Inherited IRAs

[StuP]

My wife's inherited two IRA's from her parents, spilt between siblings. I don't think of any great $$.

I believe they need to go into beneficiary IRAs. They're administered by PNC in PA. She's been told she needs to work with a GA licensed broker to set them up.

I'm slammed at work, otherwise I'd research, so if anyone here could offer some advice as to what this means in practical terms, and if we need a broker, any recommendations, I'd be grateful.

 

[hamburglar3]

She will have to take minimum required distributions based on her age. I left mine with the tax/wealth company mom used. Free money to sit in the market. Moved to medium risky

 

[4ssss]

You have 10 years to use all the money in it by taking required distributions. Unless you're the husband/wife. I believe that's what I read when I was searching.

 

[hamburglar3]

You have 10 years to use all the money in it by taking required distributions. Unless you're the husband/wife. I believe that's what I read when I was searching.

My funds manager said they changed the rules a couple of years ago to no clearance date. Hope she is right lol

 

[RSB]

My wife split her portion out from her Beneficary IRA inheritance that included 4 other siblings and out of state. Our broker did all the work, and it took a lot of and had to go right back into a traditional IRA. It took about 3 months due to the out of state holder of the account. it was set up as a CD and she lost some because it moved right after it renewed. I hope this helps, but I know every situation can be different.

 

[burger146]

My funds manager said they changed the rules a couple of years ago to no clearance date. Hope she is right lol

I am curious about this. I am being told there was a break during Covid where there were no minimum required distributions but now that is back in play. Maybe someone on here that knows more than me will chime in...

 

[hamburglar3]

I am curious about this. I am being told there was a break during Covid where there were no minimum required distributions but now that is back in play. Maybe someone on here that knows more than me will chime in...

I can guarantee most folks know more than me

 

[boomer]

You have 10 years to use all the money in it by taking required distributions. Unless you're the husband/wife. I believe that's what I read when I was searching.

^^^^^THIS^^^^^^

 

[hamburglar3]

My funds manager said they changed the rules a couple of years ago to no clearance date. Hope she is right lol

Clarification. My inheritance Ira was created in 2019, before the ten year clearance rule went into effect. I still have to take a rmd but it is based on my age and not mom’s. Sorry for any confusion. Don’t rely on any advice from an amateur outdoor website

 

[james357]

I am curious about this. I am being told there was a break during Covid where there were no minimum required distributions but now that is back in play. Maybe someone on here that knows more than me will chime in...

No distribution for the one year. Then back to RMD..