Critical Knowledge

If you have an IRA and you die, do you know what will happen to it? There are actually various things that decide what happens to it. One question will be to know who the beneficiary is and the other is, whether or not the owner died before or after the required beginning date?
If you are unaware of the rules for this, you could lose money that may end up with the distribution going places you don’t want it to. The categories of beneficiaries can be broad, but the main three are: the spouse, a non-spouse beneficiary and no beneficiary at all. They all carry their own rules and benefits and must be reviewed by someone who knows the rules.
The amount of scenarios are many with all the possibilities and complexities of the IRA distribution so the best advice to get is from a financial planner. An accountant and a tax attorney can also be part of this process so that your desires will be carried out they way you plan for them to. Only you can have the say as to where your money goes so make sure you cross your t’s and dot the i’s.