Some of the costliest mistakes with IRAs are made after the accounts pass to the second generation of owners. Heirs often routinely lose a large percentage of their inherited IRAs to unnecessary taxes.
It’s not really their fault. It’s easy to find information about how to open, contribute to, and invest an IRA. It’s getting easier to learn how to manage an IRA during the distribution years. The greatest information shortage is for beneficiaries who inherit IRAs.
IRAs often are among the most valuable assets in an estate, usually containing substantial sums when 401(k) accounts are rolled into them after retirement.
IRA owners often work hard to understand the rules and toil with their estate planners to set up their IRAs to last for many years. A goal of many IRA owners is to provide some wealth to children and grandchildren, so they want beneficiaries to be able to continue the tax deferral of the IRAs after inheriting them. The heirs, however, need to be clued into the plan and the rules.
The rules for inherited IRAs aren’t intuitive, obvious, or well-publicized. Many people don’t even realize distributions are subject to income taxes and minimum distribution rules.
That’s why I wrote Bob Carlson’s Guide to Inheriting IRAs. It provides IRA beneficiaries with the road map they need to navigate the tax rules governing inherited IRAs. IRA beneficiaries will learn:
Also included is information about employer plans, working with the IRA custodian, and how to choose what to distribute.
The report also discusses the rules about the second-level inheritance: the beneficiary’s beneficiary. Your report includes all this and more, all wrapped up with a summation of the options discussed throughout the book and a checklist for IRA beneficiaries.
The rules for inherited IRAs aren’t well-known or easy to find. You, or your heirs, can find them easily in this report, where they’re clearly stated. No one should inherit an IRA without also receiving a copy of this report.
This report has been updated in accordance with the latest changes to the SECURE Act and the new IRS regulations created earlier this year.
You can download a copy of Bob Carlson’s Guide to Inheriting IRAs, a 55-page PDF file, right now for only $24.95.