Non Spouse Beneficiary
My insurance company wants to title the inherited IRA as “Beneficiary” FBO “Deceased”. Makes no sense to me. Does the IRC actually provide guidance on titling somewhere? Does anyone agree with the format the insurance company is using?
Permalink Submitted by Janine Janine on Wed, 2008-10-15 20:40
It does not make sense at all. Perhaps the insurance company mistakenly reversed the names for the FBO.
I have one from Vanguard titled: IRA A/C Mary Doe {the beneficiary’s name} Bene{ficiary} of John Smith {the deceased’s name}.
Each custodian will have some variation of the above: IRA beneficiary’s name as the beneficiary of the deceased’s name. This topic was discussed a short time ago.