4th of July

Happy July from Watercolor Financial

Hello Megan,

Do you have an inherited IRA you received after January 2020? 

The bottom line: If you inherited an IRA from a person who died after December 31, 2019, you will not have to take a distribution in 2023. However, you will have to empty the IRA account by the end of the tenth year after the original owner’s death. 


The gory details: Due to the SECURE Act of 2019, most beneficiaries can no longer stretch inherited IRA distributions over their lifetimes. Instead, most non-spouse beneficiaries who inherited IRAs from a person who died after December 31, 2019, must empty the account by the end of the tenth year after the original account owner’s death.


The IRS interpreted the SECURE Act to require annual distributions from the inherited IRA in addition to requiring the accounts be emptied after ten years. In 2022, the IRS waived the penalty for not taking the annual required distribution for 2021 and 2022. On July 14, 2023, the IRS issued Notice 2023-54 (https://www.irs.gov/pub/irs-drop/n-23-54.pdf) extending the inherited IRA RMD penalty waiver for 2023.

Developing a tax-efficient strategy for taking money out of all of your IRAs, inherited or otherwise, is an important part of what we do. Please let us know if we can assist you or someone close to you with this planning.

Have a wonderful summer!


Cass, Megan and Bleckley

Do you read the quarterly guides to the Markets?

Quick poll: Do you read the Market Guides that we send out each quarter?
Yes, I find them informative.
No, I don't read them, I count on Watercolor Financial Group to follow this.
Not yet, but I will click on this below now!
None of the above

Watercolor Financial Group will sponsor the All American Cup!

Tennis anyone? Watercolor Financial Group is excited to be a sponsor for the Men's All American Cup. The All American Cup is a team tennis tournament featuring 10 of the top men's American ATP tennis players.  There will be a total of five sessions and 11 matches held in Austin on December 14 - 17th at the Moody Center. If you are a tennis fan and interested in attending, reach out to Megan.

Access your reports - Visit our web page for links to Fidelity (for access to statements and tax documents) and to the Orion portal (for access to performance reports and billing statements): Watercolor Financial Group website

Results of our last quiz on what to do in old, old age.

Forty percent of respondents said they want to move to a retirement community. Sixty percent of respondents said they want to age in place. How about you? Let us know.

Q3 Quarterly Market Guide -

This quarterly market guide is worth a read. It is written by the Asset Management team at North West Asset Management. We encourage all our clients to review this straight-forward market guide. Q3 2023 Guide

Bleckley Dobbs, Cass Grange and Megan Poore provide advisory services through NWAM, LLC dba Northwest Asset Management, an SEC registered investment adviser. Watercolor Financial Group is not a registered investment adviser. Certified Financial Planner Board of Standards, Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements. This material is intended to provide general financial education and is not written or intended as tax or legal advice.