What To Do If You Inherit An IRA

A recent July 14 article in Forbes magazine tells us that Americans have an astounding $7.9 trillion invested in Individual Retirement Accounts (IRAs). If you happen to inherit one of these accounts, take the time to research the requirements for contributions and withdrawals. The tax rules surrounding inherited IRAs are complex and mistakes can be costly. Factors such as whether the account is a traditional IRA or Roth IRA will determine how long money can be maintained in the IRA on a tax-deferred basis (traditional) or a tax-free basis (Roth). Here is a link to the article. Enjoy!

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Written by Legacy Planning Law Group

Legacy Planning Law Group is dedicated to working with individuals and families to help protect the assets they have built throughout their life, and make everything simpler for families who have lost a loved one. We help thoughtful people achieve the peace of mind that comes with planning their personal legacy and passing on family harmony.