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In electing to establish an Individual Retirement Account (IRA) you may choose to have a traditional IRA account or decide on a Roth IRA account, both of which are recognized by and acceptable to the Internal Revenue Service (IRS). One of the advantages in establishing a Roth IRA account is that it is not subject to the minimum distribution rules. As in a traditional IRA account, if your spouse is your sole beneficiary he or she can treat the Roth IRA as his or her own. She can ignore the distribution rules of the regular IRA account and be able to enjoy all of the normal rights and privileges inherent in a Roth IRA. In other words he or she will not be forced to “accelerate” or take income, but can elect to let it continue to earn interest until he or she needs it.
|Sheri Ann Richerson|