Beneficiary Options for 10yr TPA While In-Service

What happens to my 10yr TPA if I die?
#tiaatraditional #tiaaa #tiaatraditional
Hey there, folks! Greg Shepard here from S&A Financial Services. In this video, I share an important client scenario regarding TIAA Traditional accounts and beneficiary options.
Key Points Covered:
Beneficiary Options: When a TIAA Traditional account holder passes away, there are a few options for the beneficiary:
✔ Keep the 10-year TPA payments in the contract.
✔ Take a lump sum and transfer it to an inherited IRA.
✔ Directly receive the cumulative amount as income (taxable event).
Case Example: A client initiated a 10-year TPA while in service but passed away. The beneficiary, an adult child, chose to transfer the funds to an inherited IRA at TIAA and then move it to Schwab.
Important Considerations: It's crucial to understand your options and the tax implications of each choice. Beneficiary options can get complex, especially with TIAA Traditional accounts.
If you have any questions or need help navigating beneficiary options, feel free to contact me.
Greg Shepard
S&A Financial Services
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Disclosure S&A Financial Services, Inc. is a registered investment advisor. Content presented is for informational purposes only and should not be considered as investment advice or as an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Always consult with your tax advisor or attorney regarding your specific situation.

[@daveh893]

This is good to know as I am working on renaming my beneficiaries. One question: If the beneficiary is a nonprofit such as CARE, ASPCA, etc. Does the nonprofit have any restrictions on what can be taken from the account?

[@TIAAsimplified]

Good question. One more fit for a CPA. My first inclination is "no," as I would think the entity would have just as much right, with no more additional restrictions, to the assets as an individual would have. I'd clarify w/ CPA though...

[@daveh893]

@@TIAAsimplified Okay, thanks.