Learn the rules and regulations that you must adhere to when you inherit an IRA in this clip of Your Money, Your Wealth. Several beneficiaries that acquire IRAs aren’t aware of some of the rules with Inherited IRAs and may be subject to huge penalties if they don’t follow the guidelines. In this clip you will learn the requirements for inherited IRAs and steps to follow, such a mandatory required minimum distributions (RMD).
0:01 “If you inherit an IRA, you have to take a minimum distribution when you inherit it”
0:08 “Let’s say I’m 40 years old and I inherit an IRA from any non-spouse, I have to take a required distribution because the IRS does not want me to keep that money in a tax shelter for another 30 years”
0:30 “If your two-year old inherits it or a 50-year old, 70 ½ has nothing to do with the required minimum distribution to a non-spouse beneficiary”
