My elderly, retired father has a 30-year-old Vanguard retirement fund (not IRA) made up of many highly diversified mutual funds. It is currently valued at approx. USD $800,000. He was just a lowly blue-collar American worker who was smart about setting aside a portion of his monthly income for over 3 decades.
He was originally planning on letting me inherit the fund after his death (which might not be for a long time; he is now in his 70s but very healthy). However, now he is considering withdrawing about half ($400K) to start up a post-retirement small business. I think it’s a great idea for him, but he is petrified about the tax issue, and won’t do it if he has to pay too much in taxes.
What are all his options to pay the least amount of taxes?
Submitted November 27, 2017 at 05:11AM by PeskyPesto http://ift.tt/2AeG6sR
