Best of Talking Money: The Confusing World of IRAs

Show aired on November 27th, 2021

Highlights from show aired August 21, 2021

Mike unpacks some of the confusing world of IRAs. A listener recently asked a question about transferring an IRA from a deceased family member to multiple family members.

• What are some of the tax considerations and implications for transferring an IRA?
• What is a step up in basis? Does an IRA get a step up in basis?
• Is there a required minimum distribution? When does this apply?
• How important is it to know your tax bracket and taxable income?
• How quickly do you need to start the process of transferring an inherited IRA?
• Should you transfer it all to stocks? How soon will you need the money? Does that factor into the decisions you make?
• How did the SECURE Act change IRA rules?
• Can you give an inherited IRA to a charity? How?
• What if I am in a qualified retirement plan?
• Is it a good idea to set up a trust for minor recipients?

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Though Mike Miller is an employee of Ronald Blue Trust, Talking Money^® represents his individual views, and not those of his employer or any other sponsor of the program. During the program, Mike may discuss market trends as well as specific financial planning techniques and investment ideas. These discussions are for general information only and are not intended to provide specific advice or recommendations to any individual or organization. Work with your attorney, or accounting, or investment professional for specific individual advice and services. Any securities or investment products discussed on Talking Money® are not insured by the FDIC, are not a deposit or other obligation of or guaranteed by any bank, and are subject to investment risk, including possible loss of principal amount invested. Some shows contain time sensitive material that should not be relied upon without verifying.

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