Yes, you can transfer an inherited IRA to a new custodian bank, such as a brokerage firm or a bank. You must carry out the transfer as part of what is known as a trustee to trustee transfer. The first step in dealing with your inherited precious metals is to take stock of the coins and bars you have. Remember that a custodian is a specialty bank, credit union, or bank without a custodian bank that carries out the instructions of IRA owners and “performs the many custodial and administrative tasks required to maintain the tax status of an IRA,” explains the Retirement
Industry Trust Association.
Owning shares in gold or other precious metal ETFs is relatively easy and would be equated to owning any other type of stock or investment. Download a free Gold IRA information pack and call to speak with a knowledgeable IRA account manager. As a result, it can take up to ten years for non-spouses to withdraw from an inherited IRA without fear of early payment of the penalty or annual withdrawal requirements. Gold itself is not a terribly illiquid asset, but many gold IRAs include other illiquid
forms of investment, such as real estate or private corporate debt.
At the same time, it’s important to have clear and open communication with your spouse, children, and other potential beneficiaries, especially if your inheritance isn’t left to everyone equally. As for the beneficiaries, it is important to understand the specifics of the inheritance process to ensure that the deceased’s wishes are met and that you are not taken advantage of during the process. Even if physical gold or other metals are kept in an IRA account, their inheritance is treated just like any other IRA account. Note, however, that most IRA custodian banks use the “meltdown value” of the gold or silver coins or bars in the account to
determine the account statement value.
A home storage IRA still requires a custodian and all transactions must be processed through a third-party provider. Typically, the beneficiary must transfer the assets from the deceased owner’s account to a new IRA that bears the name of the beneficiary. A spouse can essentially transfer the inherited IRA to their name and make that IRA their IRA. This means naming the trust as the beneficiary of the Gold IRA and naming your heir as the beneficiary of the trust
Most people who inherit a precious metal IRA don’t necessarily get along with precious metals and need honest expertise. Always make sure you’re dealing with a trustworthy, established, fast and fair trader for inherited precious metals.