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Financial Planning / Tax Strategies
|Subject: Re: RMD for decedent||Date: 12/19/2012 5:26 PM|
|Author: inparadise||Number: 117167 of 119696|
Thank you for your input. I kinda thought that strategy would be OK but like I said to the beneficiaries, I'm not a tax consultant and I don't play one anywhere, if you want competent advice, seek out a tax professional.
While Phil deserves every Kudos sent his way for his generosity in posting, this is exactly the kind of post that is great for chat room boards. Sadly, enough of us have dealt with this very issue so that even the most tax challenged can give decent input. Sorry for the loss of your friend.
One note of caution, when it comes to next year, assuming that the people inheriting the IRA's roll it over to an , inherited IRA rather than cash it in, which is an option, they will need a copy of the death certificate to process the RMD on their inherited IRA. The administrator of my inherited IRA failed to realize this when I rolled it over earlier this year, and so now we are scrambling to get all our ducks in a row before years end.
applying her inheritance towards the kids' college expenses just as Dad wished, but gratefully keeping the tax deferred funds as such and using other funds to pay
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