What to do with my Inherited IRA? #estateplanning #probate #wealth #family #kids #taxhacks #estatetax #realestate #campanilelaw #njestateattorney #divorce #will #newjersey #wills #trusts #nj #inheritance #inheritancetax #executor #IRA I love comments. I create these videos to help people out withe estate planning and I have zero expectations. I love to help people and love to interact. Please take a second and say ‘Hi’ in the comments and let me and know what you thought of the video… and p.s. It would mean the world to me if you hit the subscribe button. -- If you want to talk more about estate planning or probate go to -- If you need estate planning or probate help, send me a message and I will schedule time, at no cost, to discuss your needs with you. David Campanile is the owner of Campanile Law, LLC. He created it with one goal to ensure your legacy is preserved for future generations. You’ll find information here on estate planning, probate, revocable living trusts, living wills, powers of attorney, wills, and so much more. -- Facebook = Website = Tiktok= Instagram= ...(read more)
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Inheriting an IRA can be a significant financial benefit but also comes with certain responsibilities and decisions to be made. It is essential to understand your options on what to do with your inherited IRA to make the best possible decision for your financial future. The first step is to determine whether the IRA is a traditional or a Roth IRA. A traditional IRA is a tax-deferred account where the contributions are tax-deductible. On the other hand, Roth IRA contributions are made with after-tax dollars, and the earnings grow tax-free. If you inherited a traditional IRA, you have the option to withdraw the entire balance immediately as a lump-sum distribution, which would be considered as an income tax event. However, this may not be the best approach as it may potentially result in a significant tax liability. Another option is to take required minimum distributions (RMDs) based on your life expectancy. This is known as a “stretch IRA” because it allows the account to continue growing tax-deferred, and you can spread the distributions over your lifetime. This option may be beneficial to reduce the tax burden while allowing the IRA to accumulate earnings over the years. If you inherited a Roth IRA, the same options apply. However, since the contributions were made with after-tax dollars, no income tax is due on the contributions or any qualified withdrawals. Therefore, you can take money out of the account at any time without penalties or taxes. Another option for both traditional and Roth IRA beneficiaries is to transfer the inherited IRA into an Inherited IRA Beneficiary Account. This allows you to name a successor beneficiary who can take over the account when you pass away, keeping the tax-deferred status of the account. One thing to keep in mind is that the rules for inherited IRAs have changed recently. Under the SECURE Act, beneficiaries of inherited IRAs must distribute the entire balance of the account within ten years of the original account holder’s death. This may not apply to certain exceptions, such as for surviving spouses or disabled beneficiaries. In conclusion, inheriting an IRA can be a significant financial asset, but it’s essential to take your time and explore your options on what to do with it. You may choose to take withdrawals now, spread the withdrawals over time, or transfer the account to another beneficiary. Consulting a financial advisor or tax professional is highly recommended to help you make the best decision for your financial future. https://inflationprotection.org/what-to-do-with-my-inherited-ira/?feed_id=78933&_unique_id=64144517ce568 #Inflation #Retirement #GoldIRA #Wealth #Investing #EstateAdministration #estateplanning #estatetax #HealthcareDirective #inheritancetax #LetterTestamentary #livingwill #medicalpowerofattorney #powerofattorney #probate #wills #InheritedIRA #EstateAdministration #estateplanning #estatetax #HealthcareDirective #inheritancetax #LetterTestamentary #livingwill #medicalpowerofattorney #powerofattorney #probate #wills
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