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THE EVERETT ADVOCATE – FRiDAy, MARCH 13, 2026 Page 17 Sa Sa a Say y Senior enior Sen by Jim Miller How To Navigate Inheriting an IRA From a Parent Dear Savvy Senior, What are the rules regarding inherited IRAs? My brother and I recently inherited our father’s IRA when he passed away late last year and would like to know what we need to do to handle it properly. Oldest Sibling Dear Oldest, I’m sorry to hear about the loss of your father, but you’re smart to be planning ahead. Inheriting an IRA from a parent comes with a unique set of rules. Understanding them can help you make the most of the money you inherit and avoid an unpleasant surprise at tax time. Here are some basics you should know. Setting It Up Many people assume they can roll an inherited IRA into their own IRA, but that’s not allowed for most benefi ciaries. If you inherit an IRA from a parent, sibling, or anyone other than a spouse, you cannot treat the account as your own. Instead, your share must be transferred into a newly established inherited IRA, properly titled in the deceased owner’s name—for example, John Smith, deceased, for the benefi t of Jane Smith. If your father named multiple benefi ciaries, the IRA can be split into separate inherited accounts. This allows each benefi - ciary to manage withdrawals independently, as if they were the sole benefi ciary. You can open an inherited IRA at most banks or brokerage fi rms, although the simplest option is often to set it up with the firm that already holds your father’s account. The 10-Year Withdrawal Rule Under the SECURE Act, signed into law in December 2019, most non-spouse beneficiaries must withdraw all the money from an inherited IRA by the end of the 10th year following the original owner’s death. This rule applies if the owner died in 2020 or later. If your father had already begun taking required minimum distributions (RMDs), you generally must continue taking annual RMDs while also emptying the account within 10 years. If he had not yet started RMDs, annual withdrawals aren’t required, as long as the entire IRA is withdrawn by the end of the 10-year period. You may take withdrawals faster if you choose, but distributions from a traditional IRA are taxable as ordinary income in the year taken. Roth IRA withdrawals, however, are usually tax-free, provided the account has been open at least fi ve years. If you fail to take a required RMD, or don’t withdraw enough, the penalty is 25 percent of the amount you should have taken. That penalty can be reduced to 10 percent if the mistake is corrected within two years. Exceptions to the Rule Several benefi ciaries are exempt from the 10-year rule, including a surviving spouse, a minor child, a disabled or chronically ill benefi - ciary, or someone who is within 10 years of age of the original IRA owner. These beneficiaries may be allowed to stretch withdrawals over a longer period. Minimize Your Taxes As tempting as it may be to cash out an inherited IRA in a lump sum, or take large withdrawals over just a few years, proceed carefully. Doing so could trigger a hefty tax bill. Withdrawals from a traditional IRA are generally taxed as income at your regular tax rate. For many heirs, spreading distributions over the 10-year period can help manage taxes and reduce the risk of being pushed into a higher tax bracket. Other strategies may make sense if your income fl uctuates or you’re nearing retirement. To help navigate these decisions, consider working with a fi - nancial advisor. If you don’t have one, you can fi nd a fee-only, fi duciary fi nancial planner through the National Association of Personal Financial Advisors at napfa.org. Send your questions or comments to questions@savvysenior.org, or to Savvy Senior, P.O. Box 5443, Norman, OK 73070. Welcome Home to 43 Taylor Street Berkshire Hathaway HomeServices Commonwealth Real Estate Formerly Carpenito Real Estate nr ior OBITUARY Thomas Thomas J. Green L ongtime E v er ett resident and public servant passed away peacefully in the company of his son on February 26 after battling Alzheimer’s Disease for several years. He is survived by his son, Thomas and his wife Patricia of Westford as well as his brothers Rich and Joe Green of Everett.His three grandchildren are Amy Green of Peabody, Tommy and Sarah Green, both of Westford.He is also survived by many great grandchildren as well as a wealth of cousins, aunts, nieces and nephews and a great number of friends. Pre-deceasing Tom were his parents, Tom and Mary Green of Everett as well as his fi rst two wives, Patricia (Simard) Green and Phyllis (Traniello) Green – both of Everett as well as a long list of extended family members. Tom lived an amazing life characterized by his large personality. He attended Everett High School in 1953 and immediately joined the Army becoming a paratrooper during the Korean War confl ict. After serving in the military, he became a professional baseball play in the Cleveland Indians farm system and then he returned to Everett where he started a family and joined the Everett Fire Department where he served for 25 years as both a private and a lieutenant. He coached youth basketball for the Immaculate Conception parish in Everett for years and he started and ran two businesses based out of Everett employing many. His life was full of life, fun, family, and commitment to excellence. Visitation was held on Wednesday was held on March 4, at Salvatore Rocco & Sons Funeral Home, Everett. In lieu of flowers please donate to the Alzheimer’s Foundation at Alzheimer’s Association | Alzheimer’s Disease & Dementia Help. Jean N. Soulouque O f Ever - ett, MA. Passed away pe a c e fu l l y on February 21, 2026, surrounded by his loving family. He was 65 years old. Born on May 28, 1960, in Portau-Prince, Haiti, Jean was a devoted husband, father, and man of deep faith. He shared 36 loving years of marriage with his beloved wife, Marie Soulouque. Together they raised three children: Jonathan, Jephte, and Sophonie. Jean dedicated 35 years of service to Anthony’s of Malden, where he was known for his reliability, strong work ethic, and warm, friendly spirit. He was always willing to lend a helping hand. Home of the Week SAUGUS 1st AD - Perfectly located & maintained 8 room Colonial boasting 3 bedms, 2 full baths, spacious living room w/stunning gas fireplace surrounded by custom built-ins, entertainment-size dining room w/custom woodworking & crown molding, den w/built-ins, gorgeous, custom kitchen addition featuring Silestone countertops, glass backsplash, 14" center island w/seating, gas cooktop, double oven, built-in desk area, open to sitting area & atrium doors to stamped concrete patio. Second level offers 3 bedrms, large family room separates the bedrooms, full bath, 1c detached gar. Desirable Iron Works neighborhood, located just outside of Saugus Center. Pride of Ownership shines through! Offered at $825,000 (781) 233-7300 335 Central St. Saugus commonmoves.com ©2024 BHH Affiliates, LLC, An independently owned and operated franchisee of BHH Affiliates, LLC, Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity. He had a passion for travel and embraced life with kindness, wisdom, and compassion. Jean will be remembered for his steady presence, his ability to fi x anything, and the reassurance he gave to those around him. His legacy of faith and love will continue through all who knew him. Funeral services were held on Saturday, March 7, 2026, at 9:30am at The New Covenant Church of Cambridge, 527 Main St, Waltham, MA.

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