Timothy Sumer

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...

Watch our next webinar to discover how to use whiteboard videos like this to grow your practice: Financial Advisor video marketing, Loan Officer, Reverse Mortgage, Medicare Agents Transcript: If you’re changing jobs or retiring, it’s important to know the rules regarding moving funds from your employer sponsored retirement plan. The wrong move could cost you in income taxes and early withdrawal penalties. You typically have four options, and you may engage in a combination of these options. You can leave the money in your former employer’s plan, if permitted. You can also cash out the account value, but you should research the tax implications first. There are two basic ways to move retirement plan assets from one retirement plan to another with no tax consequence. With a direct rollover, your financial institution or plan directly transfers the payment to another plan or IRA; no taxes are withheld, and your account continues to grow tax deferred. With an indirect ro...