Legal Question in Wills and Trusts in Texas

penalty for not taking money from deceased dad's ira
Dad died 8/02 in Texas. Seguin State Bank probated will. I live in CA. Bank was to tell me how much to take out of dad's IRA for 2003. Bank held all assets including IRA until Aug 24, 2003. I was never notifed how much to take out of IRA I would inherit. I filed taxes for 2003 and had to pay penalty $2500 for not taking money out of IRA for 2003. I sent bank copy of IRS regulation etc and have sent many letters. They have ignored my request even though by law they must notify me and did not. What do I do. I had to pay penalty or pay an addiitonal penalty for not paying to IRS when I did my taxes April 04 for 2003.

Asked on 10/05/04, 6:14 pm

Peter Bradie Bradie, Bradie & Bradie

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Re: penalty for not taking money from deceased dad's ira

If the bank had a duty to tell you how much to withdraw, and they breached that duty, you can sue them for the penalties you incurred.

You'll want to engage an attorney that practices in the area where Seguin State Bank is located, since the proper venue should be in Texas.

Answered on 10/06/04, 10:42 pm

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