Inherited IRA

Q: I am 72 years old. When my only brother died earlier this year, he left his IRA to me. I know the rules for inherited IRAs changed recently and that I need to make sure this inherited IRA is emptied within ten years of my brother’s death. However, what happens if I die and my children inherit this IRA before those distributions are complete?

Given all the turmoil in the world around us, you may have been distracted from some major developments in the world of personal finance. One of the biggest of these developments occurred on January 1 as the SECURE Act officially became law.

In last week’s column I discussed three key provisions of the SECURE Act that will likely affect the way you handle your IRA. These provisions went into effect on January 1 and include 1) eliminating the stretch provision on inherited IRAs

It seemed inevitable that the SECURE Act would eventually make it out of legislative limbo. In May, the House of Representatives passed the bill,

Last May, the House of Representatives passed the Setting Every Community Up for Retirement Enhancement Act of 2019, otherwise known as the SECURE Act, by a remarkable 417-3 majority.