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What to do if you inherit someone’s 401(k)

By Jason Alderman
Talk about good news wrapped in bad: In the midst of grieving the loss of a loved one, you learn that you were named beneficiary of their 401(k) plan. Chances are you’ve got too much on your mind to make any sudden decisions about what to do with the money.
However, don’t procrastinate too long. The IRS has ironclad rules, deadlines and penalties concerning inherited retirement accounts, which vary depending on what type of account it is. This column discusses inherited 401(k) and similar employer-provided plans.