IRA Inheritance
Greetings Terry
I received an IRA from my sister that passed on 2023. I have not taken any withdrawals and know that I have 10 years to take control of the funds that are taxable at my income rate.
May I gift or change the name on the account to my neice?
I appreciate your time and willingness to share your experiences with me
Terry Says
No, you can’t make a gift of the IRA, but you can name your niece as your successor beneficiary if you should die.
And you should contact the IRA custodian immediately and arrange withdrawals, since all of the money must be withdrawn in 10 years. (If your sister was already taking RMDs, you need to keep taking them on her schedule. The custodian would likely have explained that to you.) Please check with them immediately.
And, if you don’t need the withdrawal money, but must take it, you can gift it to your niece.
