A widowed parent has two children listed as beneficiaries to a small IRA and passes away at age 91. I've heard that different theories on how the money in the IRA passes to the children. Some say they would need to take it as a new IRA in their name, and then pay taxes on it when withdrawn. Some people say it has to be withdrawn in 5 years or less. Other opinions say that the children can get a cash disbursement from the IRA, but do not know of tax implications. Can anyone here share accurate info or reading on this matter?