What is the name of your state? Texas
My sister named our father as her IRA beneficiary; he pre-deceased her. She left no will, so my brother and I inherit equally from her estate.
The problem is with her IRA. I understand that as she had not retired, the money will be taxable as income on disbursement. The company holding the IRA tells me it cannot make disbursements to more than one person. Therefore if either of us takes the money, we will also take the full income tax hit!
This doesn't sound right to me; there must be some way of dividing an IRA between parties fairly.
We are all residents of Texas, including the deceased if that makes a difference.
My sister named our father as her IRA beneficiary; he pre-deceased her. She left no will, so my brother and I inherit equally from her estate.
The problem is with her IRA. I understand that as she had not retired, the money will be taxable as income on disbursement. The company holding the IRA tells me it cannot make disbursements to more than one person. Therefore if either of us takes the money, we will also take the full income tax hit!
This doesn't sound right to me; there must be some way of dividing an IRA between parties fairly.
We are all residents of Texas, including the deceased if that makes a difference.