benefitsguru Posted June 5, 2015 Posted June 5, 2015 Estate is bene. of IRA. The IRA owner's will says everything in estate goes to adult son. Can't the IRA be moved over to the son as an inherited IRA of which he is the sucessor bene.? Thanks in advance for any responses.
GMK Posted June 5, 2015 Posted June 5, 2015 If the IRA owner wants the son to have an inherited IRA, why not name the son as the beneficiary of the IRA? Then the son can receive the benefit (roll it into an inherited IRA) without having to wait (months and months) for the estate to go through probate. or am I missing something?
benefitsguru Posted June 5, 2015 Author Posted June 5, 2015 I agree that it would be best if the son was named the bene., but the IRA owner named his estate and has passed away.
My 2 cents Posted June 5, 2015 Posted June 5, 2015 I agree that it would be best if the son was named the bene., but the IRA owner named his estate and has passed away. Too late! Always check with your actuary first!
GMK Posted June 5, 2015 Posted June 5, 2015 A non-person beneficiary cannot elect to do a rollover, but persons who are the beneficiaries of a "See-Through" trust are treated as the beneficiaries of the participant and may be able to choose to do a rollover.For example,https://www.kitces.com/blog/qualifying-a-see-through-trust-as-an-ira-designated-beneficiary-conduit-or-accumulation/ But, as far as I know, estates are not see-through trusts, so it is too late.
Belgarath Posted June 5, 2015 Posted June 5, 2015 You might check to see if there are any Private Letter Rulings allowing a sole beneficiary of an estate to do a rollover to inherited IRA, or something like that. Even if there are, a PLR applies only to the person for whom it was issued, so you'd need legal advice to see if that could be used in your situation. Maybe some of the attorneys here would know if such a PLR exists.
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