Tag Archives | RMD

What Happens to My IRA When I Die?

Most people’s wills do not specify or control what happens to their IRAs. That’s because an IRA has its own distribution schedule that operates independently of a person’s will. IRAs have beneficiary designations that are created when the IRA is opened. These beneficiary designations should be reviewed on a regular basis and can be changed with written notice at any time prior to one’s death. Most people name their spouse as their primary beneficiary and then their children as contingent beneficiaries, with the children splitting their shares equally.

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Over 70 and Charitably Inclined? Don’t Miss This No-Brainer Tax Break!

Key Takeaways A qualifying charitable distribution (QCD) allows you to donate up to $100,000 per year directly to a qualified charity from your IRA and exclude it from income. QCDs can enable you to give to charity and shield some or all of your Required Minimum Distribution (RMD) from taxes. QCDs require your contribution to go directly from […]

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What is a Required Minimum Distribution?

What are required minimum distributions (RMDs)? Required minimum distributions, often referred to as RMDs, are amounts that the federal government requires you to withdraw annually from traditional IRAs and employer-sponsored retirement plans after you reach age 70½ (or, in some cases, after you retire). You can always withdraw more than the minimum amount from your […]

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