Renaming an inherited IRA as 2nd generation
Need help with a question regarding renaming an inherited IRA. My mother’s fiancé died 10 years ago and left her as the named beneficiary on his IRA. It was correctly renamed “Bob (deceased) fbo Emily”.
My mom then named me as her beneficiary on her new inherited IRA.
My mom has since died and now I am her named beneficiary. Do I rename this inherited IRA for me as “Bob (deceased) fbo Mike” since he was the original account owner, or should it be renamed “Emily (deceased) fbo Mike”?
Not clear on this since I am the 2nd to inherit and everything I read indicates to retain original account owner’s name when renaming an inherited IRA.
Thanks. Mike
Permalink Submitted by Alan - IRA critic on Fri, 2013-10-18 20:42
The IRA should now be titled either as “Emily, deceased FBO Mike” or “Mike as beneficiary of Emily”. Some variation can be made to accomodate the IRA custodian’s processing platform. Bob’s name can be eliminated from the title.