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Principal Income IRASM  Form

Principal Income IRASM Form

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let's talk about inherited IRAs I'm Christopher small island CMS Law Firm we do Estate Planning in Probate and we're pretty good at it I want to talk about inherited IRAs there were some new rules that were put into place a couple years ago with regard to retirement accounts IRAs 401ks things like that that are really really important to know when you are thinking about estate planning when you're thinking about passing those down to somebody else first things first if you are giving your retirement account to anyone other than a spouse you should know the general rule there are exceptions to this rule but this is the general rule when they get that retirement account they are going to have to cash the whole thing out within 10 years of the date of your death as they cash those retirement accounts out they're going to have to pay income tax on that the income tax they have to pay is the income tax that you deferred when you put money into the retirement account you can pay tax on that

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