Hoping someone can help provide guidance: My father passed away in 2019, leaving my mom an IRA with Allianz. The value is aprox $225k- she doesn’t need to access the funds until she is required to do so- assuming that’s when she’s 70?
It says the type is IRA, but it also reads Allianz Life Annuity.
Question- is it most beneficial for her to just choose to transfer the existing contract to her name?
Part of me wants to just have her transfer the funds to a high yield savings account considering the market risk.
Im trying to fill out the paperwork to transfer this to my Mom and there are so many options. I can’t find anything that indicates there would be a tax benefit for her to choose anything else. Am I missing something?
Thank you for reading.