Nick Lowitt, Peak Pro Financial Vice President of Sales Development, breaks down a simple strategy to help non-spousal inherited IRA beneficiaries minimize taxes, supplement retirement income and build a tax-free legacy.... ( read more )
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Inheriting an individual retirement account (IRA) from a loved one can be both a financial blessing and a complex dilemma. While it offers an opportunity for wealth transfer, the rules regarding inherited IRAs can often be confusing and leave individuals in a quandary. However, recent changes have been made that aim to simplify the inherited IRA dilemma. Traditionally, when a non-spouse beneficiary inherited an IRA, they were required to take distributions from the account over their lifetime, also known as the "stretch IRA" strategy. This allowed beneficiaries to ex
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