Discussion:Inherited ira
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
Discussion Forum Index --> Advanced Tax Questions --> Inherited ira
Discussion Forum Index --> Tax Questions --> Inherited ira
D MARWHITE (talk|edits) said: | 9 July 2008 |
| Deceased named trust as beneficiary. Problem is that wife predeceased and trust was never funded/activated. Deceased never changed beneficiary on IRA account. The bank holding the IRA account says the money must be distributed to the estate. There are 3 individual beneficiaries under the will. Any advice? | |
PHIL MOODY (talk|edits) said: | 9 July 2008 |
| Yes, have the estate hire an attorney.
The beneficiaries under the will may not be the same as those under the trust. By the way, I would disagree with the bank's interpretation. | |
| 9 July 2008 | |
| Was the trust lawfully created, ie notarized signatures of all trustors and trustees? If, so then the bank is correct and the successor trustee(s) can complete any documents required. Otherwise, the Will is the governing document. | |
| 9 July 2008 | |
| Not a good idea to ever name a non-individual as a bene. Options are really limited, and the heirs lose the ability to spread the RMDs over their lifetimes. If the decedent was not yet taking RMDs, they must withdraw the entire IRA within 5 years. | |
To join in on this discussion, you must first
log in.
