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Todd Pouliot, AIF
Gateway Financial, LLC
Address: 9821 Olde 8 Road, Suite M, Northfield Center, OH 44067
Toll-Free: 844-592-9888

Gateway Financial is an Investment Advisor registered with the State of Ohio and in other jurisdictions where exempted. All views, expressions, and opinions included in this communication are subject to change.

This communication is not intended as an offer or solicitation to buy, hold, or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy, or the completeness of, any description of securities, markets, or developments mentioned.

We may, from time to time, have a position in the securities mentioned and may execute transactions that may not be consistent with this communication’s conclusions.

Please contact us at 844-592-9888 if there is any change in your financial situation, needs, goals or objectives, or if you wish to initiate any restrictions on the management of the account or modify existing restrictions. Additionally, we recommend you compare any account reports from Gateway Financial, LLC with the account statements from your Custodian.

Please notify us if you do not receive statements from your Custodian on at least a quarterly basis. Our current disclosure brochure, Form ADV Part 2, is available for your review upon request, and on our website, www.mygatewaymoney.com.

This disclosure brochure, or a summary of material changes made, is also provided to our clients on an annual basis….(read more)

LEARN MORE ABOUT: IRA Accounts

TRANSFER IRA TO GOLD: Gold IRA Account

TRANSFER IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA

If your spouse was the owner of a traditional IRA, you may be considering whether or not to inherit it. While there are certainly benefits to inheriting an IRA, it’s important to weigh the pros and cons before making a decision.

Firstly, if you do inherit your deceased spouse’s traditional IRA, you’ll have the opportunity to benefit from tax-deferred growth. This means that you won’t have to pay taxes on the funds until you start making withdrawals. Additionally, if you’re under the age of 59 and a half, you won’t have to pay any penalties for withdrawing funds early, as long as you take them out in a timely manner.

However, there are also some potential downsides to inheriting an IRA. One of the biggest is that you’ll have to start taking required minimum distributions (RMDs) when you turn 72. If you don’t take these distributions, you’ll be subject to a hefty tax penalty.

Another potential downside is that the IRA may be subject to the claims of your spouse’s creditors. This means that if your spouse had any outstanding debts when they passed away, those debts may be able to be collected from the IRA.

In addition, inheriting an IRA can be a complicated process, especially if you’re not familiar with the rules surrounding IRAs. You’ll need to make sure you follow all the necessary steps in order to avoid any additional taxes or penalties.

Ultimately, whether or not you should inherit your deceased spouse’s traditional IRA will depend on your own financial situation and goals. If you’re comfortable with the potential downsides and feel that the tax-deferred growth potential outweighs the risks, then inheriting the IRA could be a good choice. However, if you have concerns about the complexity of the process or the potential for creditor claims, you may want to explore other options for managing your inheritance.