Deceased customer IRA – Levy
Hello! I just received a levy on a customer we show as deceased. The beneficiary has not contacted us. Can I pay out the levy? It’s from the State to pay taxes from 2017.
Thank you!
Hello! I just received a levy on a customer we show as deceased. The beneficiary has not contacted us. Can I pay out the levy? It’s from the State to pay taxes from 2017.
Thank you!
Permalink Submitted by Bruce Steiner on Wed, 2021-10-13 16:39
Are IRAs exempt from creditors in the applicable state?
Permalink Submitted by Alan - IRA critic on Wed, 2021-10-13 18:58
As worded, it sounds like the state is not aware that customer is deceased. If the beneficiary has not come forth, the IRA would still be titled to the customer. Until everything is sorted out, I wouldn’t distribute to the state because if the facts change, the beneficiary might have recourse.