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Limiting the tax sting for inherited IRA beneficiaries
The Secure Act of 2019 added new rules for inherited IRAs for certain heirs. Now, certain heirs have less time to take IRA withdrawals by stopping the so-called stretch IRA, which allowed non-spouse beneficiaries to “stretch” the distributions over their lifetime. According to Teresa Bailey, wealth strategist at Waddell & Associates, “I’m not sure this has been around long enough for even estate-planning attorneys to understand the shift and the implication.” Kate Dore outlines ways to limit the tax sting for IRA account holders and their beneficiaries. Read Ms. Dore’s article here…