inherited ira
mom died in December of last year. the 3 daughters want to leave the money in her ira until the market has a possible rally. the money is in managed accounts with larger minimums. dividing it up does not meet the minimum. two questions, 1) how long to they have before they have to put the money into their own inherited ira’s? if one of them wants to liquidate her 1/3, does that affect the other two who want to leave it in mom’s name? the answer to the first question may answer the second.
Permalink Submitted by mk foss on Thu, 2009-03-05 05:01
Technically they have until December 2009 to divide an account inherited from a decedent who passed away in 2008. The “beneficiary identification date” is September 30 of the year after the death, often it is easier to split the account by that date. Once each beneficiary has her own inherited IRA, they can each do whatever they wish with the funds with no matching or reporting to the other sisters.