I inherited an IRA from my spouse when he died. What is the best way to title the account?

It depends on whether you make a rollover or not. As a spouse, you can roll over the inherited IRA to your own IRA. This allows you to name a new beneficiary and to postpone distributions until you reach age 70¹/₂. Or you can choose not to make a rollover (which you may want to do if you need funds before age 59¹/₂ and want to avoid early withdrawal penalties). In this case, the account must be titled as follows: [Deceased-spouse’s name], deceased on [add the date of death], FBO [add your name], beneficiary. FBO stands for: For the Benefit of.