Timothy Sumer

If you're planning to inherit a retirement account at some point, this video will help you avoid paying unnecessary taxes! It all depends on what type of beneficiary you are and what you choose to do next. The SECURE Act (circa 2019) brought with it a number of changes to the financial landscape. One of the most significant changes was to how inheritors of retirement accounts need to distribute funds from those accounts. Until recently, there was a lot of confusion. 0:55 - What are Required Minimum Distributions (RMDs)? 1:27 - What is the Required Beginning Date (RBD)? 2:26 - Categories of Beneficiaries 2:50 - Eligible Designated Beneficiary (EDB) 6:07 - Non-Eligible Designated Beneficiary (NEDB) 8:36 - Not Designated Beneficary (NDB) 9:48 - Why does this matter? Taxes that's wise 11:10 - Conclusion #taxes #inherited #ira #rmd #beneficiary #retirement... ( read more ) LEARN MORE ABOUT: IRA Accounts TRANSFER IRA TO GOLD: Gold IRA Account TRANSFER IRA...

Inheriting an IRA? Basic rules explained. Add me on Insta: michellemarki The Great Wealth Transfer means that millions of Millennials and Gen Xers could stand to inherit $30 trillion to $68 trillion from Baby Boomers in the coming decades. For fellow Millennials, this could mean that we go from collectively owning $4.5 trillion in 2018 to $20 trillion by 2030 -- or a compounded annual return rate of 13.3%. This impressive rate reflects both our own savings and investing rates, as well as what we might inherit. However, it is sad and difficult when our elders pass on. And then it's made when worse when the situation of inheriting Individual Retirement Accounts (IRA) such as a Traditional IRA, 401k, or Roth IRA is confusing and complicated because of current interpretations of the rules. As of 2022, the IRS has been working on making some final interpretations of the SECURE Act of 2019 that took effect in 2020 for inherited retirement accounts. I'm sharing what I...