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

Jim Saulnier, Registered Representative, Securities offered through Cambridge Investment Research, Inc., a Broker/Dealer, Member FINRA/SIPC to residents of: CO, IA, IN, MA, NY, TN, TX, WI and WY. No offers may be made to or accepted from any resident outside the specific states mentioned. Jim Saulnier, Investment Advisor Representative, Cambridge Investment Research Advisors, Inc., a Registered Investment Advisor. Financial Planning services offered through Jim Saulnier and Associates, LLC., a Registered Investment Advisor. Cambridge and Jim Saulnier & Associates, LLC are not affiliated.