June 04, 2024

What You Need to Know When Inheriting an IRA

Will an individual retirement account (IRA) be part of your wealth transfer plan?

Will an individual retirement account (IRA) be part of your wealth transfer plan? While many individuals own IRAs for their tax benefits, the rules for using the funds become even trickier for those who inherit the accounts. As the beneficiary, your options will depend on a variety of factors, which could have significant tax consequences. In this session, Buckingham’s Chief Planning Officer Jeffrey Levine will discuss what IRA owners and their future beneficiaries should know when transferring accounts to heirs.

In this session, he will cover:

  • The different types of beneficiaries, such as spousal and non-spousal
  • The inheritance rules that apply to different beneficiary types
  • Strategies to mitigate adverse tax impacts for the beneficiary types that have less beneficial provisions

About the Author

Jeffrey Levine

Chief Planning Officer

Clients deserve a knowledgeable advisor who is up to date on the latest changes in the laws, regulations, tools, and trends that may impact their overall financial plan. As Chief Planning Officer, Jeffrey works closely with the Buckingham team to create a seamless and enjoyable experience for clients that makes it easy to plan and instill confidence as they work towards their most important goals.

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