Hi! I have a client who passed away in 2018. He had an account at another firm and did not name a beneficiary (he’s divorced). The courts awarded the funds to his minor son and is allowing him to transfer the money to an inherited IRA. (I think the proper term in this situation is Estate IRA…?). The deceased was 69 years old. The court has appointed a personal representative or custodian of the new account (a family friend). We’re in the process of transferring the IRA to my firm. It’s currently at Fidelity and is coming under my management. I also clear through NFS. Those are the background details. My question is how does the money have to be taken out? The deceased died before the SECURE Act so I think the money needs to be taken out either over 5 years or by using the deceased’s life expectancy. Can you shed some light on that? Thanks very much!

– Patrick McKallagat