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:
- You are the spouse of the original owner. This allows you to stretch required distributions over you lifetime.
- Minor child of the original owner. The 10 year widow starts when the child reaches age of majority.
- Disabled or Ill as described by the IRS
- 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.
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