In recent years, a lot of changes have taken place. The changes include the laws about an inherited IRA from a parent. So, what’s new? In this video, I will talk about what to do with an inherited IRA from a parent.

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Loral Langemeier

Key Moments In This Episode
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00:00 Intro & Summary
01:14 What Is An IRA
02:02 What Is An Inherited IRA
02:30 What’s The First Thing To Do
03:12 How Does IRA Work
04:36 What Are The Downsides Of IRAs
05:42 How Do You Strategize
06:27 What 5 Things You Should Know
07:45 What To Do Now

What To Watch Next
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What’s The Difference Between An IRA And A 401k

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About Loral Langemeier
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Loral Langemeier is a money expert, sought-after speaker, entrepreneurial thought leader, and Five Time New York Times best-selling author who is on a relentless mission to change the conversation about money and empower people around the world to become millionaires.

Loral’s straight talk electrifies audiences and inspires powerful action from live stages and television programs ranging from CNN, CNBC, The Street TV, Fox News Channel, Fox Business Channel-America’s Nightly Scoreboard, The Dr. Phil Show and The View. She is a regular guest-host on The Circle in Australia and has been featured in articles in USA Today, The Wall Street Journal, The New York Times, Forbes Magazine and was the breakout star in the film The Secret.

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What To Do With An Inherited IRA From Parent

Inheriting an Individual retirement account (IRA) from a parent can be both a financial blessing and a complex responsibility. While it’s always sad to lose a loved one, the inheritance allows you to benefit from their financial planning and potentially secure your own retirement. However, understanding what to do with an inherited IRA is crucial to maximize its potential and avoid costly mistakes.

1. Understand the Rules
The first step is to familiarize yourself with the rules pertaining to inherited IRAs. There are different options depending on whether you are a spouse or a non-spouse beneficiary. Non-spouse beneficiaries must generally start taking required minimum distributions (RMDs) by December 31 of the year following the original owner’s death. However, a spouse has more flexibility, including the option to treat the IRA as their own.

2. Review the Beneficiary Options
As a non-spouse beneficiary, you have multiple options regarding the management and distribution of the inherited IRA. You can choose to take distributions over your life expectancy, which allows the account to potentially grow tax-deferred. Alternatively, you can opt for a lump sum distribution or liquidate the account within five years. It’s important to weigh the tax implications of each option and consult with a financial advisor to determine the best route for your circumstances.

3. Consider a Stretch IRA
If you don’t require immediate access to the funds, you might consider a strategy called a “Stretch IRA.” This involves taking only the minimum required distributions each year, thereby extending the tax-deferred growth of the account. This can be particularly advantageous for younger beneficiaries who have longer life expectancies and may benefit from many years of compounded growth.

4. Evaluate Conversion to a Roth IRA
Depending on your current financial situation, converting an inherited traditional IRA to a Roth IRA might be a wise move. Although withdrawals from a Roth IRA are tax-free, the conversion will trigger a taxable event. Assessing your tax situation and consulting with a tax professional can help you determine if this strategy is beneficial in the long run.

5. Seek Professional Advice
Inheriting an IRA can be complex, and tax rules surrounding inherited IRAs are nuanced. Seeking guidance from a financial advisor and potentially a tax professional is highly recommended. They can help you navigate the intricacies of the inheritance, provide personalized advice based on your financial goals, and help you minimize your tax obligations.

6. Update Your Beneficiary Designation
As your life circumstances evolve, remember to update your own beneficiary designation. This ensures a smooth inheritance process for your loved ones and allows them to maximize the benefits of an inherited IRA in the future.

Inheriting an IRA from a parent comes with financial opportunities and responsibilities. By understanding the rules and exploring your options, you can make informed decisions that align with your long-term goals. Seeking professional advice and considering strategies like stretch IRAs or Roth IRA conversions can increase the potential benefits of an inherited IRA and secure your financial future.