My husband have an IRA. I want to give up my right to his IRA. Is there a specific form that I have to sign ? Is this form legal?
Total Comments: 3
Posted: Sat Dec 06, 2008 10:44 am Post Subject:
Just curious, why do you want to give up your rights on your spouse's IRA? In some state the IRA is considered as the marital asset and by giving up the rights you may lose a significant portion of this asset.
However, IMO the spouse is required to sign a change of IRA beneficiary form, in which the other spouse is required to give his/her consent in being left out of the benefits.
Posted: Sat Dec 06, 2008 11:27 am Post Subject:
Yes..being the spouse you could be the rightful beneficiary. You may consult with the IRA trustee and see if he could guide you in this regard. After all he is the person who's gonna help you if you like to have this money in the form of a life-long annuity. Even when you'd like to receive this money for over a period of 5 years, you'd need to consult with this person. So you could try out this option.
Purpleheaded08
Posted: Sat Dec 06, 2008 12:06 pm Post Subject:
Hi,
You could also get in touch with the mutual fund co. or the bank trustee. Even when you don't want that benefit, you may choose to pass it on to another member closely associated with the owner of the IRA. A new beneficiary can always be named, but remember that the money can't be withdrawn till 59 1/2 if the penalty worth 10% is not paid up.
Posted: Sat Dec 06, 2008 10:44 am Post Subject:
Just curious, why do you want to give up your rights on your spouse's IRA? In some state the IRA is considered as the marital asset and by giving up the rights you may lose a significant portion of this asset.
However, IMO the spouse is required to sign a change of IRA beneficiary form, in which the other spouse is required to give his/her consent in being left out of the benefits.
Posted: Sat Dec 06, 2008 11:27 am Post Subject:
Yes..being the spouse you could be the rightful beneficiary. You may consult with the IRA trustee and see if he could guide you in this regard. After all he is the person who's gonna help you if you like to have this money in the form of a life-long annuity. Even when you'd like to receive this money for over a period of 5 years, you'd need to consult with this person. So you could try out this option.
Purpleheaded08
Posted: Sat Dec 06, 2008 12:06 pm Post Subject:
Hi,
You could also get in touch with the mutual fund co. or the bank trustee. Even when you don't want that benefit, you may choose to pass it on to another member closely associated with the owner of the IRA. A new beneficiary can always be named, but remember that the money can't be withdrawn till 59 1/2 if the penalty worth 10% is not paid up.
Add your comment