The rules for IRAs inherited after 2020 changed when Congress passed the Secure Act in 2019. The new rules eliminated the opportunity for non-spousal beneficiaries to “stretch” inherited IRA earnings over their own lifetime. Up until this year, required minimum distributions (RMDs) and associated penalties were waived while the IRS clarified the new rules; but in 2025, they are in full force for most inherited IRA beneficiaries. For clarity: Non-spouses who inherited IRA assets after 2020 MUST take RMDs starting this year. RMD Rules For Non-Spouses For Traditional IRAs inherited after 2020, the first thing a non-spousal beneficiary must do is transfer the inherited assets into an inherited IRA under his own name. Note that RMDs are then required only […]

It can be hard to build up your own business, but it can be harder to sell it for what it’s worth. In fact, only around three in 10 family-owned businesses survive for the next generation. Whether family-owned or in a partnership of non-family owners, business succession is no easy feat. Succession Planning It is very important to have a succession plan, even if the business is fairly new. That’s because it gives heirs a roadmap for what to do if the owner dies unexpectedly. The first step is to figure out who you want to run the business after you. If you want to pass it on to one or more family members, be sure to ask if they’d […]