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An HSA is your most tax-advantaged account in retirement due to its triple tax advantage.

If used properly, the money in an HSA can completely avoid taxes altogether.

But as tax-advantaged as this account is while you’re alive, it’s quite tax disadvantaged after death.

Health Savings Accounts can be passed to other persons or entities in one of five ways.

An inherited HSA in many cases becomes fully taxable in the year of death.

For instance, a non-spouse inheriting this account will have to withdraw the full HSA and pay income taxes on the full amount.

This can drive any heir into higher brackets pretty quickly.

So what can a retiree do?

First, fully utilize the HSA while still alive. Use strategies like the ‘Receipt Loophole’ to gain full HSA triple tax advantages.

From there, pass your HSA to any surviving spouse. A spousal HSA retrains the same tax benefits that are available to you.

Finally, assess the best way to pass it on beyond you and your spouse. This video will help with that decision.

The main message here, make sure you get the most out of this powerful account.

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A health savings account (HSA) is a special type of savings account that allows you to set aside pre-tax dollars to pay for qualified medical expenses. If you have an HSA, it’s important to understand what will happen to your account after you die. Here are five ways your HSA can be inherited and the tax ramifications you need to know.

1. Spouse Inheritance

If you have a spouse named as a beneficiary on your HSA, they will inherit the account tax-free. That means they can continue to use the HSA for medical expenses without any tax penalties. However, if your spouse decides to withdraw the money for non-medical expenses, they will be subject to ordinary income tax.

2. Child Inheritance

If you name your child as a beneficiary on your HSA, they will inherit the account, but it will not be tax-free. Instead, your child will be required to pay ordinary income tax on the contents of the account. If your child is under 18 years old, they will also be subject to a 10% penalty tax, unless they are using the money to pay for qualified medical expenses.

3. Non-Spouse Inheritance

If you name a non-spouse as a beneficiary on your HSA, they will inherit the account with tax consequences. The beneficiary will be required to pay ordinary income tax on the account, but they do not have to pay the 10% penalty tax for withdrawals made before age 65. The only exception to this is if the recipient chooses to use the HSA for non-medical expenses.

4. Estate Inheritance

If you do not name any beneficiary on your HSA or if all beneficiaries have passed away before you, your HSA becomes part of your estate. In this case, the account will be subject to estate tax, which can be as high as 40%. However, if your estate is below the estate tax threshold, there will be no estate tax.

5. Charitable Donation

If you have no heirs and do not want your HSA to become part of your estate, you can name a charitable organization as a beneficiary. This means that the organization will receive the contents of your account tax-free, and the organization will be able to use the money for qualified medical expenses.

In conclusion, if you have an HSA, it’s important to consider what will happen to the account after you die. By naming a spouse, child, non-spouse, estate or charitable organization as a beneficiary, you can control what happens to your HSA and minimize the tax implications for your heirs.