Money Holder
Money Holder
Can the bank take money from an account where the person is not the primary account holder for bank levys?
My mom is on my bank account and apprently she had a levy put on her account and they took money from my account. If I take her off my account will this stop the levy from taking money from my account?
You would actually need to open a new account in your name only. Withdraw all of the money in your current account and close it. When you open your new account, don’t put your mom on it. It doesn’t matter if she’s the primary accountholder or not, she’s still on your account. In the eyes of whoever is receiving the levy, the money in your account is hers as much as it is yours.
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Personal Finance and Money Management 37-options in Case of Death of Rrif and IRA Account Holder With Spouse as Beneficiary
Remember that the government only represents about 30% of our retirement income, the company retirement pension plan offers another 30 % and many of us do not have one. It is up to individuals to invest wisely short and long term in order to make up for the short fall if he or she would like to live comfortably after retirement without giving up some retirement plans. In this article, we will discuss options in case of death of RRIF and IRA account holder.
I.RRIF account with the spouse is the designed beneficiary, she can
a) The RRIF payments will be paid to the surviving spouse, who becomes the successor annuitant.
b) Upon the death of both spouses, the market value remaining of the RRIF is passed on to the family’s beneficiaries.
II. IRA account holder with spouse as beneficiary
A. Account holder under 70 ½ years old
1. Spouse transfer
a) The IRA account can be transfer the assets into spouse existing or new IRA and IRA asset continues to grow with tax deferred.
b) Withdrawn can be made any time but a penalty will apply to withdrawals made before spouse reach age 59 ½.
c) If the spouse is under 59 ½ withdrawn will be subject to the same distribution rules, she cannot take distributions without paying the 10% early withdrawal penalty.
b) Lump sum distribution
i) All assets are cashed out at once and pay income taxes on the distribution.
ii) The inherited spouse ill not pay the 10% early withdrawal penalty.
c) Inherited IRA-5 year rule
i) Asset transfer to spouse name.
ii) Money available after 12/31 of the fifth year after the year in which the account holder died.
iii) Tax will be paid on all distributions and 10% penalty do not apply.
d) Inherited IRA life expectancy method
i) Asset transfer to spouse name.
ii) Assets must be withdrawn no later than 12/31 of the year IRA account holder would have reached 70 ½ .
iii) Annual distributions are spread over the beneficiary’s single life expectancy.
B. Account holder over 70 ½ years old
a) Spouse transfer
i) Assets are transferred into spouse IRA and assets continue growing tax-deferred.
ii) withdrawals made before spouse reach age 59 ½, penalty of 10% is applied.
b) Lump sum distribution
i) All assets are cashed out at once and pay income taxes on the distribution.
ii) The inherited spouse ill not pay the 10% early withdrawal penalty.
c) Inherited IRA-5 year rule
i) Asset transfer to spouse name.
ii) Money available after 12/31 of the fifth year after the year in which the account holder died.
iii) Tax will be paid on all distributions and 10% penalty do not apply.
iv) Assets remaining continue growing tax-deferred for up to five years.
d) Inherited IRA life expectancy method
i) Assets transfer to spouse name.
ii) Assets must be withdrawn no later than 12/31 of the year IRA account holder would have reached 70 ½ .
iii) Annual distributions are spread over the beneficiary’s single life expectancy determined by beneficiary age.
I hope this information will help. If you need more information, you can read the complete series of the above subject at my home page:
http://lifeanddisabitityinsuranceunderwriter.blogspot.com/
http://financialinvesting09.blogspot.com/
About the Author
All rights reserved. Any reproducing of this article must have the author name and all the links intact.
“Let Take Care Your Health, Your Health Will Take Care You” Kyle J. Norton
I have been studying natural remedies for disease prevention for over 20 years and working as a financial consultant since 1990. Master degree in Mathematics, teaching and tutoring math at colleges and universities before joining insurance industries.
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