Tenth of an Hour, Episode 119: Basics of Inherited IRAs

For anybody who is the beneficiary of an inherited IRA, the rules regarding distributions and access to the inherited IRA can be tricky to navigate. In this presentation, we give a fresh look to the general principles of inherited IRAs, including some (but not all) of the changes from the SECURE Act....(read more)

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On Tenth of an Hour, Episode 119, we explore the basics of Inherited IRAs. Inherited IRAs are individual retirement accounts that are transferred to a beneficiary after the death of the account holder. These accounts can be passed on to any person or entity, including spouses, children, grandchildren, and trusts. There are two types of Inherited IRAs: Traditional and Roth. Traditional Inherited IRAs are taxed as ordinary income upon withdrawal, while Roth Inherited IRAs are not taxed, provided the account has been open for at least five years. The rules surrounding Inherited IRAs can be complex, and it is crucial to understand them to avoid potential pitfalls. Beneficiaries of Inherited IRAs must begin taking required minimum distributions (RMDs) by December 31st of the year following the account holder's death. Failure to take RMDs could result in substantial tax penalties. Additionally, the timing and method of distributions can vary based on the relationship between the account holder and the beneficiary. Spouse beneficiaries have the option to treat the Inherited IRA as their own, while non-spouse beneficiaries must take distributions over their life expectancy. Trusts can also be named as Inherited IRA beneficiaries, but special care must be taken in setting up the trust to ensure compliance with IRS regulations. Inherited IRAs can be valuable assets, but the complexities surrounding them make it essential to consult with a financial advisor or tax professional before taking any actions. Understanding the rules and options available is crucial to make informed decisions that can maximize the benefits of Inherited IRAs. In conclusion, Inherited IRAs represent a potential source of wealth for beneficiaries, but they come with unique rules and limitations. Understanding the basics of Inherited IRAs, such as RMDs, distribution timing and method, and beneficiary options, is essential to avoid costly mistakes. Seeking professional advice can provide valuable guidance to make the most of these valuable assets. https://inflationprotection.org/tenth-of-an-hour-episode-119-basics-of-inherited-iras/?feed_id=75517&_unique_id=6402727db2843 #Inflation #Retirement #GoldIRA #Wealth #Investing #CFP #continuinglegaleducation #cpas #cpe #estateplanning #estatetax #financialadvice #FinancialPlanning #gifttax #incometax #taxcompliance #taxstrategies #taxes #trustsandestates #wealthmanagement #wealthplanning #InheritedIRA #CFP #continuinglegaleducation #cpas #cpe #estateplanning #estatetax #financialadvice #FinancialPlanning #gifttax #incometax #taxcompliance #taxstrategies #taxes #trustsandestates #wealthmanagement #wealthplanning

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

Birch Gold Group Review 2023 – Best Gold IRA Company? Pros and Cons

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. See chapters in the description. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Chapters: 0:00 - Intro 0:26 - Is Gold a Good Investment? 1:03 - What is Birch Gold Group? 1:37 - IRA Eligible Coins 1:59 - Is Birch Gold Group a Legitimate Company? 2:50 - How Does Birch Gold Group Work? 3:34 - Birch Gold Group’s Fees and Investment Options 4:02 - Birch Gold Group Low Minimum Investment 4:29 - Birch Gold Group Storage and Security 5:34 - Con #1 – No Overseas Storage Options 5:49 - Con #2 – Initial Setup Fees 6:02 - Birch Gold Group Review Summary Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a

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