Estate Planning

Don’t Kill an Inherited IRA! 6 Things You Absolutely Need to Know

In 2012, I lost my mom. She’d fought cancer and lost, and it was devastating at the time. I no longer get to talk to her, laugh with her or share a meal. Every year, though, she still sends me one tangible gift to remember her by: a distribution from the IRA she left behind. If you inherit an IRA, you’ll need to decide what you are going to do with the IRA before you take control of it. That’s important, because if you do it wrong, you can leave yourself with limited options and a huge tax bill.