winterhaskins
Junior Member
What is the name of your state (only U.S. law)? Massachusetts
My mother passed away in November 2007. Most of the money was in an Edward Jones IRA, and the estate is designated as the beneficiary. To make matters more confusing, the will specifies six beneficiaries of the estate "in equal parts": four (4) charities, her sister, and her son (me). The estate attorney is holding up distribution to attempt to get the four charities to accept distributing the assets into six equal parts. At least one charity is in disagreement, stating that being a charity, it does not have to pay taxes, that the tax burden falls solely upon the two non-charity beneficiaries.
My question is "Does the estate have to pay the taxes from the Edward Jones IRA? Why can't the estate just pay the gross value of the estate, and I can take care of my own taxes?"
I am self employed, and the economy has wreaked havoc on my business. This delay is making my life unbearable, and it is just wasting estate time and money.
Please help.What is the name of your state (only U.S. law)?
My mother passed away in November 2007. Most of the money was in an Edward Jones IRA, and the estate is designated as the beneficiary. To make matters more confusing, the will specifies six beneficiaries of the estate "in equal parts": four (4) charities, her sister, and her son (me). The estate attorney is holding up distribution to attempt to get the four charities to accept distributing the assets into six equal parts. At least one charity is in disagreement, stating that being a charity, it does not have to pay taxes, that the tax burden falls solely upon the two non-charity beneficiaries.
My question is "Does the estate have to pay the taxes from the Edward Jones IRA? Why can't the estate just pay the gross value of the estate, and I can take care of my own taxes?"
I am self employed, and the economy has wreaked havoc on my business. This delay is making my life unbearable, and it is just wasting estate time and money.
Please help.What is the name of your state (only U.S. law)?