What are the rules for retirement money being passed down after death?
I was told that I cannot get my husband's retirement money because he unfortunately passed from dementia. Is this accurate?
First, I am sorry to hear of your loss. Without knowing more details of your situation, I will ask you a few questions to provide you some guidance and direction. Are you referring to Social Security survivor benefits or pension benefits? Alternatively, are you referring to inherited his IRA or other investments? Again, I not know the specifics of your situation, but just because your husband had dementia or another medical condition would not necessarily preclude you from being eligible to receive an inheritance
It does not matter what caused his death. (My condolences.) If you are the heir of his estate, you are entitled to his assets upon his death. In that case you can create a Beneficiary IRA in your name. If you are not his designated beneficiary, then that beneficiary will get the IRA assets. Contact the plan administrator and if you get nowhere, contact your estate attorney.
The money will typically be passed on to the beneficiary of the account. I would check and see if you are listed as the beneficiary.
I have not seen any instances where the persons health would come into play, unless there was a question being raised as to who the beneficiaries actually were.
Assuming you are the beneficiary, I would find yourself a fiduciary advisor and speak with your financial team to get help in investigated what is causing these assest to not pass on to you.
There seems to be something involved here that does not pass the sniff test, unless you have not provided all of the facts in your question.
No! If IRA, depends who the beneficiary was on his IRA.If pension or 401K and you are were his spouse at time of death, you should be the beneficiary unless you signed a waiver. Check with legal advisor.