| There should have been a beneficiary on file.
The servicing financial institution will assist the beneficiary in deciding on disbursement.
For best tax benefit, take periodic payments.
If there is only one beneficiary and three of you want to share the proceeds, the beneficiary will have to pay all the taxes, and gift to the others.
If there are three listed beneficiaries, then each will receive their portion from the financial institution and will be required to pay tax on the amount disbursed.
Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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08-23-2005, 10:22 PM
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