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An inherited IRA is an individual retirement account (IRA) you open when you're the beneficiary of a deceased person's retirement plan.
If you are the beneficiary and you want to transfer the funds into your Swan IRA account, you will need to contact the deceased's IRA custodian to open an inherited IRA account under your name. Once the inherited IRA is set up, the IRA custodian will transfer all the cash and assets into this new inherited IRA account.
When the funds are available in the inherited IRA account, your current custodian will have to produce an account statement with the new account information. Once you have this account statement, you can complete the standard process of transferring IRA funds into Swan. Please consider the following information before initiating an IRA transfer from an inherited IRA:
- You will need a brand-new Swan IRA to deposit the inherited IRA funds.
- You cannot deposit non-inherited IRA funds on the inherited Swan IRA account. If you want to make contributions or rollover/transfer a non-inherited IRA, you will need a separate IRA.
- You are responsible to comply with the Required Minimun Distributions (RMDs) of their Inherited IRA
If you have any questions about inherited IRAs, you can contact us at email@example.com.