Legal Question in Wills and Trusts in Washington
Inheriting an IRA
I am listed as the beneficiary on my mother's IRA which is a stock account at a brokerage firm. Mom died in September, 2001. There was a mandatory distribution in December, 2001 that I received and put into the Estate checking account. The stocks are worth about $30K. Is this my property, or is it part of the Estate that gets distributed to the 5 heirs?
2 Answers from Attorneys
Re: Inheriting an IRA
The issue can be best analysis of all of the relevant documents, including those establishing the IRA and those related to the investments. If I can be of assistance, please contact me by phone or email.
Re: Inheriting an IRA
If the facts are EXACTLY as you have stated them -- and any attorney in their right mind would want to review the IRA and your mother's estate plan documentation -- then the distribution would go to you, not the heirs of your mother's estate. There is another critical issue regarding whether you should terminate the IRA or simply transfer it into your name. That is a CRITICAL decision you will need to make and one that could save (or result in a net gain) a great deal of money, depending on the size of the IRA.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
