An IRS Update on Inherited IRAs

Inherited IRAs can be a financial lifeline, but they come with their own set of complexities, especially with the rule changes introduced in 2020. If you've recently inherited an IRA or are planning for the future, understanding these changes and how to manage your inheritance effectively is crucial. In our latest episode of Money Wisdom, we sat down with Heath Grossman, CFP® to break down the ins and outs of inherited IRAs and offer strategies to minimize your tax burden.   Here's some of what we discuss in this episode: An explanation of an inherited IRA and how it's different than a regular IRA. What changed with the rules around an inherited IRA in early 2020? What it means for Required Minimum Distributions. When would it be logical to withdraw the entire inherited IRA in year one? When would it make sense to wait as long as possible to take the money out?   Check out our other free financial resources here: https://johnsonbrunetti.com/financial-resources/ Contact our team: https://johnsonbrunetti.com/contact-us/