It is important for residents and their families to understand the benefits and limitations of each program, eligibility requirements, and any additional costs associated with them.
Before the original SECURE Act, IRA owners who died were able to leave their accounts to their children, grandkids, or other non-spouse individual beneficiaries, and heirs could stretch required minimum distributions (RMDs) over their own lifetimes, thus allowing the funds in the accounts to grow tax-free for decades.
Children are treated fairly when it comes to inheritance. But “fair” doesn’t always mean “equal,” especially if your family situation or assets are complicated. In some circumstances, giving kids equal inheritances may not be the best option.