Pension distribution to spouse
My client passed away before his pension money was distributed to an IRA. The pension Co. will only make the check payable to “the estate of the deceased” and not the spouse. Can the spouse still roll over the funds?
My client passed away before his pension money was distributed to an IRA. The pension Co. will only make the check payable to “the estate of the deceased” and not the spouse. Can the spouse still roll over the funds?
Permalink Submitted by Denise Appleby on Fri, 2008-02-29 22:20
Did the spouse provide written consent to the estate being named the beneficiary? Ask them ‘why’ .
The spouse should not accept that response, unless they provide proof that the response is accurate.
If they state that the estate is the beneficiary, they should be able to provide documented proof to that effect.
Permalink Submitted by Bruce Steiner on Fri, 2008-02-29 22:49
Perhaps. See my article on this subject in the October 1997 issue of Estate Planning: http://www.kkwc.com/docs/AR20050125164755.pdf
Permalink Submitted by Tony Szymborski on Sat, 2008-03-01 14:21
The spouse did not give written consent. We are in the process of trying to get the pension money made payable to her or an IRA. The problem is no one has a copy of a benneficiary form for the pension (company or client). The actual events were as follows: Completed IRA app. Dec. 4, 07, Completed pension rollover paperwork same day(signed by decedant). Dec. 5, 07 he passed away. IRA company would not accept the money and sent it back to the pension (money was actually out of the pension into IRA/annuity but because it was not funded prior to death they will not accept it). Money currently at pension plan and if it is paid to the estate and the 1099 is coded “4” for death benefit I believe she can roll it over. Who knows how it will be coded by company. Thanks for the reply and link to articles. Any other help/info. would be great.