Category Archives: Required Minimum Distributions for IRA Accounts

I recently received a distribution check from an IRA of my father, who passed away last year. My father was a very careful planner, so I was quite shock

What’s in a Name? – Why It’s Important to Name a Beneficiary for Your IRA

Many people probably don’t think too much about how important it is to name a beneficiary for their IRAs.  However, as my family recently found out, ignoring this important detail when setting up your IRA can be costly from a tax perspective. I recently received a distribution check from an IRA of my father, who passed away last year.  My father was a very careful planner, so I was quite shocked at his lack of tax planning with his IRA.  When setting up his IRA he named his estate as the beneficiary of the IRA (this is equivalent to not naming a beneficiary at all).  This meant that when he View the rest of post…

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