Dividing an Inherited IRA Between Two Beneficiaries
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- Опубліковано 1 тра 2023
- Inheriting an IRA can be a blessing, but ensuring it is appropriately divided between beneficiaries also comes with challenges.
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Mike Bernard, CFP® offers advisory services through KFG Wealth Management, LLC dba Korhorn Financial Group. This information is for general financial education and is not intended to provide specific investment advice or recommendations. All investing and investment strategies involve risk, including the potential loss of principal. Asset allocation & diversification do not ensure a profit or prevent a loss in a declining market. Past performance is not a guarantee of future results.
A note about listing beneficiaries is that it will avoid probate in many states. The beneficiary should also be informed by you who to contact too as it's not the obligation of the financial/brokerage firm.
There is some important tax rules explained in the beginning but the explanation of dividing an IRA starts at 6:35.
Whoever he puts on the form as a beneficiary it goes to that person.
Thank you for your consistent support and sharing great content😊
My mother passed away and I inherited a third of her ira
My 2 brothers also inherited a third. However they both decided to give their share to me because I was the only one who took care of her. The problem now is my oldest brother turned in his disclaimer and it was accepted by merril lynch. Until my other brother turns his in , nobody can get their money. He keeps stalling and refuses to turn in his disclaimer.
I don’t even care if he keeps his share, but merril lynch says that his paper work isn’t done and that money will continue to just sit there.
Regardless whether the single dad re-married or not, financial institutions only go by the beneficiaries assigned to the account for transferring assets held by the account. I believe this also supersedes what says in a will or in a trust (unless the account’s named the trust as its owner). But according to my estate planner, they typically don’t advise putting retirement accounts under a trust.
When are you required to take the first distribution? The year following the death of the prior owner? When during the year?
Google IRA RMD year of death.
What would be the process if I’m the sole beneficiary of an inherited IRA but want to give 50% to a sibling?
You can gift it to them and use it as a tax deduction.
What happens in the scenario the child is listed as the beneficiary on the single dad's IRA and then the dad gets remarried but never updates the beneficiary form?
Upon the dad's passing, does the IRA still belong to the child or does the marriage supersede the listed beneficiary?
the bene form has a higher value over a will. There have been some recent cases where an account owner dies and the ex-girlfriend got the IRA, not the family. Great reason all these retirement plan videos strongly suggest reviewing your bene form regularly.