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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: RMDs off Estate IRA Date: 2/6/2014 3:50 PM
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spinning: "Which custodian(s) will split an inherited IRA?"

I beleive that nay of the large cusodiams will, assuming splitting is legally permissible. Fidelity did not have any problem accepting a split from and IRA (several years ago).

For the OP - I remain concerned about your plans.

From an elder law lawyer's website (and I am not vouching):

"As a general rule, after the IRA owner dies, the beneficiary can withdraw the moneys over his or her remaining life expectancy. . . . Even though this sounds straightforward, the rules are tricky. For example, if you name your estate as your beneficiary, that will not qualify as a "designated beneficiary" for purposes of this rule. . . .

There are special rules where the IRA owner failed to name a designated beneficiary. In this case, the rules differ depending upon whether the IRA owner died before or after his “required beginning date.” The “required beginning date” (the RBD) is April 1 of the year following the year in which the IRA owner reaches age 70½. . . . If the IRA owner dies before the RBD and there is no designated beneficiary, then the IRA must be distributed within 5 years after death. In all cases, whether there is a “designated beneficiary” must be determined by September 30 of the year after the IRA owner’s death, and not as of the December 31 as was the case under the January 2001 proposed rules."

If I understood your initial post, you do not have an "inherited IRA" for IRC purposes and it cannot be split into multiple IRAs.

Please seek professional advice.

Regards, JAFO
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