Ronnieboy
Full time employment: Posting here.
- Joined
- Feb 14, 2008
- Messages
- 748
My mother who is only 69 is talking about consolidating her retirement accounts. She wants some help and would like for the helping person to have access to the account if she is unable to herself (her mother, my grandmother, had Alzheimer's but recently passed at 94) and she is afraid that if she gets or has the disease that it would be much easier if one of her kids have access to the funds.
What would be the best way to have access to the account without invoking any tax penalties or whatever.
This would most likely be a Roth or regular IRA. I'm guessing it can't be joint or it would affect the other persons contribution limits? Something with survivor rights? Best to not have anything at all and just access through online sites?
What do you suggest and why?
What would be the best way to have access to the account without invoking any tax penalties or whatever.
This would most likely be a Roth or regular IRA. I'm guessing it can't be joint or it would affect the other persons contribution limits? Something with survivor rights? Best to not have anything at all and just access through online sites?
What do you suggest and why?