I will be 59 years old this August. My mother passed away July 12, 2021 (My father pre-deceased her). As part of her estate settlement, I was one of her beneficiaries to her IRA. The financial advisor who was handling her IRA opened a beneficiary IRA account in my name. It is my understanding that I have 10 years to withdraw all the money in that account. Since that money is added to mine an my wife's joint income (we file married joint), I have chosen to make effectively even withdrawals each year (over the 10 year period) so as to minimize the increase to our taxable income. First am I correct that the money must be withdrawn 10 years from my mother's death; and are there any concerns that I need to take into consideration beyond what I've described with regards to this beneficiary IRA?
You are correct.
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