Counseling Beneficiaries

What are my options? What should I do now?

There are many things to think through at a very difficult family time. 

As a beneficiary you have several decisions to make.  Your payout options depend on two things:  your relationship to the account owner and what type of an account that was left to you.

There are different options according to the money type, such as: IRA, 403b, 457,  401(k), After Tax Annuities and , regular investments in Stocks, Bonds and Mutual Funds. 

For retirement accounts, the beneficiary may be required to start distributions at least on an annual basis.  There may be tax consequences that will need to be reviewed prior to your decision.  In many cases, you may be able to stretch out tax burden and provide income to yourself for the rest of your life.

Most payout options may be changed from an annual basis to a more frequent payment schedule.  You may also withdraw more than the minimum amount.  You will be able to name a new beneficiary on your inherited account and they will also be able to continue longer payouts.

We are available to discuss all of the options with you and any family member at any time.

    

2021 Oldham Resource Group. All rights reserved.