If someone in your life was kind enough to bequeath you their Roth IRA, bow your head in thanks. Then? Create a plan for what to do with that money.
Planning for an inheritance is always important, but it’s become even more so since the Secure Act was signed into law in December of last year. The act imposes a new rule on inherited IRAs if the account owner died after Dec. 31, 2019: Beneficiaries must empty the account within 10 years of the owner’s death, unless they qualify for an exception (more on those below).
Before that new law, you could stretch inherited IRA withdrawals over your lifetime, letting the money…