You Inherited an IRA. Now What? Advice From a Portland, Oregon Estate Attorney
If you recently inherited an IRA or 401(k), the most important thing to know is that most non-spouse beneficiaries must withdraw the entire account within 5 or 10 years, and the choices you make in the first weeks can affect how much of the money you actually keep. The inherited IRA rules changed significantly in recent years, and the old advice about stretching withdrawals over your lifetime no longer applies to most people.
Portland, Oregon Estate Planning Lawyer on How to Make a Charitable Bequest with an IRA
You can donate retirement accounts, such as an IRA, by distributing the proceeds to charity. However, the tax benefits for donating this way are minimal. A tax-efficient donation strategy is to contribute your retirement fund directly to a charitable organization as part of your estate plan.