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Inheriting an IRA

Financial Advisor Tim Hayes AIF®, CRPS®, AWMA®, CFS®, APMA®

When someone inherits an IRA, the particular relationship between the individual that passed away and the beneficiary dictates the available choices. When the spouse is the sole beneficiary, that person can either remain a beneficiary or become the owner of the IRA.

When anyone other than a spouse inherits an IRA, that person’s only choice is to be a beneficiary. In that case, recipients can: (1) make a trustee-to-trustee transfer of the inherited IRA, and (2) make sure to title the new IRA in the deceased owner’s name for the benefit of themselves as beneficiary. This provides beneficiaries the option of stretching the withdrawals out over their lifetimes and hopefully lessening the tax burden.

Read more: What the New Secure Act Means to You

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February 2020

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