06/03/2026
-Inheritors of IRA’s must follow a specific set of rules depending on your relationship to the original owner.
-Under the SECURE Act, most non-spouse beneficiaries must distribute the full balance within 10 years. This is typically done by withdrawing a portion each year because these distributions are taxable, and splitting them up will help spread out your tax liability. There are certain beneficiaries that qualify for exceptions that allow these withdrawals to be stretched over their lifetime such as minor children of the original owner, someone who is within 10 years of age of the original owner and someone who is disabled/chronically ill.
-If your spouse was the original owner, then you have the unique option of simply taking over that IRA as your own. Questions? Give us a call at 928-855-9421.
