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?

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Jim Saulnier and Associates | 970-530-0556 | 506 East Mulberry Street, Fort Collins, Colorado 80524

Ed Slott Advisor recognition requires an advisor to be well versed on the rules and regulations regarding IRAs. The advisor must attend two live training sessions and pass two written exams annually to remain in the program. Jim Saulnier & Associates, LLC (“RIA Firm”) is a registered investment adviser located in Fort Collins, CO. Jim Saulnier & Associates, LLC may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Current registered states: CA, CO, PA, TX, WA, IL Insurance products and services are offered and sold through James H. Saulnier, a Colorado licensed insurance producer, only in those states in which he is reciprocally licensed or qualifies for an exemption or exclusion from licensing requirements. Current reciprocal insurance licensing in these states: AZ, CA, CA, CN, FL, HI, IA, MA, MD, NY, PA, SC, TN, TX, VA, WA, WI, WY Click here for a more detailed disclosure.