This week's Money Monday focuses on Individual Retirement Accounts and why they are much more complicated than you may realize.
What to do? Here are some answers.
BENEFICIARY IRA COMPLICATIONS
- Individual Retirement Accounts Come With Lots of Strings
- Starting with Beneficiary Designations
- When Opening an IRA Make Certain to Fill out Beneficiary Form
- Assign a Primary and Contingent Beneficiary OR Beneficiaries -- Spell out Percentages on the Form
- Life Changes Make Certain You Change your Beneficiary Designations
- Make Your Estate or Trust a Beneficiary? Triggers Major Tax Event & Loss of Deferred Growth.
- If Beneficiary is Spouse: He/She can Roll Over into their OWN IRA and Spread Out RMDs OVER TIME.
- Beneficiary over Non-Spouse Rules Different & Complicated -- Whether Creating an IRA or Inheriting an IRA Consult a Certified Financial Planner®
Links to helpful articles: