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Reply to "If you are keeping an inheritance separate from marital funds, how do you handle inherited IRA"
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[quote=Anonymous]I inherited about 3 million in a IRA and now have 10 years to withdraw it all and pay income taxes (thanks Trump). I am in the highest tax bracket and am only 40 so will be working (and hopefully continue with my current income) the entire time I am withdrawing the money. I have always heard people should keep inheritances separate from other savings in the case of divorce and am trying to do so - but how do people handle taxes in this case? My husband and I file taxes jointly and will owe more taxes because of these withdrawals - do I just try to pay those taxes quarterly directly from the inheritance accounts? I don't need the money and am trying to just preserve as much as possible for my kids. I would also like to have this money go directly into a trust for my kids if I die - so that is another reason to keep the money separate. And please no commentary on how lucky I am - I would rather have my parents be alive.[/quote]
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