When a credit union member dies, his or her individual retirement account receives separate share insurance coverage in most instances, according to an NCUA legal opinion letter.

The NCUSIF’s $250,000 maximuim coverage continues for the inherited IRA, separate from any other IRAs and other accounts that beneficiary has, as long as these conditions are met: The IRA is kept in the name of the original owner; the Internal Revenue Code considers the inheritor to be a qualified designated beneficiary; the Internal Revenue Code recognizes the continued existence of the IRA; and the inherited IRA isn’t comingled with any other IRAs.

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