The Listen to Lawrence Letter: An Inherited IRA distribution question

Hi Lawrence,

Regarding your 1/9/24 LISTEN TO LAWRENCE LETTER, I have 3 sons and plan to divide my IRA evenly 3 ways. Will each have RMDs?

Thank you.

MY RESPONSE:

The simple answer to your question is that, given certain time limits, each child will take their 1/3 of your IRA and create what is called an “Inherited IRA,” roughly titled, (YOUR NAME), DECEASED, FOR THE BENEFIT OF (THEIR NAME). From this inherited IRA, each child will take their required minimum distributions over a period of time depending on their circumstances, but usually over a 10-year period.

And, if anyone you know would like to

receive this Listen to Lawrence Letter just

tell them to send their email address to info@davidowlaw.com and I’ll add them to the list!

As always, please send your questions in! If you are thinking about it, others are probably too, so my answers will no doubt help you and many others.

Let’s stay connected. Stay safe!