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Retirement Accounts Have Many Options

Posted by Nina Whitehurst | Dec 22, 2017 | 0 Comments

Cpa planning

If your children inherit your retirement accounts, they will have options about what to do with them.

The Wills, Trusts & Estates Prof Blog discusses some of the options that heirs have when inheriting retirement accounts in "What Your Kids Can Do When They Inherit Your Retirement Accounts."

Most people designate their spouses as the beneficiaries of their retirement accounts.  However, people sometimes name non-spouse beneficiaries, such as their children.

What the children can do with the accounts is not as simple as it is for spouses.  However, there are a few options.

The options include:

  • The assets in the account can be taken out immediately as one lump sum.
  • The assets in the account can be taken out whenever needed, as long as the account is empty within five years.
  • The children can choose to stretch the account out over their own expected lifetimes. They will need to make annual required minimum distributions and must take the first one by a set time.

An estate planning attorney can advise you on creating an estate plan that fits your unique circumstances and advise you on your retirement accounts.

Reference: Wills, Trusts & Estates Prof Blog (Nov. 22, 2017) "What Your Kids Can Do When They Inherit Your Retirement Accounts."

About the Author

Nina Whitehurst

Attorney at Law Nina has been practicing law for over 30 years in the areas of estate planning, real estate and business law She is currently licensed in Alaska, Arizona, California, Colorado, Oregon and Tennessee. Her Martindale-Hubbell attorney rating is the highest achievable: 5 stars in peer...

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