My parents 70 and 64, have approx 2.5 million in Roth IRAs, rollover IRAs and 401ks and approx another 3 million in taxable brokerages. Unfortunately, as much as I don’t want to think about it inheritance will be inevitable one day. I have one sister, both of us are high income professionals (37% and 32% tax brackets respectively). Neither of us will need or rely on our inheritance which will be split 50/50 according to my parents will. The taxable brokerage I don’t anticipate a problem with since I believe it will be inherited at stepped up basis. My concern is with the IRAs/401Ks from my reading it I think it must be depleted within 10 years of inheritance and is taxed as ordinary income. Obviously 32-37% on 2.5 million is a very significant amount (approx 900k). Am I thinking about this incorrectly? Anyone in a similar boat? Advice? I plan on getting a CFP for them but I want to be as educated as possible on the subject before involving a CFP. RMDs will be taken soon but I anticipate there will still be plenty left over. I’m wondering when the time comes should I take a year off from work or maybe go half time to decrease my tax bracket? My dream scenario is that my parents spend it all on themselves and don’t leave us a dime. Unfortunately, I don’t think they’re capable of doing this, have been savers all their lives and I don’t think it’ll change anytime soon. With SSI, pension and dividends their retirement income is 100k+/yr and they’re content.

37M, planning to FIRE in mid-40s, so the next handful of years figure to be my highest earning years. Don't plan on buying a home, never really looked into FHSA rules before now, but it appears as of now there's no rule/penalty moving it into RRSP even if 0 contribution room remains. Was caught a little off-guard by my taxes for 2025 and am trying to find more deduction options, while also having a non-registered account with mutual funds(inheritance I received at 20) that I would like to move into self-directed ETFs but there are large capital gains(100k+). Probably space it out over years so if I was maxing a FHSA contribution for 5 years I could align the numbers. Is there any reason to be worried about CRA retroactively changing the FHSA account rules for this kind of situation? I do not want an unexpected hit in the future.

Ok smart reddit finance folks, here is my situation. I know I should convert traditional IRA/401k monies into my Roth IRA, starting next year especially since I will retire at the end of this year and I'll turn 59 next year. I also understand that the best strategy is to pay the tax using separate money, such as from my brokerage account. That's better than converting $100K and ending up with only $80K in the Roth and $20K going to taxes. Separately, for many years I've been taking RMDs from a large, inherited IRA (non-spouse, pre-2020). I don't love the idea of using all my brokerage account funds to pay the Roth conversion tax. How can I figure out if it's to my advantage to withdraw larger amounts from the inherited IRA and use THAT to cover my conversion taxes? There must be some formula or rule of thumb...? Any help is appreciated. Thanks!