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September 12, 2017

You can transfer an IRA that you inherit from your spouse into your own IRA account, postponing required minimum distributions (RMDs), and taxes, until you turn age 70 ½.  If you are over the age of 70 ½ years, you must begin taking the required minimum distributions, but you can continue to benefit from tax-deferred growth over your remaining lifetime. 

Non-spouse beneficiaries do not have the option of rolling inherited IRAs into their own IRA accounts.  If a non-spouse beneficiary wants to continue to benefit from tax-deferred growt...

August 1, 2017


A revocable living trust can be a valuable estate planning tool. For property owned by the trust, or for which the trust is named as beneficiary, it avoids the necessity of formal estate/probate proceedings. Trust administration can be quicker and less expensive than probate proceedings. This is especially helpful if the estate is complex or if there is property in more than one state, such as a vacation home. Also, a living trust is not a public record, and provides your beneficiaries with a level of privacy in this process.


With a living tru...

July 24, 2017

In addition to a living trust, there are other methods to administer your property at the time of your death, without the need for formal probate/estate administration. Property that is jointly owned with the right of survivorship goes directly to the survivor. Pensions, IRAs and life insurance policies are administered pursuant to the terms of the beneficiary provisions, and can be transferred directly by the designated beneficiary. Additionally, in the State of Indiana you may add transfer on death (TOD) beneficiary provisions to your bank ac...

July 13, 2017

Upon inheritance, your surviving spouse can roll your IRA into his/her own IRA account, postponing required minimum distributions - and taxes - until he/she turns 70 ½.  Other beneficiaries do not have that option.  If you want your beneficiaries (other than your spouse) to continue to benefit from tax-deferred or tax free growth, you must be certain that each beneficiary is a “Designated Beneficiary.”  A Designated Beneficiary is an individual, or a trust which meets certain requirements (“qualifying trust”).   Each designated beneficiary must...

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August 1, 2017

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