How long do I have to change the registration on a deceaseds IRA to the names of the beneficiaries?
An IRA (or other tax-deferred retirement account) is valued as of the date of death of the account owner for purposes of determining estate taxes, if any. Although there are no requirements governing when the account needs to be registered in the name of the beneficiary, there are strict and complex rules that define when distributions must be taken from an Inherited IRA. In addition, there may be IRS penalties for failure to comply with minimum distribution rules. If re-registration and distributions do not commence within a certain period of time, some options may be lost. It is advisable that you consult with an attorney, tax advisor or accountant prior to making withdrawal decisions.
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