Inherited Inherited IRA
Son # 1 dies and leaves Mom (age 90) his IRA (son had no will)
Mom (age 90) dies 6 months later
Son #2 inherites same IRA
What is Son # 2 option. Is he stuck with the RMD since Mom was aged 90? Mom never took money from that IRA.
Son #2 DID transfer the IRA to his name when Mom died
Thank you in advance for help with this!!
Permalink Submitted by Alan Spross on Sat, 2008-04-12 00:36
Did son #1 pass prior to his required beginning date (4/1 of the year following the year he turns 70.5)?
This question affects the options for son #2, however it is moot if son #2 actually put the IRA in his name as owner rather than maintaining it in beneficiary form. If he put it in his own name or withdrew funds from the IRA, those funds are immediately taxable and not eligible for rollover.
Permalink Submitted by ASHLEY ASHMORE on Sat, 2008-04-12 16:49
Son # 1 was age 50 at time of death
Permalink Submitted by Bruce Steiner on Sun, 2008-04-13 02:41
Can Mom’s executor disclaim on her behalf? If so, is Son #2 the contingent beneficiary of Son #1’s IRA?