• A legacy IRA, also known as a beneficial IRA, is an account that is opened when an individual inherits an IRA or an employer-sponsored retirement plan after the death of the original owner.
  • Additional contributions cannot be made to a legacy IRA.
  • The rules are different for married and non-marital beneficiaries of inherited IRAs.
  • The SECURE Act requires unmarried beneficiaries to empty inherited IRAs within ten years.