Your customer, age 68, that has an IRA account at your firm valued at $500,000, passes away. The customer leaves the account to

Question

3 years ago

14

Your customer, age 68, that has an IRA account at your firm valued at $500,000, passes away. The customer leaves the account to

his son, age 38. He has no need for current income as he is still working, and wishes to know his best option to minimize taxes. He expects to retire in 22 years, at which time, he will need the funds to pay for annual living expenses. You should advise the son to:

Business

1 answer:

schepotkina [342] · Answer 1 · 2022-02-19T03:38:28+03:00

Answer:

He should roll the funds over into a new IRA in the spouse's name

Explanation:

Since the son is expects to retire in 22 years, in which at that time he will be in need of the funds to pay for his or his Family annual living expenses the best advice I would give the son is for him to roll all the funds over into a new IRA in the name of spouse's because the IRA Account which is fully known as INDIVIDUAL RETIREMENT ACCOUNT is an individual retirement plan that can help to provides all tax the advantages that an individual needs for their retirement savings.