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{"id":15331,"date":"2016-01-01T12:55:20","date_gmt":"2016-01-01T12:55:20","guid":{"rendered":"http:\/\/www.seonewswire.net\/2016\/01\/common-pitfalls-of-non-spouse-inheriting-iras-howell-estate-attorney\/"},"modified":"2016-01-01T12:55:20","modified_gmt":"2016-01-01T12:55:20","slug":"common-pitfalls-of-non-spouse-inheriting-iras-howell-estate-attorney","status":"publish","type":"post","link":"http:\/\/www.seonewswire.net\/2016\/01\/common-pitfalls-of-non-spouse-inheriting-iras-howell-estate-attorney\/","title":{"rendered":"Common Pitfalls of Non-Spouse Inheriting IRAs | Howell Estate Attorney"},"content":{"rendered":"

\"\"Inheriting an IRA can be a financial blessing but you have to be extremely careful about withdrawing the funds. There are a number of mistakes you can make that can result in a missed opportunity for tax-deferred growth, or worse, a huge tax bill.<\/p>\n

Luckily, surviving spouses have some leeway. It\u2019s still tricky to transfer from spouse to spouse. But the rules for spouses are different than non-spouses.<\/p>\n

If you have more than one child, it may seem logical to name the estate as beneficiary. This is not always a good idea. In this case, your children will be required to take all of the money out of the IRA by the end of the fifth year after your death \u2013 missing the opportunity to accumulate interest and enjoy the tax sheltering benefit.<\/p>\n

Owners of traditional IRAs must start taking required minimum distribution (RMD) when they turn 70 \u00bd. Non-spouse beneficiaries must start taking (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Inheriting an IRA can be a financial blessing but you have to be extremely careful about withdrawing the funds. There are a number of mistakes you can make that can result in a missed opportunity for tax-deferred growth, or worse,…<\/span><\/p>\n

Read more ›<\/a><\/div>\n

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