your modified adjusted gross income, RMDs can lead to higher Medicare premiums. To mitigate the tax effect, a Roth conversion (discussed above) will help eliminate some future RMDs. Distributing funds as a Qualified Charitable Distribution (QCD) is another strategy to lower your IRA tax bill. Beginning at age 70 ½, up to $100,000 can be distributed directly to a charity and, at age 72 and beyond, counted toward your RMD.


While the issues raised above give you a sense of what can be discussed in a Summit Meeting, each family will be faced with unique planning and investment challenges. However, time is money, and most of these planning solutions only become more expensive as a family and their asset base grows.

At Nemes Rush, we strongly recommend periodic Summit Meetings with our clients. While an annual cadence may be overkill for many families, it’s prudent to meet with all advisors together every two to three years. After all, the tax, investment, and estate planning effects can have life-changing effects for your family.

Advisory services offered through The Nemes Rush Group LLC. Securities offered through J. Alden Associates, Inc., member FINRA/SIPC. The Nemes Rush Group LLC and J. Alden Associates Inc. are not affiliated. The information presented is for informational purposes only. Please consult your tax professional to determine the tax effects on your personal situation prior to making any investment.

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