If you are the designated beneficiary of an IRA account at Preferred Trust and you have recently inherited the account, please contact us at 702-990-7892 opt. 2 and be prepared to provide certain documents for verification, such as the death certificate and a copy of a government issued Photo ID. The statements below have been compiled from various IRS publications to help you identify the information that will be pertinent in determining the next steps for the inherited IRA account(s). For more information, please visit www.irs.gov.
Given the complexity and the frequent revision (i.e. new mandates or emergency relief provisions) of the Federal rules and regulations regarding Inherited IRAs, we highly recommend that you seek the advice of a legal advisor or tax professional when deciding the best course of action for your Inherited IRA. Failure to execute a distribution on time (depending on your situation) or making a miscalculation of the distribution could result in IRS penalties (50% penalty for any undistributed amount).