What is the name of your state (only U.S. law)? Texas
My mother passed away intestate in September. I spent the first month gathering details on my mother's estate to try to avoid probate. This soon seemed futile. There was an IRA for which I was not the beneficiary and the bank allowed me to believe there was none (would neither confirm or deny) and that I needed a court document to get it. Repeat at another brokerage, add a home, car, and numerous mineral holdings and probate made sense.
I have been through an heirship hearing identifying me as the only heir and have been appointed the independent administrator. This has allowed the bank to talk to me. My uncle is the beneficiary of my mother's IRA. He doesn't intend to take the money, he didn't know he was the beneficiary. I asked if he could disclaim the proceeds and have them revert to the estate and was told this wouldn't be a problem, but when he went in to do this he was told he needed a court order to disclaim the proceeds.
My lawyer and internet searches indicate this disclaimer shouldn't be that hard. The bank said my uncle needed to take the payout, deduct the taxes and then he can gift it to me. This will cost me $3k -$4k more in taxes than if I take it as income through the estate. I know this will also work against his lifetime gift limit, but that is unlikely to be of concern. Can anyone point me to a template letter he can use at the bank? Should it be notarized and mailed to the legal department, or can he just take it into a branch? To speed things along the bank in question is Chase.
Thank you,
CharlieWhat is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?
My mother passed away intestate in September. I spent the first month gathering details on my mother's estate to try to avoid probate. This soon seemed futile. There was an IRA for which I was not the beneficiary and the bank allowed me to believe there was none (would neither confirm or deny) and that I needed a court document to get it. Repeat at another brokerage, add a home, car, and numerous mineral holdings and probate made sense.
I have been through an heirship hearing identifying me as the only heir and have been appointed the independent administrator. This has allowed the bank to talk to me. My uncle is the beneficiary of my mother's IRA. He doesn't intend to take the money, he didn't know he was the beneficiary. I asked if he could disclaim the proceeds and have them revert to the estate and was told this wouldn't be a problem, but when he went in to do this he was told he needed a court order to disclaim the proceeds.
My lawyer and internet searches indicate this disclaimer shouldn't be that hard. The bank said my uncle needed to take the payout, deduct the taxes and then he can gift it to me. This will cost me $3k -$4k more in taxes than if I take it as income through the estate. I know this will also work against his lifetime gift limit, but that is unlikely to be of concern. Can anyone point me to a template letter he can use at the bank? Should it be notarized and mailed to the legal department, or can he just take it into a branch? To speed things along the bank in question is Chase.
Thank you,
CharlieWhat is the name of your state (only U.S. law)?What is the name of your state (only U.S. law)?