LEGAL CORNER: Does an inherited IRA become community property in the event of a divorce?

Attorney Genia Coleman Lee, with the SWLA Law Center, answers the following questions: Does an inherited IRA become community property in the event of a divorce? If the inherited IRA is rolled over into an account in the name of the heir, and his children are named as beneficiaries, does the wife have to agree? For more Local News from KPLC: For more YouTube Content: ...(read more)

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When it comes to divorce, one of the most complicated issues that couples face is the division of property. This can be particularly challenging if a couple owns different types of assets, such as an inherited individual retirement account (IRA). This raises the question: does an inherited IRA become community property in the event of a divorce? The answer to this question is not simple and depends on the state's laws where you live. In community property states, any property or assets acquired during marriage are considered community property and are subject to division upon divorce. This means that any assets, including inherited IRAs, acquired during the marriage are subject to division between spouses. However, in non-community property states, inheritance is generally considered separate property and may not be divided upon divorce by a court. This means that an inherited IRA would not automatically become community property and may be awarded to the inheriting spouse. It's important to note that even in non-community property states, inherited IRAs may still be subject to division upon divorce if the inheriting spouse commingles the assets with other marital property. For example, if the inheriting spouse deposits inherited IRA funds into a joint bank account, then the account may be considered marital property. It's also worth noting that the type of IRA inherited can also impact how it is treated in a divorce. Traditional IRAs are subject to income taxes upon withdrawal, while Roth IRAs are not. This may impact how the assets are divided in a divorce settlement. In conclusion, whether an inherited IRA becomes community property in the event of divorce is a complex issue and largely depends on the state's laws where you live. If you are considering a divorce and have inherited assets, it's important to seek the advice of a qualified family law attorney who can guide you through the legal process and help you understand your rights and options. https://inflationprotection.org/legal-corner-does-an-inherited-ira-become-community-property-in-the-event-of-a-divorce/?feed_id=76798&_unique_id=6408636684add #Inflation #Retirement #GoldIRA #Wealth #Investing #BrianFleming #Havelock #Jacksonville #MichaelHudson #MyrtleBeach #NoTiesFinance #NorthMyrtleBeach #PineyGreen #RSWealthManagement #wealthmanagement #InheritedIRA #BrianFleming #Havelock #Jacksonville #MichaelHudson #MyrtleBeach #NoTiesFinance #NorthMyrtleBeach #PineyGreen #RSWealthManagement #wealthmanagement

"Is Birch Gold Group a Reliable Choice for Your 2023 Gold IRA Investments?" - A Quick Review #shorts

In this Birch Gold Group review video, I go over what makes this Gold IRA company unique, the pros and cons, their fees, minimums, and much more. Get their free guide here: 👉 FREE Resources: ➜ Gold IRA Company Reviews: Birch Gold Group boasts high ratings from consumer advocate groups. With an A-plus rating from the Better Business Bureau, a triple-A rating from the Business Consumer Alliance, and high marks from Trust Link, Trustpilot, and Google Business, Birch Gold is a top choice to trust your hard-earned retirement savings. Birch Gold Group’s low initial investment minimum is another edge it has over its competitors whose minimums can range from $25,000 to $50,000. A beginning $10,000 minimum investment is all that is required to start a GOLD IRA with Birch which is advantageous for first-time investors. Spanning nearly two decades, Birch Gold Group’s mission and philosophy focus on a commitment to understanding your needs and finding the right fit for you. Their

New York Times Company Continues to Add Online Subscribers at a Steady Clip

Business News by Timothy Sumer - The company’s first quarter results showed total paid subscriptions reaching 4.5 million. Online ad revenue rose 19 percent, to $55 million, thanks, in part, to “The Daily” podcast. from NYT > Business https://nyti.ms/304QC2w via Timothy Sumer

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom

Should I Rollover My 401k to an IRA? YES! #shorts #retirement #financialfreedom Should I Rollover My 401k to anIRA 🤔 || 401k to IRA Rollover Pro's & Con's In this video, I want to talk about rolling over your 401k to an IRA Rollover and if that makes sense for your retirement planning . I want to look at the pro's to rolling over a 401k and also the con's to rolling over a 401k. When you should rollover your 401k to an IRA and when you should NOT rollover your 401k to an IRA. Let's talk about when you should NOT rollover your 401k to an IRA: 1. You are still working and are under the age of 59.5 2. You are 55 and considering retirement (Rule 55) 3. Increased creditor protection in a 401k 4. 401k's offer loans--IRA's do not offer loans Why you SHOULD rollover your 401k to an IRA 1. More investment choices in IRA over 401k 2. Lower investment fees 3. Convert IRA to Roth IRA (Roth IRA Conversion) 4. Consolidation from multiple 401k'

Timothy Sumer

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