How to Avoid Non-Spouse Beneficiary Mistakes

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As the beneficiary of an inherited IRA, you might be aware of some rules that come with these retirement accounts. However, are you also aware that the rules vary depending on whether you are a spouse, a non-spouse, or a trust beneficiary?

From required distributions to the titling of the account, understanding the differences based on the type of beneficiary is crucial to avoid paying unnecessary taxes and penalties on your inheritance. And, with the SECURE Act that went into effect in 2020, there are even more changes and considerations that many do not understand—including untrained financial professionals! Mistakes are often irreversible, so making informed choices is essential when handling inherited IRAs.

For professional assistance in understanding your options for an inherited IRA, contact Chris Robinson at RFG Wealth Advisory, 940-464-4104, to schedule a time to discuss your questions.

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Avoid Non-Spouse Beneficiary Mistakes in 5 Easy Steps


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