IRA Annuity when 1 of the 3 Beneficiary's owes estate
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Mom died listing her 3 kids as beneficiaries on a 401k/IRA Annuity. One of the beneficiaries owes her $20k and she wanted it deducted from his share of any money in the estate.
Since she listed the 3 as beneficiaries is there anyway of putting his share into her estate rather than John Hancock sending him his portion directly and not paying back the promissory note? Is it possible to put the entire annuity into her estate for distribution rather than paying out each individual listed as beneficiaries?
united-states ira inheritance
edited Nov 26 at 21:20
Chris W. Rea
26.4k1586174
asked Nov 26 at 17:56
Grace
211
add a comment |
up vote
4
down vote
favorite
Mom died listing her 3 kids as beneficiaries on a 401k/IRA Annuity. One of the beneficiaries owes her $20k and she wanted it deducted from his share of any money in the estate.
Since she listed the 3 as beneficiaries is there anyway of putting his share into her estate rather than John Hancock sending him his portion directly and not paying back the promissory note? Is it possible to put the entire annuity into her estate for distribution rather than paying out each individual listed as beneficiaries?
united-states ira inheritance
edited Nov 26 at 21:20
Chris W. Rea
26.4k1586174
asked Nov 26 at 17:56
Grace
211
Are there any other assets, or just the IRA?
– D Stanley
Nov 26 at 19:10
Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
– Fattie
Nov 27 at 7:54
add a comment |
up vote
4
down vote
favorite
up vote
4
down vote
favorite
Mom died listing her 3 kids as beneficiaries on a 401k/IRA Annuity. One of the beneficiaries owes her $20k and she wanted it deducted from his share of any money in the estate.
Since she listed the 3 as beneficiaries is there anyway of putting his share into her estate rather than John Hancock sending him his portion directly and not paying back the promissory note? Is it possible to put the entire annuity into her estate for distribution rather than paying out each individual listed as beneficiaries?
united-states ira inheritance
edited Nov 26 at 21:20
Chris W. Rea
26.4k1586174
asked Nov 26 at 17:56
Grace
211
Mom died listing her 3 kids as beneficiaries on a 401k/IRA Annuity. One of the beneficiaries owes her $20k and she wanted it deducted from his share of any money in the estate.
Since she listed the 3 as beneficiaries is there anyway of putting his share into her estate rather than John Hancock sending him his portion directly and not paying back the promissory note? Is it possible to put the entire annuity into her estate for distribution rather than paying out each individual listed as beneficiaries?
united-states ira inheritance
united-states ira inheritance
edited Nov 26 at 21:20
Chris W. Rea
26.4k1586174
asked Nov 26 at 17:56
Grace
211
edited Nov 26 at 21:20
Chris W. Rea
26.4k1586174
asked Nov 26 at 17:56
Grace
211
edited Nov 26 at 21:20
Chris W. Rea
26.4k1586174
edited Nov 26 at 21:20
Chris W. Rea
26.4k1586174
edited Nov 26 at 21:20
Chris W. Rea
26.4k1586174
26.4k1586174
asked Nov 26 at 17:56
Grace
211
asked Nov 26 at 17:56
Grace
211
asked Nov 26 at 17:56
Grace
211
211
Are there any other assets, or just the IRA?
– D Stanley
Nov 26 at 19:10
Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
– Fattie
Nov 27 at 7:54
add a comment |
Are there any other assets, or just the IRA?
– D Stanley
Nov 26 at 19:10
Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
– Fattie
Nov 27 at 7:54
Are there any other assets, or just the IRA?
– D Stanley
Nov 26 at 19:10
Are there any other assets, or just the IRA?
– D Stanley
Nov 26 at 19:10
Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
– Fattie
Nov 27 at 7:54
Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
– Fattie
Nov 27 at 7:54
add a comment |
2 Answers
2
active
oldest
votes
up vote
5
down vote
What you are trying to do is not possible. The IRA custodian has received instructions to liquidate, upon death, the account in a certain way. They are required to do so by law.
Also, what you are trying to do, is not following the instructions of the deceased, your mom.
The promissory note becomes an asset of the estate. The owing child should pay the estate 20K, and that, with any other assets, should be divided equally. For a moment let us assume that there are no other assets. The owing child could pay the other two $6667 each for the lien to be satisfied.
Sorry for your loss.
answered Nov 26 at 18:15
Pete B.
48.4k11103152
1
Which is how it should be. If he paid before her death he would also receive a third of that money.
– xyious
Nov 27 at 18:58
add a comment |
up vote
3
down vote
The insurance company is going to make the pay out to the beneficiaries designated by your mother. It is of no concern to them if the listed parties have debt(s).
If the beneficiary of her 401k/IRA Annuity was her estate (herself) or her trust then the executor of her estate would make the adjustments that you described.
answered Nov 26 at 18:14
Bob Baerker
13.8k11948
add a comment |
2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
up vote
5
down vote
What you are trying to do is not possible. The IRA custodian has received instructions to liquidate, upon death, the account in a certain way. They are required to do so by law.
Also, what you are trying to do, is not following the instructions of the deceased, your mom.
The promissory note becomes an asset of the estate. The owing child should pay the estate 20K, and that, with any other assets, should be divided equally. For a moment let us assume that there are no other assets. The owing child could pay the other two $6667 each for the lien to be satisfied.
Sorry for your loss.
answered Nov 26 at 18:15
Pete B.
48.4k11103152
1
Which is how it should be. If he paid before her death he would also receive a third of that money.
– xyious
Nov 27 at 18:58
add a comment |
up vote
5
down vote
What you are trying to do is not possible. The IRA custodian has received instructions to liquidate, upon death, the account in a certain way. They are required to do so by law.
Also, what you are trying to do, is not following the instructions of the deceased, your mom.
The promissory note becomes an asset of the estate. The owing child should pay the estate 20K, and that, with any other assets, should be divided equally. For a moment let us assume that there are no other assets. The owing child could pay the other two $6667 each for the lien to be satisfied.
Sorry for your loss.
answered Nov 26 at 18:15
Pete B.
48.4k11103152
1
Which is how it should be. If he paid before her death he would also receive a third of that money.
– xyious
Nov 27 at 18:58
add a comment |
up vote
5
down vote
up vote
5
down vote
What you are trying to do is not possible. The IRA custodian has received instructions to liquidate, upon death, the account in a certain way. They are required to do so by law.
Also, what you are trying to do, is not following the instructions of the deceased, your mom.
The promissory note becomes an asset of the estate. The owing child should pay the estate 20K, and that, with any other assets, should be divided equally. For a moment let us assume that there are no other assets. The owing child could pay the other two $6667 each for the lien to be satisfied.
Sorry for your loss.
answered Nov 26 at 18:15
Pete B.
48.4k11103152
What you are trying to do is not possible. The IRA custodian has received instructions to liquidate, upon death, the account in a certain way. They are required to do so by law.
Also, what you are trying to do, is not following the instructions of the deceased, your mom.
The promissory note becomes an asset of the estate. The owing child should pay the estate 20K, and that, with any other assets, should be divided equally. For a moment let us assume that there are no other assets. The owing child could pay the other two $6667 each for the lien to be satisfied.
Sorry for your loss.
answered Nov 26 at 18:15
Pete B.
48.4k11103152
answered Nov 26 at 18:15
Pete B.
48.4k11103152
answered Nov 26 at 18:15
Pete B.
48.4k11103152
answered Nov 26 at 18:15
Pete B.
48.4k11103152
48.4k11103152
1
Which is how it should be. If he paid before her death he would also receive a third of that money.
– xyious
Nov 27 at 18:58
add a comment |
1
Which is how it should be. If he paid before her death he would also receive a third of that money.
– xyious
Nov 27 at 18:58
1
1
Which is how it should be. If he paid before her death he would also receive a third of that money.
– xyious
Nov 27 at 18:58
Which is how it should be. If he paid before her death he would also receive a third of that money.
– xyious
Nov 27 at 18:58
add a comment |
up vote
3
down vote
The insurance company is going to make the pay out to the beneficiaries designated by your mother. It is of no concern to them if the listed parties have debt(s).
If the beneficiary of her 401k/IRA Annuity was her estate (herself) or her trust then the executor of her estate would make the adjustments that you described.
answered Nov 26 at 18:14
Bob Baerker
13.8k11948
add a comment |
up vote
3
down vote
The insurance company is going to make the pay out to the beneficiaries designated by your mother. It is of no concern to them if the listed parties have debt(s).
If the beneficiary of her 401k/IRA Annuity was her estate (herself) or her trust then the executor of her estate would make the adjustments that you described.
answered Nov 26 at 18:14
Bob Baerker
13.8k11948
add a comment |
up vote
3
down vote
up vote
3
down vote
The insurance company is going to make the pay out to the beneficiaries designated by your mother. It is of no concern to them if the listed parties have debt(s).
If the beneficiary of her 401k/IRA Annuity was her estate (herself) or her trust then the executor of her estate would make the adjustments that you described.
answered Nov 26 at 18:14
Bob Baerker
13.8k11948
The insurance company is going to make the pay out to the beneficiaries designated by your mother. It is of no concern to them if the listed parties have debt(s).
If the beneficiary of her 401k/IRA Annuity was her estate (herself) or her trust then the executor of her estate would make the adjustments that you described.
answered Nov 26 at 18:14
Bob Baerker
13.8k11948
answered Nov 26 at 18:14
Bob Baerker
13.8k11948
answered Nov 26 at 18:14
Bob Baerker
13.8k11948
answered Nov 26 at 18:14
Bob Baerker
13.8k11948
13.8k11948
add a comment |
add a comment |
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Are there any other assets, or just the IRA?
– D Stanley
Nov 26 at 19:10
Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
– Fattie
Nov 27 at 7:54