Health Savings Accounts, or HSAs, allow participants to put pre-tax money into an account that is used for qualified medical expenses. When the account is set up, the participant has the opportunity to name a beneficiary who gets the money in the account when the participant dies. The beneficiary can be changed at any time. If the beneficiary is the participant’s spouse, then the account remains an HSA that can be used by the spouse. If the beneficiary is not a spouse, then the HSA terminates and the money is distributed to the beneficiary. However, any money that is distributed to them is taxed as income. If you are the beneficiary of an HSA and you need help with the tax consequences, you can set up a free consultation with our law office by using our website at www.hoorfarlaw.com or calling us at 816-524-4949.
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