Health & Fitness
Inheriting an IRA? Know Your Options to Minimize Taxation
Whether you have a retirement account or are inheriting one, if you want to know how to minimize taxes, you need to fully understand all your options.
You may already know that Albert Einstein once stated "compound interest is the most powerful force in the universe." What you may not know is how to leverage compound interest through future generations.
Many of my clients have been faced with an important decision: How to minimize income taxes while inheriting an IRA.
According to IRS Publication 590, the beneficiary of an IRA has three choices:
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- Lump Sum
- Deplete balance within 60 months
- Required Minimum Distributions
Watch this video as I explain the power of compound interest.