QUESTION
Do i divide a retirement account that i was named beneficuary on with siblings?
Asked on Mar 14th, 2014 on Trusts and Estates - California
More details to this question:
parents trust said that estate is to be divided equally amongst siblings. after mom passed my dad named me beneficuary of retirement account because I was parents caregiver during their illness untill death
1 ANSWER
Taxation Attorney serving Santa Monica, CA
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The retirement account designation of beneficiaries stands alone. If you are named as the beneficiary, then you don't have to divide it up with anyone else (unless you want to do so). You could also qualify for a "rollover" to an "inherited IRA." You could then take money out and not pay tax until you do so.
Answered on Mar 15th, 2014 at 7:35 PM