The only part that scares me and I guess it shouldn't is I'm holding and can wait it out. I have a pension and Social Security to get by on. But at 64 if I should pass away I really don't know the rules re-guarding when my kids would have to cash out my account. I have no Wife to worry about and my Sons are now 28 and 31 so between the house, shop, cars, tools, and truck they both will get something from my estate but I would hate to see them have to "cash out" in bad times.
Inherited IRA's used to be able to go on a minimum distribution based on the person inherited age, same as the orig owners... No longer... The Secure act changed everything.
The SECURE Act dictates that, for accounts inherited after Dec. 31, 2019, non-spouse beneficiaries typically must cash out the account within 10 years of the original owner's death. Some heirs are exempted: those whose age is within a decade of the deceased's; disabled or chronically ill individuals; or minor children. However, these minors must be direct descendants (no grandchildren, in other words) and, once they reach majority age, the 10-year rule kicks in for them too. There's no particular timetable for the withdrawals; they can be taken annually or all at once.
So they would have to liquidate the IRA within 10 years.
It's one way to pay for those tax cuts by removing money from tax exempt accounts which are inherited.
