This content was created by Steve Chen. This content was uploaded by Steve Chen. This is a YouTube video titled "New Feature - Inherited IRAs" created on January 21, 2025, demonstrating Bolden's new Inherited IRA feature. Nancy, the head of services at Bolden, explains how to use the feature to manage inherited IRAs, including entering account details and viewing required distributions. The video aims to help users understand and utilize the new feature effectively.
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Hi everyone and welcome. This is Nancy, the head of services here at Bolden, and today I'm going to demonstrate Bolden's new Inherited IRA feature. An inherited ira, also known as a Beneficiary ira, is an individual retirement account that's open when someone inherits a deceased person's retirement plan, such as a traditional IRA, Roth IRA or 401. Our team recently developed this feature because inherited IRAs can have a significant impact on multiple elements of your financial plan, including your wealth, cash flow, taxes, and more. Inherited IRAs are subject to a complex set of rules and required distributions, but with this feature you simply enter information about the original owner and Bolden will.
Take care of the rest.
First, I'll demonstrate adding a traditional IRA by navigating to accounts and assets, pressing savings, scrolling down to add an account.
I'll select the account, type who the.
Account belongs to, and enter the original.
Owner'S date of birth and date of death.
Press why does this matter? To learn more about the distributions required, the original owner of this account passed away prior to 2020, so the account will be subject to lifetime RMDs.
Press next, give the account a descriptive.
Name so that you can easily identify the account in charts and pull down menus.
Add the account balance and your optimistic.
And pessimistic rates of return.
This is your way to account for.
The asset allocation and expected return of the account. You also have the option to model a rate change in the future and exclude the account from your withdrawal strategies, which will turn off the required distribution modeling.
Press Save and you're all set.
You can also easily change a previously entered account to the inherited IRA type. To do this, navigate to the existing.
Account, press the pencil icon and then.
Look for the second pencil icon.
This will take you back to the.
Original list of accounts where you can.
Scroll down and select Traditional IRA or Roth IRA Inherited. Enter the original owner's details. And press Save.
You can easily view the required distributions for all of your inherited IRA accounts in our newly developed Required Distributions report.
Here we see the annual required minimum distributions for both accounts and the 10 year lump sum distribution for the IRA from Charlie.
Thank you very much for joining me today to explore Bolden's new Inherited IRA feature. We are really excited to continue bringing you new features that will help you take control of your financial journey. If you found this demo helpful, give this video a thumbs up and subscribe to our channel for updates on the latest features and tips to make the most of the Bolden Planner. If you have any questions or feedback, please leave us a comment down below. We'd love to hear from you.
