An Inherited IRA, or a Beneficiary IRA, is an account that is opened when someone inherits an IRA or employer-sponsored retirement account after the original owner's death.

As a beneficiary, you can't make additional contributions. Still, the funds can remain tax deferred, and you can generally withdraw money right away without penalty. However, a designated beneficiary is generally required to liquidate the account by the end of the 10th year following the year of death of the IRA owner.

There are some exceptions for certain eligible designated beneficiaries, but please keep in mind there are tax implications if funds remain in the account after the 10-year mark. Contact your us to learn more about what makes sense for your circumstances.