When dealing with a Roth IRA, are you able to pass on the money to children or beneficiaries upon second to die? Basically, what are your options?
Second to die? Who would that be? Recall that the "I" in IRA stands for Individual. An IRA has only one owner. (The rules are tied to the owner's age, after all.)As I understand it, a Roth IRA can be listed in your will like any other asset. It will be liquidated at your death, and the proceeds will be distributed according to your will, tax free. But this is not a professional opinion...
Greetings, Heater013, and welcome. You asked:<<When dealing with a Roth IRA, are you able to pass on the money to children or beneficiaries upon second to die? Basically, what are your options? >>I assume you mean the deceased spouse left the Roth IRA to the surviving spouse. If so, that spouse may take that Roth IRA over as his/her own and name children or anyone else as beneficiary to that Roth. As far as the ability to name beneficiaries, it's no different than a traditional IRA.Regards...Pixy
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