Legal Question in Wills and Trusts in California
sign over ira inheritance
my daughter was named beneficiary in an IRA. Her grandmother had already given her her inheritance and this money really belongs to another family member. can my daughter somehow sign this money over to another so she doesnt have to pay tax, etc.
3 Answers from Attorneys
Re: sign over ira inheritance
Just FYI...Beneficiary gifts from life insurance etc. are paid outside of Probate and are wonderful tools to pass money to loved ones outside of the lengthy court procedure.
That being said, the gift can be disclaimed, meaning she does not accept it. It depends on the terms of the IRA, but it will generally then go to a named secondary beneficiary or the estate of the person themselves, if none exists.
Warmest Regards,
Scott
Re: sign over ira inheritance
If your daughter is the named beneficiary in an IRA, the money in the IRA is hers. If she wants to give it away, she can, of course, do so. I won't matter who pays the tax as long as the tax is paid from the IRA proceeds.
Re: sign over ira inheritance
if your daughter is a minor the court will have to appoint an attorney for her before she does anything.
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