Husband dies without naming beneficiary on his IRA
Husband dies without naming beneficiary on his Ira. His spouse is named as sole beneficiary of his assets in his Will. She is age 55 and he was 62. What are her options she does not need the money at this time primary consideration at this point is taxes.
Permalink Submitted by Jose Morales on Tue, 2015-08-04 18:32
Always start by getting a copy of the plan document to determine who the default beneficiary is in the event one is not specifically named. It’s usually the estate of the deceased but sometimes it is the surviving spouse. Even if it is the estate that is the default beneficiary there have been spouses that have received PLRs that allowed them to move the funds into an IRA in their own name or to establish an inherited IRA. You need to start this discussion with the current IRA Custodian and determine what limitations they may impose.
Permalink Submitted by Bruce Steiner on Wed, 2015-08-05 03:05