AgeWise: Seek expert advice for dealing with inheritances

3 September 2016

Amanda Gargis, an attorney at Craige Jenkins, helped readers of the AgeWise column in the Winston-Salem Journal. On September 26, a reader submitted a question regarding inheriting IRAs from an estate. The answer? IRAs are subject to specific rules that affect distributions, taxation and income. Because of the multitude of factors that impact “inherited” IRAs, including the relationship between the beneficiary and the person who owned the IRA, the owner’s age, the beneficiary’s age, whether the beneficiary was named in the IRA or whether the beneficiary inherited the IRA under a Will, individuals inheriting IRAs may find the gift a mixed blessing. AgeWise recommends seeking an expert opinion before making any transfers or withdrawals. In addition to Amanda, CJLW has a number of experienced estate attorneys – Cowles Liipfert, Gordon Jenkins, John Keiger, Rebecca Smitherman, and Luke Wooley – who can help with IRA or other estate-related questions.

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