Sandy & Shirley
Recycles dryer sheets
The Secure Act basically eliminated the “stretch” provision for non-spouse beneficiaries, the ability to pass a Roth IRA to another person who would keep it for their life than pass it on to the next person for the rest of their life, etc. Under the Secure Act an IRA now has to be liquidated within 10 years of inheriting it: except for a few exceptions.
The exception that I’m interested in is for Domestic Partners. My partner is 8 years and 11 months younger than I am, and according to an on-line review of the Act by Michael Kitces, the “10-Year Rule” does not impact, among others, “those not more than 10 years younger than the decedent”. But, I can’t find that exact wording in the government-speak text of the act that is on line.
For those who understand government jibber jabber, is it true that I can leave my Roth IRA to my partner, 9 years younger, who can use it for the remainder of her life even if it is more than 10 year, then she can leave both Roth IRAs to be divided between our 6 combined children who would then have to withdraw all of the money within 10 year of inheriting it.
The exception that I’m interested in is for Domestic Partners. My partner is 8 years and 11 months younger than I am, and according to an on-line review of the Act by Michael Kitces, the “10-Year Rule” does not impact, among others, “those not more than 10 years younger than the decedent”. But, I can’t find that exact wording in the government-speak text of the act that is on line.
For those who understand government jibber jabber, is it true that I can leave my Roth IRA to my partner, 9 years younger, who can use it for the remainder of her life even if it is more than 10 year, then she can leave both Roth IRAs to be divided between our 6 combined children who would then have to withdraw all of the money within 10 year of inheriting it.