Inherited IRAs and Estate Planning

Estate planning and inherited IRAs. #estateplanning #probate #wealth #family #kids #taxhacks #estatetax #realestate #cmslawfirm #washingtonstate #divorce -- I love comments. I make these videos specifically to help people with no expectations. Please take a second and say ‘Hi’ in the comments and let me and know what you thought of the video… PS - It would mean the world to me if you hit the subscribe button. 🙂 PPS - if you WOULD like to chat for free about estate planning or probate, just go here - ======================= Christopher Small is the owner of CMS Law Firm LLC. He created it with one goal - help YOU live a great life and leave a great legacy. You'll find information here on estate planning, probate, revocable living trusts, irrevocable trusts, life insurance trusts, charitable giving, wills, trusts, power of attorney, medical power of attorney, trustee selection, and everything in between. ======================= tiktok = Instagram = Facebook = Podcast = ...(read more)

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Estate planning is the process of managing your assets, liabilities, and other legal matters in anticipation of your death or incapacity. When it comes to planning your estate, one of the most important things to consider is how to handle your individual retirement accounts (IRAs), particularly those that you plan to leave to your heirs. Inherited IRAs are a type of retirement account that have been passed down from a deceased account holder to their beneficiaries. While inherited IRAs can be a valuable source of income for beneficiaries, they can also present challenges when it comes to estate planning. Here are a few things to keep in mind when considering how to handle inherited IRAs in your estate plan. Designate Your Beneficiaries Carefully Naming beneficiaries is an important part of estate planning, and it is especially critical when it comes to IRAs. This is because the designated beneficiary will inherit the account assets without having to go through probate, which can be a time-consuming and expensive process. When naming a beneficiary for your IRA, it is important to consider their individual circumstances. For example, if you are leaving your IRA to a minor child, it may be better to establish a trust as the beneficiary to ensure that the assets are managed correctly until the child reaches adulthood. Similarly, if your beneficiary is a non-US citizen, there may be additional tax implications to consider. Consider the Tax Implications Inherited IRAs can have tax implications for beneficiaries, depending on how the account is managed. Under current tax laws, a non-spouse beneficiary must begin taking distributions from an inherited IRA by December 31st of the year following the account holder's death. These required minimum distributions (RMDs) are calculated based on the beneficiary's life expectancy and are subject to income tax. One important thing to consider is whether or not to convert the inherited IRA to a Roth IRA. Converting to a Roth IRA can be a good option if the beneficiary expects their tax rate to be higher in the future than it is now, or if they do not need the income from the IRA immediately. However, converting to a Roth IRA will trigger a tax liability, so it is important to weigh the potential benefits against the costs. Work with an Estate Planning Professional Estate planning can be a complex process, and when it comes to inherited IRAs, there are many factors to consider. Working with an experienced estate planning professional can help you navigate the complexities of the process and ensure that your assets are distributed according to your wishes. In conclusion, estate planning is an important process that everyone should consider, regardless of their age or financial situation. When it comes to inherited IRAs, it is important to carefully consider your beneficiaries, tax implications, and other factors to ensure that your assets are distributed according to your wishes. Working with an experienced estate planning professional can help you navigate the complexities of the process and achieve your financial goals. https://inflationprotection.org/inherited-iras-and-estate-planning/?feed_id=95180&_unique_id=64579d27f219d #Inflation #Retirement #GoldIRA #Wealth #Investing #EstatePlanningAttorney #estateplanninglawyer #guardianship #irrevocabletrust #lifeinsurance #medicaidplanning #medicaidtrust #ProbateAttorney #ProbateLawyer #revocablelivingtrust #transferondeath #whatisprobate #InheritedIRA #EstatePlanningAttorney #estateplanninglawyer #guardianship #irrevocabletrust #lifeinsurance #medicaidplanning #medicaidtrust #ProbateAttorney #ProbateLawyer #revocablelivingtrust #transferondeath #whatisprobate