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Wealth Planning

Finalized Inherited IRA Regulations

August 21, 2024
George E. Hasbun, CFP®
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Since the SECURE Act was passed in 2019, it has been clear that those who inherited IRAs after 2020 needed to draw them down within 10 years, what hadn’t been finalized was whether annual RMDs were required. 


On July 18, 2024, the IRS released final regulations confirming the requirement for Non-Designated Beneficiaries of IRAs to take RMDs annually if the previous owner began taking RMDs before they passed away. At the same time, the IRS also confirmed those who should have taken RMDs between 2021 and 2024 but didn’t, will not be subject to penalties nor will they be required to make up the missed distributions. 


The above information is for educational purposes and should not be considered a recommendation or investment advice. Investing in securities can result in loss of capital. Past performance is no guarantee of future performance.

About the Author

  • George E. Hasbun, CFP®

    Principal, Investment Counselor

    George joined the firm in 2017 as an Investment Counselor. Drawing on more than 20 years of investment experience, he advises institutions, individuals, and families. As a Certified Financial Planner™, George works closely with clients to develop a comprehensive structure for asset stewardship, while managing their investment portfolios within the context of their overall financial plan. George’s prior experience includes 15 years at Round Hill Asset Management, where he served as a portfolio manager and research analyst.

     

    George graduated from the University of California, Berkeley in 2000 with a Bachelor of Science in Environmental Economics and Policy and a minor in Classics. A Pasadena native and resident, George enjoys spending time with his wife and three boys. George serves on the Methodist Hospital Foundation’s Planned Giving Committee and is a Board Member and Past President (2019–2021) of Pasadena Southwest Little League. Additionally, George is a coach for both the American Youth Soccer Organization (AYSO) and Little League Baseball.

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