After accumulating wealth for years, you want it to be inherited by the right beneficiaries when the time comes. (Instead of your ex-spouse from 10 years ago!)
If you are the one inheriting the IRA, you want to minimize the tax liability on your inheritance.
In this episode, J. Barry Watts explains the most tax-efficient way to handle inherited IRAs and setting up your IRA for optimal distribution to your loved ones.
- The importance of updating your beneficiary designation forms (and maintaining a copy)
- Who should — and shouldn’t — be named as a beneficiary on your IRA
- How to set up primary, contingent, and tertiary beneficiaries to avoid probate
- Key tax implications and distribution requirements for an inherited IRA
- And more
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