In light of the current situation, we are offering our clients the opportunity to meet with us virtually, rather than in-person. Please click here to contact us or call 800-756-5596 to schedule your appointment

Make Informed Decisions
About Your & Your Loved Ones' Futures
Based On Experienced Advice

~|chevron-down~|font-awesome~|solid

Did You Inherit a Roth IRA? Get to Know Your Options

| Mar 27, 2015 | Uncategorized |

In order to make sound financial decisions, you must have a good understanding of the rules. Receiving an inheritance is one of those situations you may have to make decisions that could impact your future finances. If you inherit a Roth IRA, the options you have are similar to that of a traditional IRA, however, there are some differences in the rules.

Before you can decide what to do with an inherited Roth IRA, you need to know what your options are.

Recently, the Wills, Trusts & Estates Prof Blog published an article titled “Options for Inherited Roth IRAs.”

Here is a list of the options identified in that article:

  • Disinherit the IRA.
  • Take a lump sum distribution.
  • Roll it into another inherited Roth IRA.
  • Roll the funds into your own Roth IRA. This last one is available only if you inherited the Roth IRA from a spouse.

Those are your options and you will want to read the original article for more details.

Of course, other rules exist about when you can take distributions. This, however, should give you a general idea so that you can start deciding what you might want to do.

Take no action until you consult an experienced estate planning attorney regarding how these options impact your unique circumstances.

Categories

Archives