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New IRA Inheritance Rules Simply Explained

With the passage of the SECURE Act, IRA Inheritance rules have changed.  Simply put beneficiaries are required to empty an IRA within 10 years if the original owner died after December 31, 2019. 

There are a few exceptions to this rule:

  1. You are the spouse of the original owner.  This allows you to stretch required distributions over you lifetime.
  2. Minor child of the original owner.  The 10 year widow starts when the child reaches age of majority.
  3. Disabled or Ill as described by the IRS
  4. Less than 10 years younger than the original owner.

If you would like to get into the details visit https://www.irs.gov/retirement-plans/individual-retirement-arrangements-iras

If you have further questions please reach out.  

The commentary on this website reflects the personal opinions, viewpoints and analyses of the Ascend Investment Partners employees providing such comments, and should not be regarded as a description of advisory services provided by Kesler, Norman & Wride, LLC dba Ascend Investment Partners or performance returns of any Ascend Investment Partners Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Ascend Investment Partners manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.