The Problem with Your Beneficiaries

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In the past, passing money to your beneficiaries through an IRA was simple. You put money into your IRA and it accumulated over time. Then when the decedent passed away, their beneficiaries could take the distributions gradually over their whole lifetime.

Times have changed.

Under the SECURE Act, this is no longer possible. Let’s say you have two kids named as your IRA beneficiaries. When you pass, the money has to come out over ten years. If you have $1,000,000 in that IRA, that is potentially a huge amount of taxable income every year for those two people.

What do you do?

There are choices. Contact us to set up a time to discuss your options.

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