Comments on: Splitting Inherited IRAs http://financialducksinarow.com/1249/splitting-inherited-iras/?utm_source=rss&utm_medium=rss&utm_campaign=splitting-inherited-iras Posts on retirement saving and advice on all things financial Wed, 08 Sep 2010 20:19:18 -0400 hourly 1 http://wordpress.org/?v=3.0.1 By: The Deadline for Spousal IRA Rollover – Getting Your Financial Ducks In A Row http://financialducksinarow.com/1249/splitting-inherited-iras/comment-page-1/#comment-889 The Deadline for Spousal IRA Rollover – Getting Your Financial Ducks In A Row Sun, 28 Mar 2010 16:40:14 +0000 http://financialducksinarow.com/?p=1249#comment-889 [...] is to be transferred to a charity or a trust, for example.  In a case like this, you would need to split the account to the other heirs first, leaving your spousal portion as a remainder in order to treat the account as described [...] [...] is to be transferred to a charity or a trust, for example.  In a case like this, you would need to split the account to the other heirs first, leaving your spousal portion as a remainder in order to treat the account as described [...]

]]> By: Choosing a Beneficiary for Your IRA – Getting Your Financial Ducks In A Row http://financialducksinarow.com/1249/splitting-inherited-iras/comment-page-1/#comment-801 Choosing a Beneficiary for Your IRA – Getting Your Financial Ducks In A Row Fri, 26 Feb 2010 13:09:47 +0000 http://financialducksinarow.com/?p=1249#comment-801 [...] just a lot of extra paperwork for them that you could have handled for them in advance.  See this article for additional information on splitting inherited [...] [...] just a lot of extra paperwork for them that you could have handled for them in advance.  See this article for additional information on splitting inherited [...]

]]> By: Affine Financial Services » Blog Archive » Carnival time http://financialducksinarow.com/1249/splitting-inherited-iras/comment-page-1/#comment-270 Affine Financial Services » Blog Archive » Carnival time Sun, 19 Jul 2009 01:58:54 +0000 http://financialducksinarow.com/?p=1249#comment-270 [...] I also liked Jim’s post over at Getting Your Financial Ducks In A Row clarifying how to best divvy up an inherited IRA. [...] [...] I also liked Jim’s post over at Getting Your Financial Ducks In A Row clarifying how to best divvy up an inherited IRA. [...]

]]> By: IRA Inheritance – Not Taking Timely Distributions – Getting Your Financial Ducks In A Row http://financialducksinarow.com/1249/splitting-inherited-iras/comment-page-1/#comment-268 IRA Inheritance – Not Taking Timely Distributions – Getting Your Financial Ducks In A Row Sat, 18 Jul 2009 15:46:18 +0000 http://financialducksinarow.com/?p=1249#comment-268 [...] IRA Inheritance – Not Taking Timely Distributions Jul 18th, 2009 by jblankenship. Hello there! If you are new here, you might want to subscribe to the RSS feed for updates on this topic.Powered by WP Greet BoxA commenter from my post on splitting an inherited IRA sparked this particular post – his question was “What are the consequences for not re-titling an inherited IRA as F/B/O?”  You can see my response to that specific question at the original article… [...] [...] IRA Inheritance – Not Taking Timely Distributions Jul 18th, 2009 by jblankenship. Hello there! If you are new here, you might want to subscribe to the RSS feed for updates on this topic.Powered by WP Greet BoxA commenter from my post on splitting an inherited IRA sparked this particular post – his question was “What are the consequences for not re-titling an inherited IRA as F/B/O?”  You can see my response to that specific question at the original article… [...]

]]> By: jblankenship http://financialducksinarow.com/1249/splitting-inherited-iras/comment-page-1/#comment-267 jblankenship Fri, 17 Jul 2009 01:48:20 +0000 http://financialducksinarow.com/?p=1249#comment-267 Okay - I'll assume you're talking about an inherited IRA with only one non-spouse beneficiary... according to <a href="http://www.irs.gov/publications/p590/index.html" rel="nofollow">Publication 590</a>, the non-spouse beneficiary can not roll over funds into an IRA of their own, but may "make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of you as beneficiary." That covers the requirement of how the titling must be done if it is retitled. As far as consequences for not retitling, I don't believe there is a regulation that requires retitling - nor is there a time limit on when you must retitle. And things might be just fine if the beneficiary lives out his life and doesn't die until Table I says he should. But you know about how mice, men and their best laid schemes "gang aft agley" sometimes...? (most of the time!) One reason in particular that I would think you'd want to retitle the account is so that you can designate your own beneficiaries - assuming that the custodian would not allow you to designate new beneficiaries on the original account. Not sure if I've answered your question, @Joe. Hopefully I haven't gang too far agley with my explanation... Okay – I’ll assume you’re talking about an inherited IRA with only one non-spouse beneficiary… according to Publication 590, the non-spouse beneficiary can not roll over funds into an IRA of their own, but may “make a trustee-to-trustee transfer as long as the IRA into which amounts are being moved is set up and maintained in the name of the deceased IRA owner for the benefit of you as beneficiary.” That covers the requirement of how the titling must be done if it is retitled.

As far as consequences for not retitling, I don’t believe there is a regulation that requires retitling – nor is there a time limit on when you must retitle. And things might be just fine if the beneficiary lives out his life and doesn’t die until Table I says he should. But you know about how mice, men and their best laid schemes “gang aft agley” sometimes…? (most of the time!) One reason in particular that I would think you’d want to retitle the account is so that you can designate your own beneficiaries – assuming that the custodian would not allow you to designate new beneficiaries on the original account.

Not sure if I’ve answered your question, @Joe. Hopefully I haven’t gang too far agley with my explanation…

]]> By: Joe http://financialducksinarow.com/1249/splitting-inherited-iras/comment-page-1/#comment-266 Joe Thu, 16 Jul 2009 20:33:48 +0000 http://financialducksinarow.com/?p=1249#comment-266 What are the consequences of not re-titling the account F/B/O? Can you point me to a specific regulation or section of the code? Thanks. What are the consequences of not re-titling the account F/B/O? Can you point me to a specific regulation or section of the code? Thanks.

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