Tax Free Retirement
It is completely true; there are totally legal, income tax free ways of receiving money.

What are these tax free ways?

There are basically just four:

1. Inheritance
2. Municipal (Muni) Bonds
3. ROTH IRA
4. Universal Life Insurance

The most important concept of legal tax free retirement planning is TIME.

If you are already 70 years old, your options for tax free income are limited.  Thus, it is imperatively important that you get started reviewing, researching and discovering your best options today.  If you are a senior (age 70 or more) there are still really good Tax Advantaged strategies available for you.  And by using a strategy evolved around the “Exclusion Ration,” can dramatically reduce your current income taxes and provide you with a stable, secure (safe) lifetime insured income stream.

This is very important because with the current income tax savings, you could create a Tax Free surplus plan for your children and grand children. 

The information herein is not intended to provide tax advice or planning but high lights the legal strategies for you to pursue and then have a qualified CPA closely review the plan for your specific income tax situation.

Taxes

Recently credible reports have been published about the insolvency of Social Security.  In fact on the SSI official government website, the administration has  posted that payments will exceed contributions as early as 2017 and that without changes immediately, social security cannot fulfill its obligations as of 2037.  See excerpt below from the CATO Institute, which ran in the Washington Times on January 22, 2010:

Social Security is the largest government program in the world, accounting for 23 percent of the federal budget. The Social Security tax is the largest tax the average American family pays. Indeed, nearly 80 percent of Americans pay more in Social Security taxes than they do in federal income tax. And, millions of seniors depend on Social Security for their retirement income.

The program is unsustainable. It cannot pay future benefits without drowning our children and grandchildren in debt and taxes. Social Security will begin running a deficit by 2016, just six years from now. In theory, the Social Security trust fund will pay benefits until 2037, which should serve as cold comfort to today's 31-year-olds. But that figure is misleading because the trust fund contains no actual assets. The government bonds it holds are simply a form of IOU, a measure of how much money the government owes the system. It says nothing about where the government will get the money to pay back those IOUs. Even if Congress can find a way to redeem the bonds, the trust-fund surplus will be exhausted by 2037. Overall, the amount the system has promised beyond what it can actually pay now totals $17.5 trillion. Yes, that's trillion with a T. (www.socialsecurity.org)

Avoiding future income taxes for your family is obtainable.  And considering with the bailout stimulus, the Health Care Reform act and other US Government expenditures, the top income tax bracket will move up to near 40% effective January 1st, 2011.  This is still historically low when compared to the top income tax rates between 1944 and 1964 as illustrated below:

During those 20 years, the top income tax bracket exceeded 91%.  Add to this our exploding National Debt, now at $12.6 Trillion and it would not be unlikely for income tax rates to rise significantly.

And, 78 million Baby Boomers are all lining up to retire, triggering a tsunami effect, the perfect storm, for escalating income taxes.  Having knowledge of this imminent cataclysmic event should prompt one to be prudent and prepare; protect oneself and family from this financial challenge our nation faces.

Inflation

The real value of a dollar since 1950 has lost over 90% of its purchasing power.  In other words, the past 60 years has witnessed the cost of goods and services increase nearly tenfold.  However, the things we desire the most have increased much higher in price than that.  Consider that the average cost of a brand new car in 1950 was  $1,510,  a new home was $8,450,  and a gallon of gasoline was $.18 cents!

Our life expectancy today in America is somewhere near 83 years of age.  And that of our grandchildren will likely be nearer to age 100!  Imagine how much inflation, taxes and lack of planning could cost your family heritage.  At least get an estimate of what you could do today to help avoid of at a minimum reduce the harmful effects to your family.

Predators

In addition to being potentially totally income tax free, in Texas, this strategy could insulate your assets from creditors and predators.  This was made official and signed into Texas state law in 1993.  Not only could this asset protection be applicable to you, but also provide the same high level of security and protection for the beneficiaries of your wealth.   Other predators that may loom without your full understanding are Death Taxes.  

Even though you may have already paid 100% of the income taxes on your wealth and money, if the total value of your assets and estate are deemed too large by the US Government standard, you could still be forced to surrender in additional taxes up to 55% (if your assets are valued at more than $1.5 million).  While that my seem like a large amount, when one factors in the other silent predator called inflation, you may be unknowingly be giving away your families net worth.

Fairly simple planning could save you and your family literally tens of thousands of dollars.  Fact: 2 out of 3 people in America do not even have a Will!