Receiving an inheritance is an emotional rollercoaster. On one hand, you have received a sum of money that could offer financial stability or greater financial freedom, but you’ve just lost someone close to you.

Depending on the relationship to the original owner, your withdrawal options can be varied when inheriting a retirement account. Withdrawal rules became more complicated with SECURE 2.0. Non-spouse beneficiaries have only 10 years to withdraw the funds from the account. Not doing so can lead to steep tax penalties.

Receiving an inheritance can be emotional, and we aim to help it feel like a gift, not a stressor. Knowing your options is important. If you would like guidance on the many options with inherited funds, please reach out to the Capital South Wealth Management LLC team.