Consider This Program with Joe Clark, CFP and Angi Kinser.
In this segment we will cover:

Your legacy plan is one of the many things in life that you cannot simply check off your list and forget about. The tax code has changed and I promise you that it will continue to change. We have people that come in all the time with estate documents created with old rules in mind, things that would simply wreck retirements and create havoc for heirs. You must understand why you need annual tax planning and how things like income variability, death, divorce, and job loss can change the whole picture. There are many tax strategies to consider for every situation. You need to make sure you are working with someone who understands what tax planning really means.

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LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

Inherited Individual Retirement Accounts (IRAs) have been an important part of retirement planning for many years, but recent changes to the rules have made them even more important. The changes to the rules, which took effect in January of 2020, provide more flexibility and options for beneficiaries of inherited IRAs.

The biggest change to the rules is that beneficiaries now have the option to spread out the distributions from an inherited IRA over their lifetimes instead of taking all of the money out at once. This allows beneficiaries to spread out their tax liability over a longer period of time, which can reduce their overall tax burden. It also allows beneficiaries to benefit from the tax-deferred growth of the account over a longer period of time.

Another change to the rules is that beneficiaries now have the option to convert the inherited IRA into a Roth IRA. This allows beneficiaries to take advantage of the tax-free growth of a Roth IRA and can be a great way to pass on wealth to future generations without incurring additional taxes.

The rules governing inherited IRAs have also been simplified. Beneficiaries now have the option to roll over the account into their own IRA or take a lump sum distribution without having to worry about complicated paperwork or tax implications.

Overall, the changes to the rules governing inherited IRAs have made them even more attractive to potential beneficiaries. They provide more flexibility and options for beneficiaries and can help reduce their overall tax burden. As such, it is important for people to understand the changes and to make sure that their retirement plans are up to date.