My mom passed away and I inherited 160k in a traditional IRA. I want to leave it all to my 3 kids, and I understand I have to disperse it all by Dec 31, 2032. I want to create an account for my kids to use for college expenses (oldest is 10yo, I want to give each 20k for college because tuition will be covered by the VA) and the rest to go to them when I pass away. I’m looking for advice on the best way to handle the yearly disbursements. I work in law enforcement and don’t contribute to an IRA now, we use a 457b. I am not maxed at that contribution level and have considered using that to essentially offset the taxes from the inherited IRA, but I’m wondering if there’s better advice out there.
Submitted November 06, 2021 at 12:08AM by aidonnaannodia https://ift.tt/3mPAoHW
