Inheriting a Retirement Account - GenFi Ministries

Inheriting a Retirement Account - GenFi Ministries

4070 27th Ct SE, Salem, OR 97302

Inheriting a Retirement Account

Qualified Retirement Account Inheritance Rules

Applies to 403(b) and traditional IRA accounts.*

Eligible Designated Beneficiaries

Spouse, minor child, disabled or chronically ill individual, or someone who is less than 10 years younger than the account owner/deceased individual. These individuals can use their single life expectancy, or they can elect to take withdrawals under the 10-year rule.

Non-Eligible Designated Beneficiaries

Any other individual who is not listed above. These beneficiaries must use the 10-year rule.

Non-Person Beneficiaries

Any entity, such as a trust, the individual’s estate, a charity, etc., must withdraw the balance of the account by the fifth anniversary of the account owner’s death if the owner died before their Required Beginning Date (RBD), or they can follow the 10-year rule if the owner died after their RBD. The RBD is the date when the account owner was required to start taking withdrawals (Required Minimum Distributions).

The 10-Year Rule

Most non-eligible designated beneficiaries must fully distribute the account by the end of the 10th year after the account owner’s death.

If you have questions about an inherited retirement account or need help understanding your options, our team is here to help. Contact retirement@genfi.com or call 800-821-1112 to speak with a knowledgeable specialist.

*This information is provided for general educational purposes only and is not intended as tax or legal advice. Individual situations may vary, and we encourage you to consult a qualified tax or legal professional regarding your specific circumstances.

Please submit this form to begin the process of opening an ESA with GenFi Ministries.

First Name

Last Name

Street Address

City

State / Province / Region

ZIP / Postal Code

Country

Phone Number

Email

Type of contribution that will be used to open this IRA

How do you prefer we contact you?

address (honeypot)

Any additional information you would like us to know?

Thank you for your interest in our IRAs. Once you submit this form, an Investor Specialist will be in contact with you within 2 business days. Please feel free to contact our office (800-821-1112) if you have any questions in the meantime.

Please submit this form to begin the process of opening an ESA with GenFi Ministries.

First Name

Last Name

Street Address

City

State / Province / Region

ZIP / Postal Code

Country

Phone Number

Email

Type of contribution that will be used to open this IRA

How do you prefer we contact you?

address (honeypot)

Any additional information you would like us to know?

Thank you for your interest in our IRAs. Once you submit this form, an Investor Specialist will be in contact with you within 2 business days. Please feel free to contact our office (800-821-1112) if you have any questions in the meantime.

Please submit this form to begin the process of opening an ESA with GenFi Ministries.

First Name

Last Name

Street Address

City

State / Province / Region

ZIP / Postal Code

Country

Phone Number

Email

Type of contribution that will be used to open this IRA

How do you prefer we contact you?

address (honeypot)

Any additional information you would like us to know?

Thank you for your interest in our IRAs. Once you submit this form, an Investor Specialist will be in contact with you within 2 business days. Please feel free to contact our office (800-821-1112) if you have any questions in the meantime.

Please submit this form to begin the process of opening an ESA with GenFi Ministries.

First Name

Last Name

Street Address

City

State / Province / Region

ZIP / Postal Code

Country

Phone Number

Email

Type of contribution that will be used to open this IRA

How do you prefer we contact you?

address (honeypot)

Any additional information you would like us to know?

Thank you for your interest in our IRAs. Once you submit this form, an Investor Specialist will be in contact with you within 2 business days. Please feel free to contact our office (800-821-1112) if you have any questions in the meantime.