What is the name of your state? NJ
First of all, thanks to all who give out advice here. I've found some real useful info here.
My mother passed away on Easter and I'm the executor of her estate. My father predeceased her, so according to the will the estate is to be divided up amongst me, my brother and sister, all still living.
I am the beneficiary of an IRA. I know that insurance monies aren't included in the estate, but would the IRA have to be included in the estate and divided up? I was planning on sharing with my siblings, but I would rather take the minimum distribution per year and divide it up that way as opposed to having to take the whole amount now. Not only would we minimize taxes, but I thought it would be a good way to keep money out of my spendthrift sister's hands, forcing her to 'save it' not spend it.
First of all, thanks to all who give out advice here. I've found some real useful info here.
My mother passed away on Easter and I'm the executor of her estate. My father predeceased her, so according to the will the estate is to be divided up amongst me, my brother and sister, all still living.
I am the beneficiary of an IRA. I know that insurance monies aren't included in the estate, but would the IRA have to be included in the estate and divided up? I was planning on sharing with my siblings, but I would rather take the minimum distribution per year and divide it up that way as opposed to having to take the whole amount now. Not only would we minimize taxes, but I thought it would be a good way to keep money out of my spendthrift sister's hands, forcing her to 'save it' not spend it.