People who inherit IRAs are often confused about the different rules and options concerning those inheritances. There are a few things that they should know.
The rules concerning IRAs are different for people who inherit the accounts than they are for people who initiate the accounts. This is often a source of confusion for those who inherit, especially when it comes to required minimum distributions.
Recently, the American Legion published some information about what inheritors need to know in “Five things to know about inheriting an IRA.”
The list includes:
Contact an estate planning attorney to learn more about these rather complex rules.
Reference: American Legion (March 16, 2016) “Five things to know about inheriting an IRA.”
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