Nov 4

IRA Accounts & Possible Stretch Reduction

IRA Accounts & Possible Stretch Reduction

Here’s a good article on the rules for achieving a “stretch” for an inherited IRA. This can be a powerful tool for minimizing income taxes while maximizing growth. The article also discusses the effect the pending Secure Act will have if it is passed by Congress. It is crucial to review the beneficiaries on our retirement accounts regularly, and to make changes as needed. We remind clients to keep a copy of the beneficiary form and review it regularly. It is also crucial for someone who has inherited a retirement account, including surviving spouses, to complete and submit new beneficiary forms.

The Florida Bar – IRA Accounts and Possible Stretch Reduction