After much anticipation, the Treasury Department and the Internal Revenue Service (IRS) have issued final regulations relating to the 10-year required minimum distribution (RMD) rule for people who inherit individual retirement account (IRA) assets.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act, which went into effect in 2020, changed how beneficiaries of inherited retirement accounts must withdraw these funds. The Act’s "enhancement" was to make it more difficult for individuals to pass their retirement savings on to their heirs without tax liability.
If your children inherit your retirement accounts, they will have options about what to do with them.
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