Category: Finances
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What Widowed Parents Need to Know About Inherited Brokerage Accounts
When your spouse dies, the U.S. government gives you some financial benefits to try to help ease your financial burden. One of these benefits is that if you are listed as the beneficiary of your spouse’s investment account (also called brokerage account), you are allowed to receive what’s called a “step-up in basis.” To understand…
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What Widowed Parents Need to Know About Inherited IRAs
When my husband died, I inherited his traditional individual retirement account (IRA). Since I was listed as the beneficiary for the account, it fortunately did not have to go through probate. My financial advisor told me that they would simply convert it into an “inherited IRA” for me. At the time I didn’t know what…