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

"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

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

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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