My parents were murdered and now their IRA is going to be as well
Please help.
So my mother had an IRA. My parents were both murdered. (At the same time) So her IRA would have gone to my father but because he is deceased as well the IRA goes into their estate. Now it is gonna be taxed as income at 45%. Is there any precedent that allows for a beneficiary to be named after the fact because of the extenuating circumstance? If not is there any way for this to not be taxed as income? Someone please help.
Permalink Submitted by J Futch on Tue, 2016-08-30 16:59
Do you have access to the actual beneficiary designation documentation? Many banks and brokerage firms include a survivor provision (i.e., must survive account holder by X hours or days) but not all. If there is no survivor provision then it may be possible the IRA would go to your father’s estate. There may be options available to you if either estate is the ultimate beneficiary (with regard to holding the IRA for a period of time). Have you confirmed there is no contingent beneficiary named? I’d suggest retaining competent legal counsel (someone familiar with both estates and retirement plans) to help you. Good luck.