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Law Office of Roland D. Waller - Probate and Real Estate Attorney - New Port Richey, Florida

Law Office of Roland D. Waller - Probate and Real Estate Attorney - New Port Richey, Florida

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Law Office of Roland D. Waller
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Wednesday, 14 December 2022 / Published in Estate Planning, Videos

How Do I Handle An Inherited 401k

Video Summary

How do I handle an inherited 401k? Well, the, whenever the decedent passes away and you’re designated as the beneficiary of 401k you need to deal with the company’s custodian or whoever is handling the 401k, and they’ll explain to you what your options are. I think one of the primary options you’ll always  have the 401k paid out a lump sum right after the death of the decedent. And so you take it in a lump sum. The disadvantage of that, of course, is that you have to pay all the income tax on the money that you receive. You can then discuss with the provider or the one who is managing the 401k as far as your other options whether or not you can roll it into your own IRA and spread it out over your lifetime. And some of the other questions: are they already receiving some of these distributions? Also are they what their age are and whether or not you’re the spouse. All these are factors which would need to be discussed with the provider or whoever manages the money on in the 401k. I can’t tell you that I’m an expert in this area but if you give me a call, And as far as that’s concerned, my phone number’s (727) 847-2288.

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