bzorc Posted May 12, 2008 Posted May 12, 2008 If an IRA owner names someone other than the spouse as beneficiary, must the spouse signoff (i.e. spousal consent) on this, as in a qualified plan? I read through Publication 590 and do not see any reference in regards to this issue. Thanks for any replies.
J Simmons Posted May 12, 2008 Posted May 12, 2008 No spousal consent necessary for owner to take withdrawals from an IRA. It is truly an INDIVIDUAL retirement account. John Simmons johnsimmonslaw@gmail.com Note to Readers: For you, I'm a stranger posting on a bulletin board. Posts here should not be given the same weight as personalized advice from a professional who knows or can learn all the facts of your situation.
jevd Posted May 12, 2008 Posted May 12, 2008 If an IRA owner names someone other than the spouse as beneficiary, must the spouse signoff (i.e. spousal consent) on this, as in a qualified plan? I read through Publication 590 and do not see any reference in regards to this issue. Thanks for any replies. It may be required in Community Property States. We provide a simple waiver with a caveat that clients should seek legal advice to determine if the waiver is satisfactory for their state. We do not police nor require the waiver. JEVD Making the complex understandable.
Appleby Posted May 12, 2008 Posted May 12, 2008 Marital property State too… Community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington and Wisconsin , The marital property state is Wisconsin Life and Death Planning for Retirement Benefits by Natalie B. Choatehttps://www.ataxplan.com/life-and-death-planning-for-retirement-benefits/ www.DeniseAppleby.com
John G Posted May 15, 2008 Posted May 15, 2008 I believe a few custodians require a sign off - mainly to protect the custodian, not you. I think you should consider this an area of emerging law. I would not assume that the answer you find for your location could very easily change in future years. Reminder: do specify secondary beneficiaries! If the primary beneficiaries die before you, you want to be sure that your wishes are known. Also, this allows the primary beneficiary a choice to decline all or part of the assets. Example: my wife is the primary beneficiary on both my Roth and IRA. My daughters are secondary. If I die before my wife, she can take the assets or decline all or part, and the residual will be divided among my daughters. Its sort of a basic estate planing toggle.
Guest mjb Posted May 16, 2008 Posted May 16, 2008 Marital property State too…Community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Puerto Rico, Texas, Washington and Wisconsin , The marital property state is Wisconsin Now that CA has allowed same sex marriages how will custodians comply with spousal consent? Of course, there will be no spousal benefit under the IRC such as tax free rollover or exemption from gift tax for such transfers. What if the CA court decision is overturned by a referendum in Nov election?
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