Retirement Accounts and Estate Planning: IRAs, 401(k)s, and TSP

Your retirement accounts — whether an IRA, 401(k), 403(b), or TSP — are likely among your largest assets. How these accounts are treated in your estate plan has significant tax implications for your beneficiaries. The SECURE Act changed the rules for inherited retirement accounts, generally requiring non-spouse beneficiaries to withdraw all funds within 10 years. Proper beneficiary designation and coordination with your overall estate plan can help minimize the tax burden on your heirs.

At SoMD Estate Planning, we help families across Southern Maryland navigate these important decisions. Contact us for a free consultation.