Reported about 1 month ago
If you've inherited a pre-tax retirement account, be aware of significant tax changes coming next year. Estate planning strategist Jerry Doyle discusses the new rules surrounding required minimum distributions (RMDs) for IRAs, particularly after the Secure Act of 2019, which limits who can take distributions based on life expectancy to specific individuals. Most beneficiaries will now be required to withdraw the entire balance over a ten-year period. Understanding these changes is crucial to avoiding hefty tax bills.
Source: YAHOO