Finances
Received an Inherited IRA? What You Need to Know
After the death of a parent, you may be the beneficiary of whatever is left in their retirement account – whether it’s a 401(k), IRA, or something similar. Here’s how Vanguard explains the Inherited IRA: An inherited IRA, also known as a beneficiary IRA, is an individual retirement account that is opened when someone inherits …
Which Accounts Should Have Beneficiaries?
Setting up beneficiaries for your accounts is a core part of estate planning and can ensure your assets are distributed quickly and according to your wishes, often bypassing the time-consuming and costly process of probate. The general rule is that any account that allows you to name a beneficiary should have one. These designations typically …