Learn what your options are if you inherit an IRA, because who you inherit from and what type of IRA it is can make a big difference in your decisions. Adam Bergman sort out your choices.
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About IRA Financial:
IRA Financial Group was founded by Adam Bergman, a former tax and ERISA attorney who worked at some of the largest law firms. During his years of practice, he noticed that many of his clients were not even aware that they can use an IRA or 401(K) plan to make alternative asset investments, such as real estate. He created IRA Financial to help educate retirement account holders about the benefits of self-directed retirement plan solutions.
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Great info! What if the non-spousal ira was inherited prior to 2019? What are the rules then?
Can I use an inherited IRA towards a SDIRA to buy rental property? The IRA is from my mother that passed away when she was 59 years old.
I have an inherited IRA from my mother. I have placed this inherited IRA with a self directed IRA custodian and invested the funds in real estate. Unfortunately I am having to foreclose on the borrowers. I don't have enough cash remaining in the Inherited IRA to pay the legal fees associated with the foreclosure. I have my own traditional SDIRA LLC with the necessary funds. Is there anyway I can loan the funds from my SIDRA LLC to the Inherited IRA and repay the loan once the foreclosure is completed and I've sold the house?
My dad and brother recently passed and my 6 month old niece is inheriting $1.4m from my father’s IRA. All money is supposed to be in trust until she’s 25. I’m not sure how this will end up working for a minor. I suppose the trustee will have to take income over 10 years, pay taxes, and roll the after tax funds into another brokers account until she’s 25? Any thoughts?
Hi Adam, my question to you is this – my father passed 2 weeks ago and my mother found that she's the sole beneficiary of an IRA (she doesn't know if it a traditional or ROTH account) and would like to withdraw all the money out. She's 70 1/2. what is the IRS penalty?
How does a non-spouse beneficiary of a traditional IRA steer the money into a self-directed option? Through an Inherited IRA account? What if the bank which houses the IRA is undesirable (ahem Fells Wargo).
I have a mentally disabled brother who is in a trust with me where we have a Bank Trust as sole trustee and executor. Can my brother get the stretch distribution under his special needs trust ? He would still fall under the % allocation (like 50%). He also benefits because he earns $0 bc he never had a job.
Hello, please explain PA inheritance taxation on a non-spousal inherited IRA. What is the basis for taxation and is the entire inherited IRA taxed within 9 months of the deceased date?
How do you take out the RMD, sell shares to fulfill the amount that is required ?
Super helpful. Thanks
What about if a spouse is disabled?
I am the sole beneficiary of an inherited traditional 401K. I am at the highest tax bracket. Can I decline, assign a contingent beneficiary (my 70yo Mother), and she can remove the money over the 10 year period?
My mom passed earlier this year in 2020 and left me a Non-Spousal Inherited ROTH IRA. When I take withdrawals from this account, do those withdrawals count as income to me on my taxes? Just curious if taking the distribution will bump me up to the next tax bracket or not. Thanks!
I'm confused on one point. Non spousal Roth IRAs: is there a mandatory RMD? Or can the money grow for said 10 years?
Also what is the cut off point for the new 10 year law?