Living Out Of Debt

An IRA account that is transferred into a spouse or other beneficiaries’ name after the death of the account holder is known as a Beneficiary IRA. It can also be called an Inherited IRA. This process means that the money stored in the original account is transferred to a new account in the beneficiary’s name. The type of original account could have been a Traditional, Simple or Roth IRA. The transferred money stays tax free and is released at the request of the IRS.