They had no contingent beneficiaries, and under the old rules, it was too late to name new beneficiaries.
2.
If a spouse, for example, is the beneficiary of an IRA, a child can be made the contingent beneficiary.
3.
If that is done, those who were named as contingent beneficiaries get the account instead and can make withdrawals over their lifetimes.
4.
Other tips from Neumark : Be sure to name a contingent beneficiary, especially if the primary beneficiary is an older person who might die before the account holder.
5.
However, if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions, the assets will probably pass to the " contingent beneficiaries ".
6.
The new regulations also allow a primary beneficiary to do what is legally known as " disclaiming, " or turning down an inheritance, so that it goes to the contingent beneficiary, Goldberg said.
7.
In their IRA's, they can now make the grandchild the contingent beneficiary, and when the first spouse dies, if the survivor is feeling financially secure, he or she can disclaim the money.
8.
The Goldbergs also amend the form when a beneficiary or contingent beneficiary is a minor, to provide that the money be transferred under the Uniform Transfer to Minors Act, with the custodian to be selected by the executor.
9.
Under the old rules, " if a grandparent had a big IRA and named his son as the primary beneficiary and his grandkids as contingent beneficiaries, and the grandpa died, the son had to take distributions from the IRA . Under the new rules, the dad can decline ( the account ), and the kids become the primary beneficiaries and can distribute the remainder over their life expectancies,"
मोबाइल