Craig Wear, CFP®Craig Wear, CFP® | Expert in Roth Conversions & Tax-Efficient Retirement Strategies for IRA Millionaires

Inherited IRA Tax and Financial Planning Guide

12 Jul 2024 · 1 min

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Craig Wear, CFP® provides guidance on tax consequences and planning for inherited IRAs. He emphasizes that inheriting an IRA has tax implications, that beneficiaries—especially those who inherited before 2019—should not simply rely on taking minimum distributions, and that inherited IRAs should be integrated into a comprehensive tax and financial plan aligned with the beneficiary's goals and challenges.

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Although receiving an inherited IRA is a really good thing, it still does have some tax consequences that go with it. I would just encourage you, if you have the inherited ira, don't assume that you just keep kicking the can or just take these minimum distributions. If you inherited it before 2019, you want to make sure that you make it part of a comprehensive tax plan, which needs to be part of a comprehensive financial plan that takes into consideration kind of the goals, the objectives, the dreams, the challenges that you may have.