IRA in Estate
Is the value of an IRA included in the total of one’s estate upon death for the purpose of executor filing for probate and estate taxes? My brother and I seem to disagree on this point.
Thank you.
Is the value of an IRA included in the total of one’s estate upon death for the purpose of executor filing for probate and estate taxes? My brother and I seem to disagree on this point.
Thank you.
Permalink Submitted by Alan - IRA critic on Sat, 2015-12-05 00:25
Probate is the process of approving the will and will apply to IRA assets left to the estate because no beneficiary was named. Estate taxes are calculated on the gross estate less deductions, and IRAs are included in the gross estate whether they are traditional or Roth or left directly to a beneficiary or to the estate. In other words, the gross estate includes both assets subject to probate and assets that are not. Not sure if this totally answers your question.