Retirement Accounts With Foreign Beneficiaries

Retirement Accounts With Foreign Beneficiaries

A nonresident alien may need to obtain a U.S. individual taxpayer identification number

Individual retirement accounts1 can be one of the most significant portions of an individual’s estate because they accumulate wealth on a tax-deferred basis. Contributions to regular IRAs are made before income is subjected to taxation, and the profits from investments are only subjected to taxation when distributed to the beneficiary. Thus, the longer an individual is able to keep assets in an IRA, the greater the potential for tax-deferred wealth accumulation. As a resul

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