May 5

my mom died and left me as the beneficiary on her ira and the funny thing is, is that she left me out of her will and gave everything i was going to get to my sons. now i get the money from the iras, i know that, but do those ira’s still have to go though the lawyer or can i just take them and cash them in?

3 comments so far...

  • jammin7000 Said on May 5th, 2010 at 3:42 pm:

    you can take them right away- no probate necessary (and you don’t need a lawyer or court approval)

  • tonalc2 Said on May 5th, 2010 at 4:06 pm:

    I would speak to a tax specialist/tax attorney/financial advisor as to the best way to deal with the IRAs. There could be significant tax consequences of just cashing them in.

  • Who is John Galt? Said on May 5th, 2010 at 4:40 pm:

    You can cash them. I would suggest consulting with a tax attorney only because there are tax implications based upon how you are taking the money.

    There may be tax penalties and fines that need to be payed unless you plan to roll that money into a retirement plan that you own.

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