What are the steps to take when inheriting an IRA from a parent in 2022?

When inheriting an IRA from a parent in 2022, the steps to take include determining if you are a designated beneficiary, understanding the distribution options available, deciding whether to take a lump-sum distribution or stretch the distributions over time, and ensuring that the IRA is properly transferred into your name to avoid tax penalties. It is important to consult with a financial advisor or tax professional to navigate the process effectively.