Episode description

So you inherited an IRA... But now what? Do you have to take all of the money out immediately? Over your lifetime? Within 10 years?

The SECURE Act was instituted in 2020, but we are still trying to understand what the rules actually are for IRA inheritors.

Prior to the SECURE Act, you could stretch the Required Minimum Distributions (RMD) over your lifetime. This gave you the benefit of spreading out your tax liability over many years.

The SECURE Act took this "stretch" provision away for many beneficiaries and left it available to others. Also, the "10-year rule" was created. This new ruling forces certain beneficiaries to distribute the entire balance of the IRA by the end of the 10th year following death.

This video is meant to serve as a guide for you in determining how to properly follow the SECURE Act rules for Inherited IRAs.

The biggest questions you have to ask yourself are:
- What type of beneficiary am I?
- What account type have I inherited? (Tax-deferred or Roth)
- Did the decedent pass away before or after their Required Beginning Date (RBD)?

Answering these questions will help you determine how to distribute your the funds in your Inherited IRA correctly.

Want help with your retirement plan?👇🏼

☎️ Book a call with me: https://calendly.com/jacobduke/intro
✉️ Email me: jacob@rivertreewealth.com
Website: www.rivertreewealth.com

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