When we pass, our daughter is the final beneficiary on both. When she inherits the IRAs, what is best for her to avoid taxes and let them grow until a proper age? Rich Michaels, New Jersey A: The good news is, if you each simply name your daughter as your “contingent beneficiary” (to inherit the IRA if the other spouse does not survive you), she will have the right to hold that account as an “inherited IRA,”says Natalie Choate, who practices law with Nutter McClennen & Fish and is the author of Life and Death Planning for Retirement BenefitsandThe QPRT Manual. The best way to take required minimum distributions from IRAs She will be entitled, under today’s rules, to withdraw the money gradually, over her life expectancy, says Choate. Thus, though she must withdraw from it a certain amount each year its called a required minimum distribution, or RMD and pay tax on that amount, the required withdrawals would be small, especially in the early years. In fact, Choate estimates that the account should last until she reaches her mid-80s if she takes advantage of this “life expectancy” or “stretch” payout. Of note, the IRA provider or any competent financial planner should be able to guide her on the required withdrawals. The bad news, says Choate, is this: There’s nothing to prevent her from taking out more than the RMD,or even cashing out the whole account immediately after your death. “To prevent that you’d have to go a much more complicated route, either putting your money in a trusteed IRA or leaving the IRA to a see-through trust for your daughter’s benefit, says Choate. And for that, youll need expert legal advice. But, says Choate, it does work to keep a beneficiary from unwisely cashing out an inherited IRA prematurely. Commission vs.
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