Reported about 7 hours ago
When inheriting a 403(b) retirement account, the heirs may not face immediate taxes when the funds are received, as taxes apply only when they withdraw the money. It's crucial to name beneficiaries directly on your 403(b) to avoid complications, as these designations take precedence over a will. Heirs can manage their tax burden through careful withdrawal strategies, and certain moves, like Roth conversions, may help in minimizing future taxes. Understanding these regulations is essential for estate planning.
Source: YAHOO