Reply to If you are keeping an inheritance separate from marital funds, how do you handle inherited IRA

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[quote=Anonymous][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]

Donate the money to charity that honors your parents. Keeps it away from your grubby husband and no taxes. Problem solved.

Why on earth do you think you kids need that $3M? You're already stinking rich on your own. [/quote]

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