What are the rules now when you inherit an IRA? How has the SECURE Act changed things, and what was a stretch IRA? It’s the second installment of our series on the SECURE Act and what it means for your retirement.
Show notes and additional resources: https://coveryourassetskc.com/episode-62-secure-act-changes-part-2-inherited-iras/
Today's rundown:
0:47 - What are inherited IRAs and how does the SECURE Act change it?
3:09 - Other than a few exceptions, you will have to clear out your inherited IRA within 10 years.
4:00 - The money is taken out sooner and therefore taxed sooner.
4:48 - What are the exceptions to the rule?
6:39 - Minor children will have a ten-year timeframe once they meet majority.
7:12 - If you set up your IRAs to list your trust as your beneficiary, you’ll want to talk to an estate planning attorney right away.
10:48 - When you inherit money, that’s not a bad problem to have, but you’ll want some good advice on how to best handle it.
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