Retirement Weekly: My parents died and the estate won’t give us the funds from their IRAs

by | Jan 6, 2023 | Stock Market

Dear Dan,  My mom had an IRA and my dad was the primary beneficiary. My sister and myself are contingent beneficiaries. My parents both passed away, my mom two years ago and my dad one year ago. The bank stated they sent the funds from my mother to the estate of my father. The lawyer of the estate does not communicate where this money went and I have no money sent to me as my half of this IRA. What can I do to get this money?

Dear reader,  So sorry to hear of your parents’ passing. I am not a lawyer and you should retain your own counsel on this. While I cannot give you legal advice, I can give you some general information about how beneficiary designations work. When an IRA owner dies, the primary beneficiary inherits instantly. That new owner has all the usual rights as an IRA owner. For instance, they can make decisions about how the funds are invested, when distributions are made, how much is distributed (subject to any Required Minimum Distribution requirements) and importantly, name whoever they want as their primary beneficiaries.  Read: Turning 72 or 73 this year? Here’s what to do about your required minimum distributions Upon inheritance by the primary beneficiary of the original IRA owner, the original owner’s contingent beneficiary designation becomes mea …

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