Check made to estate
Husband passes away, IRA check is made out to the wife as the executor of his estate. Does she need to make a qualified disclaimer or can she just roll this over within 60 days as the spouse? I know the IRS rule that the participant’s executor may not disclaim the benefits to the estate (PLR 9437042). This has me a bit confused when the IRA check is made out this way and the spouse wants to redeposit it into her own IRA.
-j
Permalink Submitted by Alan Spross on Fri, 2009-07-31 19:04
Here is a link to Bruce’s article on this subject. The particular PLR is referenced on p 372. I think Bruce considers this article still current despite 1997 release date:
http://www.kkwc.com/docs/AR20050125164755.pdf
Permalink Submitted by Joseph Arsenault on Fri, 2009-07-31 19:35
Thanks Alan.
-j
Permalink Submitted by mk foss on Fri, 2009-07-31 20:17
Who was the IRA beneficiary?
Permalink Submitted by Joseph Arsenault on Fri, 2009-07-31 20:18
I am not sure, but I would think if the check was wrote to the estate with the wife as the executor than the estate would of been the beneficiary, or nobody was listed..
Permalink Submitted by mk foss on Fri, 2009-07-31 23:44
I asked the question because some institutions automatically cut a check to the estate when there is a named beneficiary on the account. We’ve had instances where the executor/trustee has sent the check back and requested that they follow the beneficiary designation on the account.