Navigating inherited IRAs with Michelle Buria

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Certified Financial Planner Michelle Buria of Choreo stopped by The Lift to walk us through the steps we can take to protect our money for future generations when it comes to inherited IRAs.

At the end of 2019, The Secure Act was passed, and with it came some new rules, including distribution rules for inherited IRAs. If you spouse inherits your IRA they can treat it as there own. This is something that did not change. However, if a non-spouse inherits the IRA then they have to follow the 10 year rule, meaning the non spouse has to exhaust the IRA account within 10 years.

Michelle shares three tips to help us navigate the subject.

  1. Be thoughtful when designating beneficiaries
  2. Convert to Roth while living
  3. Spend more or donate to charity