If you inherit an IRA from a deceased loved one, it is crucial to know the complexities involved. Following the rules to effectively manage the account isn’t straightforward and varies depending on whether you are the deceased’s spouse, a non-spouse or a trust beneficiary.

With many long-standing retirement rules for beneficiaries upended in recent years under the SECURE Act and SECURE 2.0, it’s critical to understand your options before making any decisions with inherited funds. Mistakes are often irreversible.

Before moving an inherited IRA, read these quick tips to “Avoid Non-Spouse Beneficiary Mistakes in 5 Easy Steps” from our friends at Ed Slott & Company, LLC.

For professional assistance in understanding your options for an inherited IRA or updating plans for your heirs to avoid future tax landmines, contact our office at 517-435-4040 to schedule a time to discuss.