Skip to main content
Message Font: Serif | Sans-Serif
No. of Recommendations: 0
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.

RIP, Dad.

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
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
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.