Titling Successor Beneficiary IRA
Robert Smith died on 3/15/2010 and his son James Smith titled his inherited IRA as Robert Smith, IRA (deceased 3/15/2010) F/B/O James Smith, Beneficiary. James Smith died on 10/5/2015 and named his daughter, Jane Smith, as his successor beneficiary. How should Jane title her successor beneficiary IRA before doing a direct transfer to the account?
Permalink Submitted by Alan - IRA critic on Thu, 2016-05-12 04:13
The inherited IRA should generally show the name of the current beneficiary and the name of the designated beneficiary that just passed in no particular order. The name of the original owner can be eliminated. The order of the two names does not matter to the IRS and the new IRA custodian’s processing platform might dictate the allowed format.