What Happens When You Inherit an IRA from a Non-Spouse?
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Marty’s brother, Ed, passed away suddenly. He never got married or had children, so he passed everything, including his Individual Retirement Account (IRA), to Marty. During one of the most difficult times in his life, while grieving for his deceased brother, Marty had no idea about everything involved when it came to inheriting his brother’s IRA.
Losing a loved one can bring not only emotional pain, grief, and sadness, but also significant financial responsibilities related to settling an estate that can cause much confusion. So, what responsibilities do you have with regard to the
newly inherited account? The answer depends on your relationship to the deceased. Here I will discuss several factors that will determine what you can do with inherited retirement assets if the deceased is not your spouse. For more details on IRAs if the deceased is your spouse, please see IRS publication 590-B.
Rules for Non-Spouse Beneficiaries of Inherited IRA Accounts
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