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Once an IRA owner passes away, his IRA benefits go to a designated beneficiary. The exact money distributed to a beneficiary wholly depends on whether the beneficiary is a spouse or a non-spouse. If you are… More »
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Every year, more and more Americans will be confronted with these rules for beneficiary withdrawals from IRAs. The responsibility sits directly with the IRA owner and beneficiary to make the right decisions. Most custodians avoid offering this type of advice.
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IRA Beneficiary Rules. Once an IRA owner passes away, his IRA benefits go to a designated beneficiary. The exact money distributed to a beneficiary wholly depends on whether the beneficiary is a spouse or a non-spouse.... ... eHow Article: IRA Beneficiary Rules...
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IRA rules are very complex and you make some excellent points. However, the number one reason to name a beneficiary for your IRA is so it won’t have to be probated upon your death. Without a designated beneficiary you have no control over where your money goes.
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If, as the beneficiary, you decide to open an Inherited IRA, certain rules will determine when you must take your distributions. These rules are based on the type of IRA inherited, the age of the original accountholder at his/her death, and the type of Inherited IRA opened.
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( even if one is your spouse), the new rules significa n t ly change how IRA assets are disbursed after your death. Although neither the old rules nor the n ew rules all ow a nonspouse beneficiary to “a s s u m e” the IRA , the new rules s t i ll treat nonspouse beneficiaries m o re favora b ly.
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