In this episode, we welcome Nicholas Roth, CFP®, Financial Planner to discuss the complexities of Inherited IRAs. Nicholas sheds light on updated rules, the emotional and financial challenges involved, and strategies to navigate these intricate situations effectively.
Key Takeaways:
(01:39) Introducing money into any situation adds emotional complexity.
(02:30) The IRS finalizes updated rules for inherited IRAs post-2020.
(03:51) IRS confirms no penalties for decisions made in good faith between 2020 and 2024.
(04:52) The 10-year rule requires full distribution of inherited IRAs within 10 years.
(07:14) Eligible beneficiaries include surviving spouses, minors and disabled or chronically ill individuals.
(10:42) Most people inheriting IRAs are subject to both 10-year and stretch distribution rules.
(12:51) Inherited IRAs can pass through multiple generations, adding complexity.
(13:52) IRS reduces penalties for missed required minimum distributions to 10–25%.
(14:47) Inherited IRA rules are complex; trusted financial professionals provide essential guidance.
Resources Mentioned:
Foster & Motley, Inc. | Website -
https://www.fosterandmotley.com/
Connect:
info@fosterandmotley.com
+1 513-561-6640
LinkedIn: Nicholas Roth -
https://www.linkedin.com/in/nickroth14/
LinkedIn: Foster & Motley, Inc. -
https://www.linkedin.com/company/fosterandmotley/
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