Beneficiary of IRA

[robodwyer]

What is the name of your state? Texas

My brother wants to disallow himself as the beneficiary of our father's 401 plan so that the money goes to the estate account. The intention is that it can then be distributed equally between the three of us.

Is it legal for him to disallow himself or will he have to accept the money and then present it to us as a gift?

Robert

 

[anteater]

It is really a question of whether the terms of the 401K plan allow him to disclaim his status as beneficiary. Without reading the plan documents, who can say? But my guess is that the plan would allow him to disclaim in favor of the estate.