inheritance

Four Essential Inherited IRA Rules That Beneficiaries Should Know

If you are like one of many people who inherited an individual retirement account (IRA) this year, you likely have countless questions involving estate planning and taxes. While it can be a financial advantage to inherit an IRA account, there are still taxes to worry about, and making one wrong decision can raise the attention of the Internal Revenue Service. Some people decide not to make any decisions on how to handle an IRA account without first speaking with a knowledgeable estate planning attorney. It can also help to understand some vital but often overlooked rules addressing how IRA accounts must be handled.    Do Not Forget About Year-of-Death Distributions   One challenge presented by IRAs is deciding if its creator took a required minimum distribution in the year that he or she passed away. If the creator failed to take a required minimum distribution this year, the beneficiary must make sure this requirement is met. Remember, however, if the creator had not reached the age of 70 and a half by the time he or she passed away, there is no year-of-death required distribution.    Your Situation Influences How You Handle the IRA   If you inherited an IRA, [...]

2020-07-27T17:38:03+00:00Tags: , , , |

Answers to Commonly Asked Inheritance Questions

Receiving an inheritance can change a person’s life, so it should come as no surprise that people often have questions about how inheritances are received. The following will provide some details about how inheritances work.   What Happens if You Die Without a Will?   When a person dies without a will, the individuals who inherit from the estate are determined by Oklahoma intestacy law. Many people believe that if a person dies without a will, that individual’s spouse will inherit everything in the estate. Exactly who inherits, however, depends on several critical factors including the value of an estate and how assets are held.    What Happens if the Terms of a Will are Violated?   If a will is valid under Oklahoma law, it must be followed unless doing so would violate another law. If a will is not followed, an interested party can file a petition and raise the issue in front of a probate judge.    What Happens if Someone Misuses Estate Property?   There are probate laws in Oklahoma that create strategies to block an individual from misusing or taking estate property. If you end up in this situation, however, it is important to immediately [...]

2019-10-25T15:49:12+00:00Tags: , |