With stretch IRAs eliminated, how should your beneficiaries manage an inherited IRA? On this episode of #YourLifeSimplified, Valerie Escobar and Michael MacKelvie share IRA strategies both for owners and beneficiaries. #FinancePodcast 

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Inherited IRA Strategies: How to Make the Most of Your Inheritance

When you inherit an IRA, it can be a daunting task to figure out what to do with it. It’s important to understand the rules and regulations that govern inherited IRAs and to develop a strategy to make the most of your inheritance.

First, it’s important to understand the rules that govern inherited IRAs. Generally, the beneficiary of an inherited IRA must begin taking required minimum distributions (RMDs) within one year of the original owner’s death. The amount of the RMD is based on the beneficiary’s age and the value of the account. Beneficiaries can also roll over the inherited IRA into their own IRA or other qualified retirement plan.

Once you understand the rules, you can begin to develop a strategy for your inherited IRA. One of the most common strategies is to take the RMDs and reinvest them into other investments. This can be a great way to diversify your portfolio and reduce your overall risk.

Another strategy is to use the funds from the inherited IRA to pay off debts or start a business. This can be a great way to make the most of your inheritance and put it to work for you.

Finally, if you’re looking for a way to pass on your inheritance to future generations, you can consider setting up a trust or a charitable foundation. This can be a great way to ensure that your legacy is preserved and that your heirs will benefit from your hard work.

No matter what strategy you choose, it’s important to consult with a financial advisor to ensure that you’re making the best decisions for your particular situation. An experienced advisor can help you develop a strategy that meets your goals and takes into account all of the rules and regulations that govern inherited IRAs.

Inheriting an IRA can be a great opportunity, but it’s important to understand the rules and develop a strategy to make the most of your inheritance. With the right plan in place, you can ensure that your legacy will be preserved and that your heirs will benefit from your hard work.