But the gift comes with mandatory withdrawals for heirs and following the rules can be difficult, experts say.
According to the Secure Act of 2019, certain heirs now have less time to deplete inherited accounts due to a change in so-called "required minimum distributions."
But there's now a 10-year withdrawal rule for certain heirs, meaning everything must be withdrawn by the 10th year after the original account owner's death.
The rule applies to accounts inherited by so-called "non-eligible designated beneficiaries" on Jan. 1, 2020, or later.
Ed Slott IRA expertNon-eligible designated beneficiaries are heirs who aren't a spouse, minor child, disabled, chronically ill or certain trusts.
Persons:
Ed Slott, Ashton Lawrence, there's, Slott, RMDs
Organizations:
Istock, Getty, Secure, Mariner Wealth Advisors, IRS
Locations:
Greenville , South Carolina