By Jac Arbour
Chartered financial consultant
HALLOWELL — Millions of Americans own IRAs and other retirement accounts such as a 401kor a 403b.
Sure, it is important to manage the investments properly, but it is equally important to list the appropriate beneficiaries on each account.
Furthermore, it is important to educate your beneficiaries about the options they have and the requirements they must meet once they inherit the accounts.
Educating your beneficiaries about required minimum distributions and their ability to rollover such accounts to inherited IRAs is crucial. Simple conversation like these can help prevent penalties of up to 50 percent and help ensure the money will benefit your heirs for years to come.
