Estate tax planning is an important aspect of financial planning for wealthy families, involving the organization of assets and arrangements for transferring wealth to heirs in a tax-efficient manner.
The backdoor Roth IRA is a strategy that allows high earners to save for retirement using a Roth IRA, even if they're not eligible to contribute directly. By contributing to a traditional IRA and then converting it to a Roth IRA, you can enjoy the tax-free growth and withdrawals of a Roth IRA.