Name a Beneficiary!

May 21, 2016

Name a Beneficiary!

Yet another reason why it is important to name a beneficiary! Jim and Peter discuss an IRS Private Letter Ruling (PLR) that involves an instance where an IRA was left to an estate. Because of circumstances specific to this case the IRS allowed this IRA to be rolled over to an Inherited IRA, but things would have been a lot easier if the deceased had just named a beneficiary. Also, Jim and Peter answer listeners’ questions:  Can you still file and suspend your Social Security benefit?  When do you have to close out an inherited annuity if you’re a non-spouse beneficiary? Can you take money out of an Inherited IRA without having to pay taxes? Should you claim your Social Security benefit early if you think you may have a reduced life expectancy?

Podcast: Play in new window | Download (Duration: 1:41:26 — 46.4MB)

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