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Inherited IRA/Brokerage strategy? Do I avoid tax liability with minimum distributions or not?
I'm a 50-year-old male who inherited $450,000 in a mix of an inherited brokerage account (250k, Roth IRA (50k) and traditional IRA(150k).
I understand that I have to take mandatory deductions but I don't have a full understanding of what would be the best way to limit my tax liabilities. My understanding is that I need to take standard deductions and cash out the account at the end of 10 years. If I don't take the standard deductions I have to cash out the accounts in 5 years? I'm looking for someone to offer a little clarity on how to navigate.
I don't need this money for daily survival as I have two houses almost paid off and a net worth at around 3M+/-
Thanks!