If you are in a position to inherit an IRA from someone who has passed away, you need to know there are specific rules governing these accounts. You could end up paying a fortune in taxes if you do not know the beneficiary IRA rules. For instance, if you are the spouse of the IRA owner, you have different rules than if you are a non-spouse beneficiary. It might be a difficult time for you right now, but you have to make sure you understand how your loved one’s IRA funds are going to be handled so that you can get the most money possible in the exchange. Some of the beneficiary IRA rules are standard across the board, regardless of which … [Read more...]
Use the Stretch IRA Rules to Protect Your Loved Ones
Many times, people do not outlive their retirement accounts. This means that there are funds still left in the accounts when the owner passes away. Of course, this means their retirement accounts did their job in providing the funds necessary for the owner to live on during retirement. But it also leaves some questions for the beneficiaries. Fortunately, there are ways to make sure your IRA funds can provide income to your heirs in the event that you pass away before you deplete your assets during your golden years. One of the best ways to do that is to transfer your funds using a multi-generational stretch IRA to one or more of your … [Read more...]