Financial Tips for Surviving Spouses with Inheritances in Fort Myers, FL

Posted on Nov 29, 2011

As estate-tax rules become more complicated and the market more volatile, some people are putting more of their savings into IRAs, an article at The Wall Street Journal states. Consequently, some widows and widowers are being negatively affected by mistakes made regarding their inheritance.

When you inherit your spouse's IRA, you can roll it over into your own IRA. If you are 59 1/2 or older, this makes sense but if you are younger and need to access your IRA, you could face a 10% penalty. One option is an inherited IRA, in which you may have to follow a withdrawal schedule.

Your portfolio should reflect investments in your inherited IRA or inherited brokerage accounts. Widows and widowers should get help to assess risk tolerance and then redeploy assets in a way that brings about comfort.

Another mistake some widows and widowers make is collecting minimal Social Security benefits at age 60
. More benefits can be collected if you wait until your full retirement age, which is based on your birth year.

For more tips on protecting your finances in these volatile times, you should meet with your
estate planning attorney in Fort Myers, Florida. Take control of your money, don't let the government diminish your rightful stock options simply because you weren't aware of all the new rules and regulations.

 Help from an Estate Planning Attorney in Fort Myers is a Phone Call Away

Fort Myers estate planning attorney Matthew A. Linde understands firsthand the importance of careful estate planning and the complexities of financial legal matters, such as probate, tax litigation and guardianship. For help with estate planning concerns, contact our Fort Myers office to schedule a one-on-one meeting with a professional who can answer your questions - 239-939-7100 or 844-764-5492.