Legal Question in Wills and Trusts in Illinois

Sole Beneficiary on paper
Thank you in advance for your time and advice. My father passed away 3 months ago as a result of an auto accident. I was the sole benefciary of his IRA account and an annuity he had purchased the year before with the verbal instruction that if anything ever happened to him, I should split the money equally with my three brothers. I was also a joint holder on his bank accounts. Because on paper I am inheriting almost $100,000.00 what are my legal and or tax obligations? Can the other driver sue me since I am the sole heir? How much should I hold out in taxes before I give my brothers any money? Are there any legal issues I am not even aware of? My father did not have a will or own any property. Thank you again for your expertise.

Asked on 5/03/07, 9:10 pm

Joseph Michelotti Michelotti & Associates, Ltd.

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Re: Sole Beneficiary on paper

tax obligation will be 35% on the ira. bank accounts can transfer tax free. annuity depends, but you may have to take payout over a period o time.

you have no legal obligation to transfer these assets to your siblings, i will not adress any moral obligation.

if you feel there is a liability issue because of the auto accident, you should open up a probate estate.

email me if you have any other questions

Answered on 5/03/07, 9:40 pm

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