Watch our next webinar to discover how to use whiteboard videos like this to grow your practice: Loan Officer, Reverse Mortgage, Medicare Agent and Financial Advisor video marketing Video Transcript: If you’ve become the beneficiary of an IRA or other retirement account , it’s important to know your options. You can take the money out in one lump sum. This requires opening an account called an Inherited IRA in your name for correct IRS reporting. That lump sum may be taxable depending on whether the original contributions were pre or post-tax. Or you can open an Inherited IRA and leave it alone to grow tax deferred. You can't make additional contributions and must start taking Required Minimum Distributions based on when the deceased would have turned 72. You must also liquidate the account in ten years. With this option, you can name your own beneficiary to pass it on. If your spouse left you the account, you’re allowed to roll those assets into your own retirement...
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)