Just this week I had a client die without a will. Fortunately it was a simple estate, with the wife being the sole heir as well as the named beneficiary of the IRA.
Sometimes it’s a lot harder to determine who gets the IRA money and when it has to be paid out to one or more beneficiaries. Although this is not a do-it-yourself type of project, the following chart can help you get pointed in the right direction. Remember, you don’t have to go through the decisions alone, use this link to contact us with questions.
[Editors’ note: If you click on the chart, you’ll get an enlarged version that’s much easier to read.]
This is part of a series of six posts on keeping the wealth “All in the Family.” To receive this series via e-mail, click here and enter your address in the “subscribe” area.
(Our thanks to AICPA contributing author Robert S. Keebler for his work on this flowchart.)
David Conley
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
Latest posts by David Conley (see all)
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We destroy another tax myth with facts
- March 20, 2019 - Cliff notes of the new tax law:
Our cheat sheet guide to tax reform
- March 16, 2019 - March madness-tax humor:
Bracket can be in the eye of the beholder
- March 10, 2019
