Hello, I have questions about an estate that holds a Traditional IRA. In her Will, my relative who passed away in April 2021, left her entire estate to her heirs (about thirty heirs). She never married and had no children. The entire estate is valued at $1.4M. Besides 3 pieces of real property, and other financial accounts, there is a Traditional IRA valued at $775K. Like the estate, there is no named beneficiary designated for the IRA. According to the estate's Inventory and Appraisement form, which lists all estate assets and claims, "no claims are due and owing to the estate."
Does this mean that all taxes owed on the Traditional IRA have been paid? If so, is the $775K split among all beneficiaries just like all other assets?
Thanks for any info.
Does this mean that all taxes owed on the Traditional IRA have been paid? If so, is the $775K split among all beneficiaries just like all other assets?
Thanks for any info.