Financial Focus with Robert

cooperby Robert Cooper

Q.  Robert, I just inherited an IRA.  I would like your opinion on what would be my best course of action to take.  I am currently 57 years old.  – Mike in Winston-Salem

A.  Mike, I would love to be able to give you some great advice on this, however, I would need more details other than what is in your email.  For instance, the rules on what you can do with an inherited IRA vary greatly depending on whether you are the spouse, another individual (son, daughter, etc.) or an entity (church, school, etc.).  Actually this is just scratching the surface; there are also factors such as the age of the original IRA owner at death.  Were they already taking out RMD’s (Required Minimum Distributions)?  Not to try to confuse you further, but an even bigger factor is whether the inherited IRA is a traditional IRA or a Roth IRA.

We do a lot of these at the office and I would love to help you more.  You need to see a competent Financial Planner to have your inherited IRA added to your overall Estate Planning using the best strategy for you.  You can also get IRS Publication 590 for a more detailed look at tax implications.


Q.  Robert, what do you and other Financial Planners think about pre-paid funerals?  – Jenny in Kernersville

A.  Jenny, while I cannot speak specifically about other financial planners, I do believe that a pre-paid funeral can be a good thing.  However, it depends on the overall financial situation that you are in.  We use a Funeral Expense Trust at our office for some of our clients.  It is different than purchasing a plan directly from a funeral home.  With the Funeral Expense Trust you put into it whatever amount you want (maximum amount varies from state to state).  You are not locked to any one funeral home and the principal earns interest.  The good thing about being in the Trust is that the funds are exempt from creditors and Medicaid.  Also if there is money left over after your funeral, it goes back to your estate.  At our office every dollar you put in the plan stays in the plan, as we do the Trust for free.

You need to remember to use Financial Planners for advice, but ultimately if you feel that something like a pre-paid funeral is right for you and it helps to make your life easier, by all means do it.

Seminar Dates – February 11 & 18

Outwest Steakhouse in Kernersville at 6:30pm


Please keep the questions coming at

For individual appointments call us at 336-993-2012.

Thanks, Robert

If you would like a complimentary one-on-one consultation please contact our office at 993-2012.

Any comments regarding safe and secure investments and guaranteed streams refaer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Insurance and Annuity product guarantees are subject to the claims paying ability of the issuing company, and are not offered by Global Financial Private Capital.

Robert Cooper, CRPC, RFC
Registered Investment Advisor Representative

Providing Financial Planning Services in the Triad for over 20 years.

336-993-2012 •
935-E Mountain St., Kernersville, NC 27284

Investment Advisory Services offered through Brookstone Capital Management, LLC.



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