Inherited IRA – proper titling if managed by guardian of estate of minor
I know that proper titling of an inherited IRA is important, and I found what is okay to use if it’s a normal inherited IRA, but what about if there’s a guardian of the estate?
In this case a 457 plan was left directly to minors as beneficiaries, so now we’re obtaining guardianship of their estate so we can do a direct rollover into an inherited IRA.
Would this be correct titling?
DeceasedNameHere IRA / Deceased M/D/YYYY / FBO GuardianNameHere as guardian for MinorNameHere
The part that seems a little weird is that GuardianNameHere is listed right after FBO.
Thanks!
Permalink Submitted by Alan - IRA critic on Wed, 2015-12-16 01:05
I wouldn’t worry about the title format because the individual IRA custodian may have a policy or processing platform that requires a specific order to the title. All the IRS requires is that the decedent is identified (not the DOD) and the beneficiary is identified. They may or may not want the name of the guardian included along with the name of the beneficiary. It’s a similar situation to where an UTMA account or child’s trust is named as the beneficiary before the IRA owner’s death.