Inheritance Rules Have Changed! Avoid These Costly Mistakes with Your Retirement Accounts After 2020

🎯 Did you know that inheriting a retirement account after 2020 could skyrocket your tax bill? With new IRS regulations, you could be facing a financial disaster if you're not careful. In this episode of Dollars and Sense, Joel Garris, Certified Financial Planner, and Christina Lamb, IRS Enrolled Agent, unravel the new rules surrounding inherited retirement accounts. If you've inherited or are planning to inherit an IRA or 401(k), you can't afford to miss this!

We'll dive deep into the critical changes that came into effect after January 1, 2020, and how these could dramatically impact your tax obligations. Learn how the 10-year rule might force you to liquidate your inheritance sooner than you planned, and why this could be the biggest tax hike on your retirement funds in history. Plus, we'll share smart strategies to minimize the tax hit and avoid the 25% penalty looming on the horizon.

🚨🚨 Key Highlights: 🚨🚨
〉 The 2020 Rule Change: Why January 1, 2020, is a crucial date for inherited IRAs.
〉 10-Year Liquidation Requirement: What you must do to avoid penalties.
〉 RMD Confusion Cleared Up: How required minimum distributions (RMDs) are handled under the new rules.
〉 Tax Strategies: Tips on reducing your tax liability when inheriting a retirement account.
〉 Common Mistakes: The top errors to avoid with your inherited IRA or 401(k).

🎯 Chapters:
00:00 - 🚀 Introduction: What You Need to Know About Inherited IRAs
02:00 - 📅 Why January 1, 2020, Changed Everything
04:30 - 📈 The 10-Year Rule: What It Means for Your Inherited Account
06:45 - 💰 Tax Implications: The Hidden Costs of Inheriting Retirement Funds
09:20 - 🔍 RMD Confusion: Understanding the New Requirements
12:00 - 💡 Smart Tax Strategies to Consider
14:30 - ⚠️ Common Mistakes and How to Avoid Them
16:45 - 📝 Final Thoughts: Planning for Your Financial Future

💵 About Dollars & Sense: 💵
Hosted by Joel Garris, a Certified Financial Planner and Fiduciary at Nelson Financial Planning, Dollars & Sense is one of Central Florida’s longest-running radio programs and a top 25 financial planning podcast. Each week, Joel and his team provide expert insights to help you make sense of all your financial decisions.

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About Joel Garris:
Joel Garris is a Certified Financial Planner and Fiduciary at Nelson Financial Planning. He’s dedicated to providing comprehensive financial advice to help you achieve your retirement goals. With a team of expert advisors, Nelson Financial Planning is committed to delivering personalized and effective retirement and financial planning solutions.

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