IRA & Disability
A client has started receiving a medical disability. He has around $55,500 in an IRA. He didn’t use
a lawyer. They only told him he could keep $4,000 in his name. How can he transfer the rest to his wife’s
name?
A client has started receiving a medical disability. He has around $55,500 in an IRA. He didn’t use
a lawyer. They only told him he could keep $4,000 in his name. How can he transfer the rest to his wife’s
name?
Permalink Submitted by Alan Spross on Thu, 2010-09-16 21:53
Are you referring to a state Medicaid plan? Don’t know what other situation requires limited assets.
The only way an IRA account can be transferred while the owner is alive is through a transfer incident to a divorce. An IRA cannot be gifted.