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IRA beneficiary

Bartow, FL |

My father recently passed away and due to a clerical error that the bank won't acknowledge, our mother who has Alzheimer's was not removed as beneficiary on an IRA account. She has signed a disclaimer form to all assets so as to protect her Medicaid status, but the bank won't accept that and disburse the funds to my sisters and I as as contingencies on the account. What recourse do we have?

Attorney Answers 3


seek the advice of a tax planning lawyer. he will need to review the ira documents to answer your question. ira's pass outside of an estate and are payable to the beneficiar(ies) stated in the policy. if no beneficiary its typically paid to the estate. the disclaimer you refer to is usually a document that must be filed within 9 months of opening the estate. your lawyer will be able to review the documents and advise you on how to avoid this problem.

without a detailed review by a lawyer can all the issues raised in your question be appropriately addressed...nothing in this response should be construed as establishing a lawyer client relationship..the answers herein are for informational purposes and not to be construed as advice

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I agree with Attorney Tomberg. A disclaimer goes to estate assets. You can try to talk to someone in the bank's legal department to see if there is any way to accommodate your request. Otherwise, you might be looking at a special needs trust for your mother or some other estate planning technique.

Please note that I am answering this question as a service through Avvo but not as your attorney and no attorney-client relationship is established by this posting. An attorney-client relationship can only be established through signing a Fee Agreement and paying the necessary advanced fees.

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Unfortunately, SSA will not accept a disclaimer and will consider it an unacceptable transfer of assets, for which she could incur a transfer penalty. You don't need a tax attorney, you need a good disability attorney and/or special needs trust attorney to get the IRA distribution into a self-settled trust if she is under 65 or a pooled trust if she isn't.

Carol Johnson Law Firm, P.A. : (727) 647-6645 : : Wills, Trusts, Real Property, Probate, Special Needs: Information provided here is anecdotal and should not be relied upon or considered legal advice. Every matter is different and answers given here are general in nature and may not reflect current Florida law at the time you are reading this posting. Please contact me if you feel you need additional assistance with your matter.

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