Don't Let the IRS Take Your Inheritance

With all of the recent changes to the rules surrounding inherited retirement accounts, it can be tough to figure out what, exactly, you are required to do to stay on the right side of the IRS.

However, By understanding the rules around inherited retirement assets, you will be better equipped to avoid costly mistakes, like early withdrawal penalties.

In this episode of Malcolm on Money Office Hours, Malcolm shares a few things to be aware of if you have just inherited a retirement account from a loved one, as well as advice on how to keep from giving close to 50% of it over to the IRS unnecessarily.

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Malcolm Ethridge, CFP® is an Executive Vice President and fiduciary Financial Advisor with CIC Wealth Management, based in the Washington, DC area. He is also the Managing Partner of Capital Area Tax Consultants. 

Malcolm’s areas of expertise include retirement planning, investment portfolio development, tax planning, insurance, equity compensation and other executive benefits. 

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Disclosures:

CIC Wealth, LLC does not provide legal or tax advice. Be sure to consult with your tax and legal advisors before taking any action that could have tax consequences.

Investments in securities and insurance products are:

NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE