Inherited IRA
- Thread Starter Wilson180
- Start date
zddoodah
Well-Known Member
What difference does it make?
army judge
Super Moderator
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."
adjusterjack
Super Moderator
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.
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.
flyingron
Well-Known Member
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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