How are IRAs being changed?

[csziggy]

3. Yeah, it makes no sense to me

Our financial advisor's firm sent out several pages of information from the IRS about the new rules. I read it, but it still doesn't make a lot of sense to me.

Fortunately, the local office has a wonderful woman that explained what we need to know for our accounts. She knows exactly what questions to ask, can look at our accounts and explain if we need to do anything and what needs to be done.

But I started wondering what differences newer accounts will see.

For instance, my husband is trying to discuss with his sister the advantages of putting some of her inheritance from their mother into an IRA - but what we experienced with contributing to our IRAs might be different that what she can do now.

From the Motley Fool article, it seems to mostly be contribution amounts - but apparently grandfathered accounts will have many more limitations.