Legal Question in Wills and Trusts in Florida

I am inheriting an IRA. How do I handle it, without paying 35% in taxes? I am 69 and married and we live off of SS. Do I sell the stock that's in it? Do I roll it over and withdraw monthly, after selling some of the stock?


Asked on 5/04/18, 6:21 am

2 Answers from Attorneys
Barry Stein De Cardenas, Freixas, Stein & Zachary

As a beneficiary on another's IRA you do not pay taxes on the receipt of those funds. discuss it with your accountant.

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Answered on 5/04/18, 6:51 am
Thomas Shigo The Shigo Law Firm, P.A.

If it is a traditional IRA and you are under 70-1/2 you have three options:

1. Place it in a new inherited IRA account and take the minimum yearly distributions based on your life expectancy. or

2. Place it in a new inherited IRA account and make the 5 year election where you must withdraw the entire amount within 5 years (can be more than one withdrawal). or

3. Withdraw the entire amount.

In each case the amount withdrawn is taxable income to you.

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Answered on 5/04/18, 10:35 am


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