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Author: pirategraham Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121562  
Subject: IRA Inheritance Date: 5/5/2002 11:27 AM
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I am new to TMF, so I posted this question on another discussion board and it was suggested I post it here. My Mother has just died and I am listed as the sole beneficary on her IRA. I am trying to find out what my options are. I am told that since I am listed as a beneficary, there is no need for probate. From what I have read, I can either take all the money out within 5 years or annuitize it over a longer period. Is it possible to take out a lump sum of about $15,000-$20,000 to pay her final expenses and then annuitize the rest? Or does the money come out before I inherit even though there is no probate? If I take money out to pay the nursing home and for her funeral is the money considered mine or hers for tax purposes? Thank you in advance for your help.
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