This is all guesswork but...Changing the name on an account is different than withdrawing whatever amount is in the IRA. It involves recalculations based on your age and situation and may not be the way to go, in other words, just trying to change the name on the account may be more complex.
First you have to ascertain how RR had the beneficiaries listed. If you are listed as the sole beneficiary, all you should have to provide is the death certificate and a copy of your marriage certificate along with proof that its you. If it's in a estate trust it is more complex. It might be a general trust account or it could list other beneficiaries in the event you passed.
Depending on the kind of IRA you have, you might be able to rollover whatever is in the account to your own IRA or create a new one without tax penalties. OR..you could take a distribution of whatever the amount in the account is and have them withhold whatever the tax amount is and reinvest it. You would be responsible for only the taxes on interest incurred on an account that was not a qualified IRA because you'd have already paid the amount due on the bulk.
While you are at it..I'd also look at your own IRA and how its set up to prevent similar confusion for your son. Your situation prompts me to investigate my own. You might have to seek the advise of a financial advisor.
Message Thread | This response ↓
« Back to index