Most people who inherit a precious metals IRA do not necessary understand precious metals and need honest expertise.
Midas Gold Group has assisted generations of families with gold and precious metals inheritances including IRAs. If you have recently inherited a precious metals IRA, make sure you have an experienced precious metals firm to assist you with your newfound assets.
Add Your Name to the Inherited Gold IRA
Just because you are the beneficiary of an IRA does not mean that the IRA automatically transfers into your name upon the death of the IRA owner. You will need to work with the IRA custodian to facilitate this transfer of the IRA into your name. This process may involve providing the custodian with the death certificate of the owner and some of your personal information.
A precious metals firm with expertise in inherited gold IRAs such as Midas Gold Group will be familiar with this process and can assist you in working with your IRA custodian. Midas Gold Group is a licensed dealer with all major gold and precious metal IRA custodians.
Understand the Inherited IRA Rules
Note that there is a distinct difference in Inherited IRA rules applying to spouses and those applying to non-spouses. A spouse can essentially transfer the Inherited IRA into his or her name making that IRA his or her IRA. A non-spouse cannot treat an inherited IRA as if it was always their own and will be required to begin taking distributions from that IRA generally the year after the owner’s death.
Make sure you review our website section in Inherited IRAs and speak to your tax professional about the applicable tax rules.
Understand and Assess the Real Market Value of the Inherited IRA Precious Metals
Upon inheriting a Gold IRA you will most likely receive a statement of the IRA assets from the custodian. Most people who receive a statement see a listed value. However, note that most IRA custodians use the “meltdown” value of the gold or silver coins or bars in the account to determine the statement value. There are hundreds if not thousands of IRA Eligible Precious Metals in the form of bars and coins. Some of these items may be worth substantially more than their meltdown value and some may be worth less. Many people who inherit gold or silver rush to the nearest jeweler or pawn shop and accept prices that may be well below the actual value.
You should assess the Inherited IRA precious metals with the assistance of a reputable dealer such as Midas Gold Group. Our experts can help you understand the important attributes of your Inherited IRA assets such as:
- What is the weight and purity of the Inherited IRA gold, silver, platinum, or palladium?
- How does to weight and purity correlate to the gold and silver “spot market” or “melt value”?
- Do any of your coins have a special collector or numismatic value?
We always advise people to avoid selling their Inherited IRA precious metals without proper evaluation by an experienced precious metals dealer.
Midas Gold Group offers a free evaluation service for Inherited IRAs. By providing us with an IRA statement or designating us as the dealer on your Inherited precious metals, we will be able to provide you with an analysis and real market valuation of the assets.
Once you understand your Inherited IRA precious metals, you can make a clear evaluation of your options:
- You can sell the precious metals in your Inherited IRA for cash. This cash can then be distributed or moved into another IRA with any custodian.
- You can keep the precious metals in your Inherited IRA as an investment. They can even be taken out of the IRA “in kind” when you take required or voluntary distributions. Yes, you can actually take possession of the physical gold in your Inherited IRA!
- Depending on the Inherited IRA holdings, you may consider repositioning all or a portion of your Inherited IRA holdings for a different form of gold, silver, platinum, and/or palladium. Sometimes a repositioning in an IRA precious metals portfolio can maximize a holder’s future profit potential and add protection against potential losses.