Inherited Retirement Account

December 27, 2011 by staff 

Inherited Retirement Account, Did you inherit an individual retirement account (IRA) or any other retirement account? There are a number of requirements and deadlines that you MUST be aware of. Failure to meet these deadlines could throw a wrench into your family’s financial planning for the future.

TUTORIAL: Common IRA Rollover MistakesYou have until September 30 to review and remove beneficiaries, and you have until December 31 to divide the IRA to take full advantage of things like large age differences.

Distribution Rules for Multiple Beneficiaries
Generally, individuals who are one of multiple beneficiaries of a retirement account are required to distribute the account over the life expectancy of the oldest beneficiary. If the account owner died before the required beginning date and one of the beneficiaries is a nonperson, such as a charity or estate, the assets must be distributed by the end of the fifth year following the year in which the account owner died. This shortened distribution period can put younger beneficiaries at a disadvantage.

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