Legal Question in Wills and Trusts in Michigan

My mother recently passed away and I am the benificary on ther 11,000 IRA do I have to pay taxes when I cash this out?


Asked on 9/04/10, 6:40 am

1 Answer from Attorneys
Don Rosenberg Barron, Rosenberg, Mayoras & Mayoras, P. C.

Since you are a beneficiary of a qualified asset that has never been subject to income taxes, when you pull money out it is taxable income. You can defer the taxes by receiving distributions over a fiver year period or even your life expectancy.

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Answered on 9/09/10, 10:09 am


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