IRA Financial Group of Miami, Fla., has introduced a new Roth Solo 401(k) estate plan that will allow self-employed individuals and small business owners to pass funds to children or grandchildren tax free.

With the Roth Solo 401(k) Plan, one can make up to $23,000 of Roth contributions annually for 2013 and have that money grow tax free.

When the holder of the IRA passes away, the self-directed Roth IRA funds can pass tax free to a spouse or beneficiary.

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