What to Do With Life Insurance Money After Your Spouse Dies
You weren't expecting to be here. Nobody is.
At some point in the last few weeks or months, a check arrived — or a wire transfer, or a letter explaining that funds were on their way. A life insurance payout after your spouse died. Maybe it's more money than you've ever seen in one place. Maybe it feels surreal, because accepting it means accepting everything that came with it.
Nobody prepared you for this moment. And now everyone seems to have an opinion about what to do with life insurance money after a spouse dies.
Inherited IRA Rules for Spouses: Should You Roll It Over or Keep It?
Losing a spouse is an emotionally challenging experience. On top of grief, you have financial decisions to make. If you have inherited an IRA from your spouse, you have options to consider that can impact your financial future. Understanding when to opt for an inherited IRA versus rolling it into your own IRA can help you make the best decision for your circumstances while maximizing tax efficiency.