Inherited IRA

Wilson180

New Member
Jurisdiction
Virginia
My husband inherited his father's IRA. The bank says it is VA law that they advertise for 30 days before they release the funds to him. I can not find any of that info online to prove that is true. Can you please point me in the right direction?
 
I just would like to know. They just say it's the law with no reference to check on it. I dont want to just take their word for it...
 
I dont want to just take their word for it...


He might ask the bank or financial operation that holds the IRA to cite the relevant law that requires a 30 day hold.

He should be prepared for the entity's representative to say, "Find it yourself."
 
It's a good thing that there's a delay that made you come here.

Releasing the funds to him might not be such a good idea because he could have a big tax bill if he just took the money.

Inherited IRAs are regulated by the federal government. You and he need to sit down and study Publication 590b and review the options for inherited IRAs before he does anything. The 30 days to think it over might just be a blessing that avoids a costly mistake.

Start on Page 5 for inherited IRAs.

https://www.irs.gov/pub/irs-pdf/p590b.pdf

As for Virginia law, well, Virginia has lots of laws and it would take a long time to sort through them. I'm not going to do it.

But I'm wondering if this might not be a probate issue rather than an IRA issue.

Was your husband NAMED as beneficiary on the account?

If not identified by NAME then it might be a probate requirement that the account be advertised in case somebody else can claim it from the estate.
 
To answer this question requires details you didn't provide. What do you mean by "inherit" the IRA. If he's listed as the beneficiary on the IRA, that's one thing. If he isn't, but you are assuming your husband is listed as the heir in the will (or he's the only possible heir if the parent died intestate), then that's a different thing entirely. Presumably there's something else in the estate other than the IRA? What does the attorney handling the probate say?
 
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