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Reply to "What’s the process of inheriting money?"
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[quote=Anonymous]I was the executor for my father’s estate. I have 2 siblings and everything was distributed equally between the 3 of us. Since your mother is still alive, you, along with her, can easily check the beneficiaries for IRA’s. As for distribution of assets, I handled each account individually. My attorney recommended I open an “estate checking account” for funds to be deposited. Your attorney can do this for you, but there will be costs. My dad’s IRA listed 3 beneficiaries. This IRA became an Inherited IRA at his death. Basically, the amount was separated into thirds and we each handled our own for disbursements. You can spread it out in 10 annual payments or lump sum it. The bank that held the IRA asked me for a % to be held back for federal taxes. I receive a 1099-R each year for tax purposes. [/quote]
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