1. Thursday, January 10, 2013 - 12:06 PM
Pearl: This is a very important article and one everyone who has an IRA should heed. I go a stop further. I typed up information for our IRA contingency beneficiary and attached a newspaper article stating basically the same info in the article you posted. I also warn the person that the money should not be withdrawn in one lump sum due to taxes and gave info as to what to do if and when they inherit the money. The first thing young people want to do with such funds is to think they can put it in a savings account and spend as they want. They have to know with IRAs there are expensive consequences for doing this. I have gone to a lot of trouble to have good info available for our beneficiary and I just hope the person takes the time to read the information. I also give the IRS Publication they can read if they want more information about inherited IRAs. Just because we become deceased doesn't mean our responsibility as a good parent stops. Thanks for sharing the article. We can never have too many reminders about the responsibilities of owning and inheriting an IRA.
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