There are a number of things that can spell disaster for someone inheriting an IRA including:
• Having inaccurate or wrong documents
• Thinking that just because your will and trust are up to date that you are all set
• Misplaced documents. Don’t rely on the custodian of your money!
• Not understanding spousal options. Spouses have special options that nobody else has.
• Not understanding the benefits of a Stretch IRA or Mulitgenerational IRA and the strict rules and guidelines that must be followed.
• Not handling charitable desires correctly.
• Not having a plan in place to avoid or help out unpeprared or irresponsible beneficiaries.
I will discuss all these things and more in more detail. If you have done a good job of accumulating a nice size IRA and you want to maximize what your heirs get when you eventually pass on and not what the IRS gets tune into the show.
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