Legal Question in Wills and Trusts in Ohio
Estates Benificiary
As the sole beneficiary of an IRA and 401k retirement plan. Do--name removed--have to pay off old bill and taxes on the money inherited from these accounts? Thier was no need for probate as--name removed--was the only benficiary named for moneys remaining.
Asked on 6/26/09, 12:10 pm
1 Answer from Attorneys
Elizabeth Schmitz
Elizabeth S. Schmitz Attorney at Law
Re: Estates Benificiary
Only probate assets need to be used to pay off bills. IRA and 401K benefits are not probate assets. You may have to pay taxes on the money received.
Answered on 6/26/09, 10:02 pm
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