IRA Beneficiary
Thank you for helpful advice earlier when I inquired about giving me access to my husbands IRA’s as he has a degenerative neurological condition that is starting to affect his cognition. I am beneficiary on his IRA accounts (3). Do you advise a contingent beneficiary? Is there a downside for this arrangement? Thank you in advance.
Terry Says
You may be the BENEFICIARY of his IRA — but that does not give you access to make decisions about investing/withdrawing it before he dies!! I suggest getting a Power of Attorney for all things financial while he is still able to do so.
Assuming you inherit his IRA (he dies before you), then you will roll it into your spousal inherited IRA and name another beneficiary. But on the outside chance that somehow you predecease him, he can name a contingent beneficiary now to receive the money if you are not alive (perhaps your adult child).
Have you reviewed your “estate plan” with a professional? Now is the time to do so, when getting the power of attorney for business — and for healthcare, and also possibly creating a “living will” — instructions for end of life decisions.
