Highlights from show aired August 21, 2021
Mike unpacks some of the confusing world of IRAs. A listener recently asked a question about transferring an IRA from a deceased family member to multiple family members.
- What are some of the tax considerations and implications for transferring an IRA?
- What is a step up in basis? Does an IRA get a step up in basis?
- Is there a required minimum distribution? When does this apply?
- How important is it to know your tax bracket and taxable income?
- How quickly do you need to start the process of transferring an inherited IRA?
- Should you transfer it all to stocks? How soon will you need the money? Does that factor into the decisions you make?
- How did the SECURE Act change IRA rules?
- Can you give an inherited IRA to a charity? How?
- What if I am in a qualified retirement plan?
- Is it a good idea to set up a trust for minor recipients?