No. of Recommendations: 0
[[ Here's some additional information. All the
assets; home, cars, etc. have been sold and the money placed in our late father's
saving account.]]

Then that should be simply pay the bills remaining in the estate and divide the cash.

[[ He was within a couple of weeks of being 70 1/2.
03/28/28-09/08/98. My sister and myself are 50/50 on everything including the

Speak with the IRA custodian. If you are both joint beneficiaries, many IRA custodians will actually "split" the account, so what you might do will not impact your sister when dealing with distributions.

[[ No inheritance taxes are due the state of TN, nor are inheritance taxes
due to the IRS. Fairly straight forward, although, we're not quite sure about the
dispersal of the IRAs and savings account now that we're at the point of actually
dividing it up.]]

You simply...and basically...follow the instructions provided by the probate court and the will. You can't go too far wrong there. Your biggest hassle will be the IRA, but they are really pretty easy to deal with.

Hope this helps..
TMF Taxes
Print the post  


What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.