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Old 03-24-2013, 11:14 AM   #21
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Thank you Michael. Sounds like you are saying that you can first set up (or ensure already set up) beneficiaries for each current beneficiary and then the potential for a rollover to another institution could be addressed.
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Old 03-24-2013, 01:01 PM   #22
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Originally Posted by WilliamG View Post
Titled in name of deceased FBO the two beneficiaries.
That is the way it is titled now, but I remain interested in knowing what the beneficiary designation was on the original paper work. That is/was the determining factor in how it was to be handled, along with any specifications of any trust linked to the estate.

So, was it "to the estate" or were both of your names on the beneficiary name line?

Just seems to me it could have been split into two back in 2000, provided both of your names were on the beneficiary name line. Perhaps the bank or holding company missed a step but they often do not do anything without direction from a beneficiary.

Here it says, " If the IRA is not split into two, then....". Meaning it probably could have been split. Just don't know if it can still be split after all these years but may be worth a try.

Inheriting an IRA - Bogleheads
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Old 03-24-2013, 01:07 PM   #23
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To be a little more specific it does matter if each beneficiary was named on the original title of the IRA. If a trust was named as the beneficiary, all bets are off for this discussion.

fd
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Is why I keep going back to what the original paper work said.

If both your name and your brother's name were on the beneficiary designation line, then you had every right to have it split into two at that time. You legally owned half and your brother legally owned half. But you would have had to have known this and requested the split. Hopefully you are still able to do this...with the original paperwork as your justification.
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Old 03-24-2013, 01:17 PM   #24
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Thank you Michael. Sounds like you are saying that you can first set up (or ensure already set up) beneficiaries for each current beneficiary and then the potential for a rollover to another institution could be addressed.
That was not my intention, so I will state differently. Each beneficiary should name one or more successor beneficiaries for their share. If they die, the successor beneficiary(s) is (are) entitled to the share of the IRA balance that corresponded to the beneficiary. It cannot be rolled over, only withdrawn, and the required minimum distribution is the same as it was for the original beneficiary.

So, in your case, you and your younger brother can each name successor beneficiaries. If either of you passes away while the IRA is still funded, the successor beneficiaries will be entitled to receive the share that originally belonged to the unlucky deceased brother, but they cannot roll it over and must take RMDs based on your age, even if you are the unlucky one.
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Old 03-24-2013, 04:49 PM   #25
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And if no beneficiaries are named when one of the owners might die, their share would default to their estate and go through probate right?
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