The law office of Lesly R. Devereaux offers estate planning services designed to help you manage your affairs in the most practical and positive way possible. Lesly is an established New York estate planning lawyer with extensive experience in this and many other areas of the law.

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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

Inheriting an IRA can be a significant financial boon. However, what one may not be aware of is that they now have a responsibility to decide on how best to handle that IRA. Properly handling an inherited IRA requires a clear understanding of the rules and regulations along with an effective estate plan. Here are some tips to help you consider how to manage an inherited IRA:

1. Review the IRA documents and tax implications: Before making any decisions with the inherited IRA, it is imperative to review the documents related to the account. Additionally, it is important to know the tax implications to avoid unwanted tax penalties.

2. Consult with a tax professional: An attorney or financial planner who specializes in estate planning and financial management can provide much-needed guidance in managing an inherited IRA. They can help you navigate the laws and rules surrounding the tax implications and suggest investment options that fit your financial goals.

3. Consider disclaiming an inherited IRA: In some cases, disclaiming an inherited IRA can be a practical option. If you don’t need the funds, it can be a way of passing the inheritance directly to someone lower in the family lineage, such as a grandchild or a younger sibling for whom the tax implications are likely to be more favorable.

4. Create an estate plan with an IRA: When planning your estate, review how your IRA assets will be distributed based on your needs and goals. This strategy can help to avoid potential tax penalties and ensure that your assets go to your intended beneficiary.

5. Take distributions: When you inherit an IRA, you must start taking minimum distributions by the end of the year following the owner’s death. However, it would be best to start sooner than later as delaying the distributions can result in unwanted penalties.

In conclusion, handling an inherited IRA takes careful consideration and planning which is best done with the help of a tax professional. With the right guidance and an effective estate plan, you can manage the IRA to secure your financial future and pass a bit of fortune down to your loved ones.