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4. Take the tax break if you’re entitled to it. An inherited IRA may be taxable, depending on the type. If you inherit a Roth IRA, you’re free of taxes.
The change eliminates the so-called "stretch" IRA strategy, by which beneficiaries would take minimal distributions from IRAs over their lifetime, thereby stretching out their tax-deferred status ...
From there, the beneficiaries named in your will may be able to inherit the accounts you didn’t designate a beneficiary for. If you don’t have a will, the state will typically look for living ...
Thanks to a law that took effect in 2020, if you inherit a traditional individual retirement account (IRA) you may have to take all the account’s distributions within 10 years. The exception is ...
Tips to get it done: Because the “right” beneficiary designation can change over time, check them annually as a component of your annual portfolio review. And if you’ve gone to the trouble of creating an estate plan with the help of an attorney, get their guidance on how best to designate beneficiaries. (Most attorneys will give you very ...
Continue reading → The post Estate as Beneficiary of IRA appeared first on SmartAsset Blog. In the case of passing on your individual retirement account or an IRA, you have two choices.