Financial Focus

Don’t leave your IRA to the IRS


October 19, 2023

If you’ve invested in an IRA for many decades, it may well turn into a key source of income for your retirement. Still, you might not deplete your IRA in your lifetime, especially if you also have a pension or a 401(k) and other investment income. So, if your IRA still has sizable assets after your passing, it would likely end up in your estate plan. If you leave your IRA to grown children or other family members, could they be hit with a big tax bill?

Here’s a little background: Up until the Secure Act of 2019, those who inherited traditional IRAs could extend their required withdr...

For access to this article please sign in or subscribe.


Reader Comments(0)


Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2024