Beneficiary IRAs: What to Know

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What is the difference between a Spouse Beneficiary and a Non-Spouse Beneficiary? What should you expect if you inherited an IRA after 2020? What factors should you consider when deciding on a beneficiary prior to the Secure Act 2.0?
In this video, John Bowens, Director, Head of Education and Investor Success at Equity Trust Company, explains the ins and outs of Beneficiary IRAs, also known as Inherited IRAs.
Can you Self-Direct your Beneficiary IRA/Inherited IRA? The answer is yes!
Download our guide to Self-Directed IRA Rules and Regulations: www.trustetc.com/lp/self-dire...
Timestamps
0:00 Intro
0:49 What is a Beneficiary IRA/Inherited IRA?
1:23 What are the three classifications of beneficiaries to retirement plans?
2:11 Spouse Beneficiary vs. Non-Spouse Beneficiary
7:29 What is a Non-Designated Beneficiary?
8:20 What to know if you inherited an IRA prior to 2020
11:00 Inherited IRA rules after the Secure Act
13:28 What is an eligible designated beneficiary?
15:36 How are required minimum distributions dictated?
Equity Trust Company is a directed custodian and does not provide tax, legal, or investment advice. Any information communicated by Equity Trust Company is for educational purposes only and should not be construed as tax, legal, or investment advice. Whenever making an investment decision, please consult with your tax attorney or financial professional.

Опубликовано:

31 июл 2024

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Комментарии : 15

@jihanjude6634 7 месяцев назад

Best straightforward explanation

@akotofiq8394 10 месяцев назад

great job thx

@ajarthur2437 Год назад

Very helpful thanks!

@equitytrustcompany Год назад

Glad it was helpful!

@kmng3207 3 месяца назад

Re listen over and over

@longislandfishing6150 10 месяцев назад

Is there any other option for non spouse other than taking out within 10 years, can I roll it into my own inherited Roth IRA account to let it continue growing tax free forever?

@jpnh2012 10 месяцев назад

It sounds to me like all the money in the inherited account is required to be fully distributed and there is a 10 year deadline. You have choices on when to take those distributions and how much each time. I'm no expert but I presume the only way to put that money in your personal Roth IRA is to make annual contributions, following the usual rules for that.

@jpnh2012 10 месяцев назад

I would like to know the required steps for taking distribution(s) from an inherited Roth IRA when the account is invested in real estate. I can guess, but I would like to hear from ETC.

@jpnh2012 10 месяцев назад

Are those distributions taken as shares of ownership of the property? I see advertisements by John Bowens recommending to invest in real estate through your Roth IRA. But I haven't seen where he talks about the ramifications of taking distributions from an account invested in real property.

@equitytrustcompany 10 месяцев назад

If taking a distribution of a property, from an inherited IRA, you would first need to obtain a fair market valuation, which would be in the form of an appraisal or Broker Price Opinion. From there, you can distribute a portion of the property to yourself, or the entire property to satisfy your required minimum distribution. When distributing a property, you will need to work with an attorney, or on your own prepare a deed, to convey the ownership from your IRA to you personally. You will then need to record said deed with the respective county recorder.

@DamianoOkaie 2 месяца назад

Thank so much for clarification of Beneficiary IRA. As non USA resident I shall I do to access my decendent uncle IRA Account. In addition, late died in 2010 and IRS levied the bank account. What does I do to withdraw the funds from IRA.

@equitytrustcompany 2 месяца назад

Hello, the best approach to understanding the steps to withdrawing funds from any IRA would be to contact your account administrator.

@joyblevins8712 5 месяцев назад

I inherited $100k when my brother passed away February 19 2021. He was 59 and I was 57. I transfer the funds over to my name i have 10yrs to deplete the funds but not in my lifetime correct?

@equitytrustcompany 5 месяцев назад

The 10 year rule works different for when you an inherit an IRA from someone that is not more than 5 years older. You would follow the life expectancy required minimum distribution (RMD) rules.