Inherited IRA and converting to Gold - Anyone done this?

Gary Stewart

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Inherited IRA and converting to Gold - Anyone done this?

gary_stewart📊Growing (50-100k)

about 10 hours ago

Key Takeaways

•So my aunt passed away a few months back and I inherited her IRA.
•It's not a massive account, but it's sitting at around $85k right now, mostly in a Vanguard S&P 500 fund.
•Being an ag guy here in Fresno, I'm already pretty heavy into hard assets with my businesses.

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So my aunt passed away a few months back and I inherited her IRA. It's not a massive account, but it's sitting at around $85k right now, mostly in a Vanguard S&P 500 fund. Being an ag guy here in Fresno, I'm already pretty heavy into hard assets with my businesses. I've been a big believer in tangible value my whole life, you know? Seeing what a good harvest can do, or how a piece of machinery holds its worth even when the market goes sideways. That's why I started looking into gold IRAs a few years ago for my own retirement accounts, and now this inherited IRA has me thinking.

My own Roth is already almost entirely in physical gold and silver, which I set up last year. The peace of mind knowing it's not just numbers on a screen, especially with all the talk about inflation and instability, is huge for me. With this inherited IRA, though, I'm trying to figure out the best way to convert it to precious metals without screwing up the tax implications. I know there are different rules for inherited IRAs compared to traditional ones, and I'm a bit fuzzy on the distribution options and how that plays with a self-directed gold IRA.

Has anyone here successfully converted an inherited IRA into a Gold IRA? I'm particularly interested in hearing about any pitfalls or unexpected hurdles you ran into. Also, which custodians did you use? I'm in California, so any recommendations for companies that operate well out here would be great. My current gold IRA custodian has been fantastic, but I'm open to exploring other options if there are better fits for inherited accounts.

I'm looking to get this moved over within the next six months or so. I'd love to hear your experiences and any advice you might have. It's a significant chunk of money for me, and I want to make sure I'm doing it right to protect its value for the long haul.

3 comments

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Best Answer▲ 7 upvotes

patricia_miller📊Growing (50-100k)

Hey, first off, sorry for your loss. It's never easy.

While I totally get the desire for hard assets, especially with your background, you might want to double-check the rules around inherited IRAs and rollovers into physical gold. The tax implications can be a bit more complex than a standard IRA conversion, and you don't want any nasty surprises. It's not always a straightforward "convert everything" button. Just a thought!

Comments (3)

joyce_cooper📊Growing (50-100k)✓ Verified•less than a minute ago

Oh man, I'm literally in a super similar boat! Inherited my grandfather's IRA a couple years back, though it was a bit smaller. I was also pretty heavily invested in real estate, so the idea of adding more paper assets felt a bit... unbalanced. I did end up converting a portion to a Gold IRA. It was a bit more paperwork than I expected, but nothing truly daunting. Worth looking into for sure if you're already leaning that way.

joshua_phillips🏆Advanced (250-500k)Real Investor✓ Verified•less than a minute ago

Interesting situation, OP! When you say you're "pretty heavy into hard assets with my businesses," are you talking about things like land, equipment, or inventory? Or more like precious metals already?