Only a spouse can transfer inherited IRA funds to his or her own IRA.) Rather, identify your interests—how you enjoy spending time—look for groups and settings where others share the interests, and friends will follow. Example: “John Smith (deceased 7/30/16) Roth IRA, for the benefit of Mary Smith, beneficiary.” (The second inherited Roth would have the same title, except for the name of the other child as beneficiary.) Need I say more!”I have a six-figure Roth IRA, and I am considering naming two of my very young grandchildren as contingent beneficiaries. More than 200 readers emailed us with suggestions, which we have passed on to this individual.

Source: Wall Street Journal August 08, 2016 01:52 UTC