Inherited IRA question

[Guest Barney Byrd]

IRA owner passed away April 14, 2001, at age 61. He had a 500,000 IRA. The estate was named the beneficiary. Son is sole heir and executor of the estate. Here are the questions: Since the estate was named beneficiary, must the IRA go through probate? Can the executor name himself beneficiary? If executor names himself beneficiary, may he take distributions over his life expectancy?

[BPickerCPA]

1. The IRA will go through probate.

2. The IRA will be paid to the estate and then paid by the estate in accordance with the will.

3. You're stuck with the 5 year rule since there is no designated beneficiary.

[Guest Barney Byrd]

Re: #3: What about taking distributions over the original owner's life expectancy (which I believe is 22.5 years), and reducing the divisor by 1 each ensuing year?

[BPickerCPA]

Re: #3. You can only use that method when the death occurs after the age 70½ required beginning date. You said the decedent died at age 61, so you're stuck with the 5 year rule.

[Guest Barney Byrd]

Thanks alot.

[Guest IRA SPECIALIST]

see this thread

http://benefitslink.com/boards/index.php?showtopic=10654