Inherited IRAs must be retitled or renamed to avoid IRS tax penalties, Tim Grant writes. Spouses inheriting IRAs need not rename them unless they plan to withdraw money before the age of 59½ -- then retitling will save the 10% tax hit levied by the IRS. "Many financial advisers don't know this. I get a ton of mail from people who failed to retitle an IRA and they want to know if it can be undone. The answer is no. Once it's done, it's done," financial adviser Jane Bryant Quinn says.