Are You the Original Beneficiary of an IRA or the Successor Beneficiary of an Inherited IRA?

Are you the Original Beneficiary?

(the individual named by the Deceased Account Owner
as beneficiary of the IRA)

Yes

Are you the Successor Beneficiary?

(the individual named by the Original Beneficiary
as beneficiary of the Inherited IRA)

Yes

Note: the Deceased Account Owner is the individual who originally set up the IRA.

Expand for information on setting up an Inherited IRA

Important Information about Setting Up an Inherited IRA

Beneficiaries of an inherited IRA must maintain the account as an inherited IRA. It may be possible to transfer the funds to another IRA custodian if:
1) the transfer is a direct trustee-to-trustee transfer; and
2) the new inherited IRA is maintained in the name of the deceased Account Owner for the benefit of the beneficiary.

For examples, “John Doe, deceased, for the benefit of Mary Doe” or “John Doe, deceased, f/b/o Mary Doe.” Beneficiaries of an inherited IRA may not roll over the funds of the account to an IRA titled under their own name.

Only the deceased Account Owner’s surviving spouse may execute a rollover, called a spousal rollover.

This information is not intended as tax or legal advice and is not intended or written to be used, and cannot be used, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code. Each taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. Please encourage your clienst to consult with their attorney or accountant prior to acting upon any of the information contained herein.

National Life Group® is a trade name of National Life Insurance Company, Montpelier, VT, Life Insurance Company of the Southwest, Addison, TX, and their affiliates. Each company of National Life Group is solely responsible for its own financial condition and contractual obligations. Life Insurance Company of the Southwest is not an authorized insurer in New York and does not conduct insurance business in New York. This document may not be copied, transmitted, or otherwise disseminated in any way without the express written permission of National Life Group. The companies of National Life Group® and their representatives do not offer tax or legal advice. Please encourage your clients to consult with their appropriate professional advisor.

Guarantees are dependent upon the claims-paying ability of the issuing company.

TC8652397(0126)1 | Cat No 108306(0126)