Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 11-16-2020, 08:11 PM   #21
Thinks s/he gets paid by the post
Join Date: Apr 2008
Posts: 1,268
Originally Posted by Dash man View Post
Thatís why Iím a strong believer in trusts!
Trusts for taxable and property assets? Absolutely. Trusts for tax-deferred accounts? Not what we were advised to do.
statsman is online now   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-16-2020, 08:17 PM   #22
Thinks s/he gets paid by the post
Dash man's Avatar
Join Date: Mar 2013
Location: Limerick
Posts: 3,209
Originally Posted by statsman View Post
Trusts for taxable and property assets? Absolutely. Trusts for tax-deferred accounts? Not what we were advised to do.

We do have trusts for our IRAs. It provides protection from divorce or lawsuits. If the boys want to take the funds out, itís up to them.
Dash man is offline   Reply With Quote
Old 11-16-2020, 11:45 PM   #23
Thinks s/he gets paid by the post
jollystomper's Avatar
Join Date: Apr 2012
Posts: 3,568
Originally Posted by pjm-7 View Post
Not following through on the paperwork is a way of ignoring his inheritance. Those of us who have completed the process are concerned that if something happens to him (he is the oldest sibling) we would have to straighten out the mess later.

Have you spoken to the sibling and raised this issue?
FIREd date: June 26, 2018 - wwwwwwhat a rush!
jollystomper is offline   Reply With Quote
Old 11-17-2020, 05:07 AM   #24
Thinks s/he gets paid by the post
gauss's Avatar
Join Date: Aug 2011
Posts: 2,991
My thoughts on the situation:

#1) If you and all the other beneficiaries have received your funds, then I do not see it as an issue

#2) If something happens to your sibling, it would be up to his estate to figure it out, not you. Unless of course, you have agreed to be executor./Personal Representative of his/her estate (but even then you can, legally, refuse to accept the court appointment).

#3) I suspect, but am not certain, that if the funds sit there unclaimed for a while they would eventually be escheated to the state as unclaimed property. This does not mean that the state gets ownership of the property, but rather that it becomes a public record that this person has funds coming to him/her and that he could come forward to claim it or a representative of his estate (if an estate exists).

4) If the fund in question is a traditional IRA, then in general RMD's will be due from your sibling. If you Dad died in 2019, then the old laws on inherited IRAs would still be in effect (ie stretch IRA). Note that no RMDs of any kind are required in 2020 due to Covid-- you sibling would have until 2021 to take the first RMD. As such, there would be no tax penalties, IMHO, if this is not claimed before the end of 2020 Perhaps your sibling understands the law better than you think he does. My DMIL passed in 2019 and I am dealing with a similar issue except that we are talking about a 401k and the new administrator wants to release the funds to the estate, not to the beneficiary, disregarding the plan document rules that were in effect on the date of death, but that is another story.

Note I am not any type of professional with regards to this, but I have administered a couple of estates and like to understand the details.

gauss is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Would you be friends with your sibling? hakuna matata Other topics 75 07-26-2015 06:39 PM
Druggie Sibling - What To Do? ProspectiveBum Other topics 33 07-10-2008 01:24 PM
Advice on sibling manipulation..... OldAgePensioner Life after FIRE 54 08-18-2005 07:15 PM

» Quick Links

All times are GMT -6. The time now is 12:56 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.