Inherited IRA Account
Husband has an IRA and has been taking RMD’s. He died at the age of 78. At the time of his death, his wife is 63.
What are the wife’s options?
First. she needs to submit a copy of his death certficate and her personal info such as addres or other contact info so that his IRA can be retitled with her as beneficiary. She should then elect to assume ownership of the inherited IRA to become the owner rather than the beneficiary. Then if he did not complete his 2021 RMD, she needs to distribute that amount prior to year end. Her own RMDs do not start until the year she reaches 72. She should be sure to name her own beneficiary on her IRA. If she already owns an IRA, she can combine them into a single account.
Permalink Submitted by Jeffrey Moormeier on Thu, 2021-03-04 23:36
He died yesterday 3.4.2021