When A Deposit Customer Diesplatform.confedge.com/asset/tba/txbankers... · (3) An action is filed for the divorce, dissolution, or annulment of the agent’s marriage to the principal

Your State Association Presents

When A Deposit

Customer Dies

Program Materials

Use this document to follow along with the live webinar

presentation. Please test your system before the broadcast. Be

sure to print enough copies for all listeners.

Tuesday, May 21, 2013 Presenter: Debbie Crawford

Technical Support (for faster service please submit inquiries via email or online): Registration Questions (Registration Tech Support): Email- [email protected], Phone- (877)988-7526 Broadcast questions (Webinar Tech Support): Online- http://support.omnovia.com, Phone- (281) 500-4065 x 1

mailto:[email protected]

http://support.omnovia.com/

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© Gettechnical Inc.1

When a Deposit Customer Dies…

2013Produced and written by Gettechnical Inc

The material used in this text has been drawn from sources believed to be reliable. Every effort has been made to assure theaccuracy of the material; however, the accuracy of this information is not guaranteed. The laws are often changed without priornotice from the government. The publisher and the editor are not engaging in the practice of law or accounting. We are notresponsible for the actions of your company's employees.

Instructor Deborah L Crawford

• Debbie is the President of Gettechnical Inc, a Baton Rouge based training company. Her combined banking and training experience began in 1984 and she is a deposit side expert. She received her Bachelors and Masters degrees from Louisiana State University.

• If you have any questions just call 1-800-354-3051 or email us at [email protected].


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WHEN CUSTOMER IS DECEASED…There are many things that come into play before we get to the Formal Estate

© Gettechnical Inc.

Send To Outside Lawyer

No

NoWritten Stop

Payment

Order

Received

Letters

Testamentary/Letters of

Administration

Joint Depositor

Requesting

State law issues

if WROS and

WOROS

Authorized

Signatory or

Account

P.O.D. Trust

Account

Pay Joint OwnerWritten Notice of

Death Received

Depositors (All

depositors)Death

Small Estate

Affidavit Check

your state law

Pay Executor /

Administrator

No No No No

YesYes

Yes

YesYes

Honor Checks

Written

Honor Checks

For 10 Days

From Death Only

Yes

No

Adequate

Evidence of

Death

Pay Designated

Beneficiary

Yes

Yes

No

Intestate

customer

Follow your law if you have one

Usually filed at county

Pay Surviving

Spouse and All

Heirs according to

state law

Yes

Yes

Yes


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Death Notice Requirement

• In the UCC 3 and 4 a financial institution is not liable for the payment of a check before it has knowledge (whatever that means in your state) of the death or incompetence of the drawer.


• A 10 day period after death to pay checks (not items) is allowed so that these checks will not have to be filed in probate.


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Contract

• The financial institution is required to deal with its customer according to its contract until it has knowledge.


• The 10 day period is from date of death(not 10 days from day of notice). During this 10 day period the financial institution may pay checks (not items) written on the account.


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• This law does not prevent an executor or administrator from recovering the payment of any checks paid during the 10 day period. It is not intended to affect the validity of any gift or other transfer in contemplation of death, but merely to relieve the financial institution of liability for the payment.


Freeze

• Any surviving relative, creditor or other person who claims an interest in the account may give a direction to the financial institution not to pay checks, or not to pay a particular check. Such notice has the same effect as a direction to stop payment.


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• The financial institution has no responsibility to determine the validity of the claim. But obviously anyone who has an interest in the estate, including the person named as executor in a will, even if the will has not yet been admitted to probate, is entitled to claim an interest in the account.


WHEN CUSTOMER IS DECEASED…There are will by passes in the contract and also who continues to have access


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Single Party or Individual Accounts

With or without authorized signers and agents


Individual or Single Party Accounts

• Agents or authorized signers cease at death

• The account belongs to the estate unless there is a beneficiary.


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1OWNERSHIP� Single Party

2TITLEJane Smith

3FEDERAL REGULATIONS

5TAXPAYER IDENTIFICATION

NUMBER

4SIGNATURES (Access)

Jane Smith

Sally Smith, Agent or Authorized Signer

Sample: Single Party/Individual with Agent will have agent cease at death


Joint Accounts

WROS and WOROS

Tenants by Entirety


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1OWNERSHIP

�Multiple Party�WROS�WOROS

2TITLEJoe Smith or Mary Smith



NUMBER


Joe Smith

Mary Smith

Sample: Multiple Party/Joint Survivorship Unclear


1OWNERSHIP

�Multiple PartyInitial type of ownership:______WROS______WOROS


3

FEDERAL REGULATIONS


NUMBER


Joe Smith

Mary Smith

Sample: Multiple Party/Joint Survivorship Unclear Because of Missing Initials

© Gettechnical Inc. 18

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JTWROS

� Joint tenancy with rights of survivorship is a way to jointly own real or personal property. When two or more people place property as joint tenants, and one of the owners dies, the other owners automatically become owners of the deceased owner's share. Because of this "right of survivorship,” a joint tenancy interest in property is not part of the probate estate. Instead, it goes directly to the surviving joint tenant(s). Some states also have Tenants-by-Entirety for married couples.



Multiple Party/Joint Account Without Rights Of Survivorship

As Tenants In Common

� No rights at death.

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1OWNERSHIP

� Multiple Party�WROS�WOROS

2TITLEJoe Smith or Mary Smith or John Jones



NUMBER


Joe Smith 10/30/XX

Mary Smith 10/30/XX

John Jones 12/15/XX

Added son per wife’s instructions

Sample: An Owner Was Added Without Permission of All Owners

© Gettechnical Inc. 21

1Ownership�Multiple Party�WROS�WOROS




NUMBER


Joe Smith

Sample: Multiple Party/Joint One Signature


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� If the institution fails, will this be considered a multiple party or joint ownership?

� If Mary withdraws funds, can the financial institution lose money?

� If Joe deposits checks made payable to Mary, does the financial institution have any liability?


1

OWNERSHIP� Single Party

2TITLEJohnnie Smith



NUMBER


Grandma

Grandma for Grandpa

Grandma for Little Johnnie

Sample: Single Party with Multiple SignersBermuda Triangle


Grandpa died and then Grandma.

Who does the money belong to?.

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Signature Card Leaves the Building…

• Customer wanted to change his account from Joint with his children to Joint with his mother. He was going to close his old accounts on Monday after obtaining a new signature card JTWROS with his mom signing as joint owner.

• He died over the weekend. The new cards were not signed and his children got the money.


1OWNERSHIP

�Multiple Party�WROS�WOROS



5

TAXPAYER IDENTIFICATION NUMBER

4

SIGNATURES (Access)

Joe Smith

Mary Smith

Sample: Multiple-Party/Joint Account


Joint ownership, two

in title and two

signers

26

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Payable on Death or In Trust For


1OWNERSHIP� Multiple Party

2TITLEJoe Smith or Mary Smith POD


5

TAXPAYER IDENTIFICATION NUMBER

4

SIGNATURES (Access)

Joe Smith

Mary Smith

Sample: Informal Trust Account – Ownership Does Not Match Intention, No Beneficiaries


Who are

beneficiaries?

28

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Watch for these state law issues…

• Linear descent

• Percentages

• Titling requirement

• “or” and “and” between beneficiaries

• How to give money to beneficiaries


Power of Attorney

When does it cease


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Look for these things in POA statute..

(A) A power of attorney terminates when any of the following occurs:(1) The principal dies;(2) The principal becomes incapacitated, if the power of attorney is not durable;(3) The principal revokes the power of attorney;(4) The power of attorney provides that it terminates;(5) The purpose of the power of attorney is accomplished;(6) The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns, and the power

of attorney does not provide for another agent to act under the power of attorney.(B) An agent’s authority terminates when any of the following occurs:(1) The principal revokes the authority;(2) The agent dies, becomes incapacitated, or resigns;(3) An action is filed for the divorce, dissolution, or annulment of the agent’s marriage to the principal or their

legal separation, unless the power of attorney otherwise provides;(4) The power of attorney terminates.(C) Unless the power of attorney otherwise provides, an agent’s authority is exercisable until the authority

terminates under division (B) of this section, notwithstanding a lapse of time since the execution of the power of attorney.

(D) Termination of an agent’s authority or of a power of attorney is not effective as to the agent or another person that, without actual knowledge of the termination, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.

(E) Incapacity of the principal of a power of attorney that is not durable does not revoke or terminate the power of attorney as to an agent or other person that, without actual knowledge of the incapacity, acts in good faith under the power of attorney. An act so performed, unless otherwise invalid or unenforceable, binds the principal and the principal’s successors in interest.

(F) The execution of a power of attorney does not revoke a power of attorney previously executed by the principal unless the subsequent power of attorney provides that the previous power of attorney is revoked or that all other powers of attorney are revoked.

Added by 129th General Assembly File No. 65, SB 117, § 1, eff. 3/22/2012.© Gettechnical Inc.

31

This power of attorney becomes effective immediately unless you state otherwise in the Special Instructions.

ACTIONS REQUIRING EXPRESS AUTHORITYUnless expressly authorized and initialed by me in the Special Instructions, this power of

attorney does not grant authority to my agent to do any of the following:(1) Create a trust;(2) Amend, revoke, or terminate an inter vivos trust, even if specific authority to do so is

granted to the agent in the trust agreement;(3) Make a gift;(4) Create or change rights of survivorship;(5) Create or change a beneficiary designation;(6) Delegate authority granted under the power of attorney;(7) Waive the principal’s right to be a beneficiary of a joint and survivor annuity, including a

survivor benefit under a retirement plan;(8) Exercise fiduciary powers that the principal has authority to delegate.CAUTION: Granting any of the above eight powers will give your agent the authority to take

actions that could significantly reduce your property or change how your property is distributed at your death.

If you have questions about the power of attorney or the authority you are granting to your agent, you should seek legal advice before signing this form.


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WHEN CUSTOMER IS DECEASED…There is 1099 Intreporting, requests from attorney’s …


Giving information to lawyer and signature card

mess ups…

34©Gettechnical Inc.

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Lawyers

• It is a practice to give lawyers information about the decedent’s accounts. This information will usually include all the accounts even the ones that by pass the probate process.

• When they ask for the information they may also want to see the signature cards…

©Gettechnical Inc.35

1OWNERSHIP�Multiple-Party WROS

2TITLEBob or Carol



NUMBER


Bob’s Signature

Sample: Multiple Party/Joint AccountOne Signature

36

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2TITLEGrandma



NUMBER


Sample: Single Party/Individual

No signature

37


� Multiple-Party�WROS

�WOROS� Trust/POD

Beneficiaries1.__________

3.____________2.__________

4.____________

2TITLEBob or Carol



NUMBER


Bob’s SignatureCarol’s Signature

Sample: Informal Trust Account/PODMissing Ownership and Missing Beneficiaries

38

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Tax reporting


• In the year of death, who do we do the 1099 interest reporting on?


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WHEN CUSTOMER IS DECEASED…The court gets involved in a formal estate.


Formal Estates

Documents, Authority and out of state documents


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Formal Estate

Paperwork

Letters Testamentary

or

Letters of

Administration

Relief from Administration if certain prerequisites are met

Or Small Estate Settling

Available in some states

Close Decedent’s

Accounts

Both?

Check for amount

Timeframes

Affidavit requirements

Intestate or Testate or

Both?

Open Estate

Account


Does paperwork come from another state? Most states require paperwork from state where property is

43

Kinds of Estate Settlings:


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Testate:

• With a will.

• A testate Estate results from the will of the deceased, contained in a testament executed in form prescribed by law.


Intestate:

• Without a will.

• Intestate Estate results from provisions of law in favor of certain persons, in default of testate successors.


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Look for what it says about out of state property…

2129.04 Ancillary administration.When a nonresident decedent leaves property in Ohio, ancillary administration proceedings may be had upon application of any interested person in any county in Ohio in which is located property of the decedent, or in which a debtor of such decedent resides. Such applicant may or may not be a creditor of the estate. The ancillary administration first granted shall extend to all the estate of the deceased within the state, and shall exclude the jurisdiction of any other court.

Effective Date: 10-01-1953

2129.05 Foreign wills.Authenticated copies of wills, executed and proved according to the laws of any state or territory of the United States, relative to property in this state, may be admitted to record in the probate court of a county where a part of that property is situated. The authenticated copies, so recorded, shall be as valid as wills made in this state.When such a will, or authenticated copy, is admitted to record, a copy of the will or of the authenticated copy, with the copy of the order to record it annexed to that copy, certified by the probate judge under the seal of the probate court, may be filed and recorded in the office of the probate judge of any other county where a part of the property is situated, and it shall be as effectual as the authenticated copy of the will would be if approved and admitted to record by the court.

Amended by 129th General Assembly File No. 52, SB 124, § 1, eff. 1/13/2012.Effective Date: 10-01-1953


SAMPLE CHECK #1Sally Smith is the Executrix. How should she endorse the check?

The Estate of John Smith 10.00

March 31, XXXX

Ten & ----------------------------------------------0/100

Tom Black

48© Gettechnical Inc.

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SAMPLE CHECK #2The check is made payable to decedent. How should the check be

endorsed? By whom? And is there any other option? Sally Smith is the

Executrix.

John Smith 10.00

March 31, XXXX

Ten & ----------------------------------------------0/100

Tom Black


SAMPLE CHECK #3If the check is made payable to a decedent and his wife, who can endorse

the back of the check? Sally Smith is the Executrix. What if she is not

executrix?

John Smith and Sally Smith 10.00

March 31, XXXX

Ten & ----------------------------------------------0/100

Tom Black


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Payments to funeral homes

Checks made payable to family

Small estates

Giving information to lawyer and signature card

mess ups…


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Lawyers

• It is a practice to give lawyers information about the decedent’s accounts. This information will usually include all the accounts even the ones that by pass the probate process.

• When they ask for the information they may also want to see the signature cards…


WHEN CUSTOMER IS DECEASED…It might be on a fiduciary account. Who does what after death?


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Fiduciary Accounts

UTMAs, Social Security Representative Payees, Living

Trusts,


Revocable Formal Trust Accounts


• The trust owns the assets, but the trustee retains control. Since the person setting up the account will also be the trustee, they will be able to do all the things they could do before--buy, sell, transfer, borrow etc. However once placed in the trust the assets avoid the probate process and can be distributed immediately at the death of the grantor.

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Account Styling:

• Legal Name of Trust.

– Examples: John Smith, Trustee under the Smith Living Trust

– John and Mary Smith, Trustees under the Smith Living Trust


Trust Agreement:

• You can obtain a copy of the trust agreement, but in accepting such agreement your financial institution will be bound by all its terms.


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• An alternative is to obtain a copy of a Trust Abstract, Trust Memorandum or Declaration of Trust which contains: (1) proof that the trust was created (the first page of the trust will do); (2) who the original trustees are; (3) the date the trust was created/the date the trust document was signed; (4) what the trustees powers are; (5) the signature of the grantor(s) and; (6) the notarization of the trust document.


• Since a trust is a separate legal entity, much like a corporation, the trust document should tell you what happens at the death of the trustee. Usually a successor trustee is named in the document. The successor trustee will present a death certificate of the original trustee and a Declaration of Successor Trustee to the financial institution.


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• Usually, a surviving spouse is the new trustee. Upon the death of both spouses, the successor trustee would take charge of the trust. Once the original trustee(s) is deceased, the trust becomes irrevocable and must be set up with a taxpayer identification number of its own.


How should this check be endorsed after the death of Mary?

SAMPLE CHECK #1

The Mary and Joe Smith Living Trust 10.00

March 31, XXXX

Ten & ----------------------------------------------0/100

Bill Black

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How should this check be endorsed and deposited into the Trust?

SAMPLE CHECK #2

Mary Smith 10.00

March 31, XXXX

Ten & ----------------------------------------------0/100

Bill Black

Revocable and Irrevocable

• Trusts can be revocable (SSN) or irrevocable (EIN)

• Revocable trusts can become irrevocable at the death of all the grantor/trustees.

• Finding the trust agreement working with successor trustees and getting the account up to date after death has its challenges.

• The Mary and Joe Smith Living Trust does not change but the trustees may after death.


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• The irrevocable trust is one that the creator/settlor of a trust cannot revoke or alter. The settlor of the trust has given up the right to change his/her mind and has relinquished the trust property either permanently or for some specified period of time.


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• An irrevocable trust may be created by will or during the lifetime of the settlor. It may result from a revocable trust, which by its terms becomes irrevocable upon the death of the settlor. The use of irrevocable trusts can result in substantial savings in estate taxes and, to a lesser extent, in income taxes.


Account Styling:

• Legal name of trust

• Examples:

• The Smith Family Trust

• The Betty Davis Irrevocable Family Trust

• ABC Company Pension Plan


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Trust Agreement:

• You can obtain a copy of the trust agreement, but in accepting such agreement your financial institution will be bound by all its terms.



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• A custodian may want to set aside money for a minor as a irrevocable gift. This can be handled under the Uniform Transfer to Minor's Act. In such a case, the money belongs to the child, if the custodian withdraws any of the money it must be used for the benefit of the child or the child may sue.


• Upon the age of (18/21) majority, the funds will be turned over to the child. Only one custodian and one child are allowed per account.


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Account Styling:

• Johnnie Smith, a minor by John Smith, custodian under the UTMA

• Use Child’s SSN

• Custodian Signs

• CIP Custodian


Look in UTMA statute for what happens at death…

(E) If no eligible successor custodian is designated by the donor or transferor in the donor’s or transferor’s will or trust or by the custodian in the custodian’s will, or if the custodian dies intestate or is adjudged to be an incompetent by a court, the legal representative of the custodian may designate a successor custodian. If the court in which the estate or guardianship proceedings relative to the custodian are pending approves the designation, the designation shall be regarded as having been effective as of the date of the death of the custodian or as of the date the custodian was adjudged to be an incompetent. Upon the approval of the court, the legal representative of the custodian shall cause the custodial property to be transferred or registered in the name of the successor custodian as provided in divisions (D)(1) to (3) of this section.

(F) If a person or entity designated as successor custodian is not eligible, or renounces or dies before the minor attains the age of twenty-one years, or if the custodian dies without designating a successor custodian and division (E) of this section does not apply because the custodian does not have a legal representative, the guardian of the minor shall be the successor custodian. If the minor does not have a guardian, a donor or transferor, the legal representative of the donor or transferor, the legal representative of the custodian, a member of the minor’s family who is eighteen years of age or older, or the minor, if the minor has attained the age of fourteen years, may petition the court for the designation of a successor custodian.

(G) A donor or transferor, the legal representative of a donor or transferor, a member of the minor’s family who is eighteen years of age or older, a guardian of the minor, or the minor, if the minor has attained the age of fourteen years, may petition the court that, for cause shown in the petition, the custodian be removed and a successor custodian be designated or, in the alternative, that the custodian be required to give bond for the performance of the custodian’s duties.


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Child Dies

Custodian Dies

Funds go to

the child’s

estate

Documentation

1. Death Certificate

2. Letters of Administration or

Letters of Testamentary

Did custodian name

successor?

YESNO

Successor

custodian takes

over as

custodian

If child is over 14

and acts in 60

days may name

own custodian

subject to state

law

If not, then

legal

guardian

becomes

custodian

Documentation

1. Death Certificate on custodian

2. Identification on new custodian

3. New signature card


WHEN CUSTOMER IS DECEASED…Business Accounts, Checks, FDIC insurance and IRAs


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Business Accounts

Sole Proprietorships, Partnerships,

Corporations and LLC


78

• Sole proprietorship accounts cease at death

• Partnerships do not cease at death in most states

• Corporations do not cease at death

• Multiple member LLCs do not cease at death

• Single member LLCs you will now have the estate as your single member owner


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FDIC Insurance Issues at Death


Did the owner or the beneficiary die?

• Owner gets a six month grace period

• Beneficiary death causes insurance changes the next day.


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Cashing deceased checks and paying

ACH…


SAMPLE CHECK #1Sally Smith is the Executrix. How should she endorse the check?

endorse HERE

X

DO NOT SIGN/WRITE/STAMP BELOW THIS

LINE

FOR FINANCIAL INSTITUTION USAGE ONLY

FEDERAL RESERVE B AND REGULATION CC

The Estate of John Smith 10.00

March 31, XXXX

Ten & ----------------------------------------------0/100

Tom Black

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SAMPLE CHECK #2The check is made payable to decedent. How should the check be

endorsed? By whom? And is there any other option? Sally Smith is the

Executrix.

John Smith 10.00

March 31, XXXX

Ten & ----------------------------------------------0/100

Tom Black

endorse HERE

X


LINE



SAMPLE CHECK #3If the check is made payable to a decedent and his wife, who can endorse

the back of the check? Sally Smith is the Executrix. What if she is not

executrix?

John Smith and Sally Smith 10.00

March 31, XXXX

Ten & ----------------------------------------------0/100

Tom Black

endorse HERE

X


LINE



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Treasury Checks

Rights Do not Cease at

Death

Rights Do Cease at Death

Payments for Redemption of

Currency

Principal & Interest on U.S.

Securities

Payments for Tax Refunds

Payments for Goods &

Services

Recurring Benefit

Payment or Annuity

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• An executor or administrator indorsing any such check must include, as part of the endorsement, an indication of the capacity in which the executor or administrator is indorsing. An example would be: “John Jones by Mary Jones, executor of the estate of John Jones.”

• When a check endorsed in this fashion is presented for payment by a financial institution, it will be paid by Treasury without the submission of documentary proof of the authority of the executor or administrator, with the understanding that evidence of such claimed authority to endorse may be required by Treasury in the event of a dispute.

Checks Issued to

Deceased Payees

Handling Checks

When an Executor

or Administrator is

Appointed

Checks that do

not cease at

death

endorsed by

Executor or

Administrator.

Handling checks

when the certifying

agency learns after

issuance of a

recurring benefit that

the payer died prior

to issuance.

John Jones by

Mary Jones,

Executor of

the Estate of

John Jones

Checks

that do

cease at

deathFederal Reserve

will refuse

payment

All checks returned

to the certifying

agency. They will

determine to

whom, if anyone,

the payment

needs to be paid.

Handling Checks

When an Executor

or Administrator is

NOT Appointed

Returned

to

certifying

agency

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ACH

• Needs authorization to pay.

• What about recurring ACH from Joint accounts?


Frequently Asked Questions

• Can a check to the decedent be deposited into an estate account?

• Can a check to the decedent be cashed by the spouse? Social security, treasury check or insurance annuity?


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IRAs

Treat as Own

Inherit


Roth IRA Beneficiary(five years and death)

Traditional IRABeneficiary(Traditional,

SEP & SIMPLE)

10% Penalty 10% PenaltyPay Income Tax

Pay Income Tax


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Primary Vs. Contingent Beneficiaries

Beneficiaries

Primary BeneficiaryBeneficiary who receives IRA at death of owner

Contingent Beneficiary

Contingent beneficiary only receives IRA if all primary beneficiaries die prior to IRA owner


Beneficiaries

Primary BeneficiaryBeneficiary who receives IRA at death of owner

Contingent BeneficiaryContingent beneficiary only receives IRA if all primary beneficiaries die prior to IRA owner

Non-Designated Beneficiary •Estate, trusts, charitable organizations and other entities•Contingent beneficiaries•Beneficiaries who have disclaimed their inheritance •Non-qualified trust beneficiaries•Combinations of individuals and entities

Designated Beneficiary •Named individuals who are primary beneficiaries on Sept 30 of year after owner died (called the determination date)•Qualified Trust


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Spouse Beneficiary may “treat as own”

• The spouse beneficiary may decide to “treat the IRA as his or her own.” This decision eliminates the need for payout over the single life of the IRA beneficiary and puts the IRA owner as the spouse. See the in-depth discussion of the spouse’s options in this section.


Beneficiaries must take out the requiredminimum distribution (RMD) beforebeginning distributions under their own lifeexpectancy, “inherited” IRA, or treating ashis or her own in the case of a spouse.

RMD


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Penalty

• Beneficiaries who fail to take out distribution by December 31 of the year after the owner died could be subject to 50% Excess Accumulation penalty.


Reporting to the IRS

• In the year of death, you will report a 5498 in the decedent’s name with a zero balance and new 5498(s) for the beneficiary(ies) with the new balance.


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Reporting Inherited IRAForm 5498

0

John DoeX


Reporting Inherited IRAForm 5498

XMary Smith beneficiary of John Doe IRA

deceased

10,000


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Reporting Inherited IRAForm 1099-R

Mary Smith beneficiary of John Doe IRA

deceased

1,000

1,000

4 X


Spouse

Inherits IRA

Decedent in

70 ½ payout—

Spouse receives

last payout

Example 2

Spouse

Treats IRA as own

Spouse

Inherits IRA

Decedent NOT

in 70 ½ payoutExample 4

Spouse

Treats IRA as own

Spouse Beneficiary Options


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103

Nonspouse Beneficiary Options

NonspouseInherits IRA

Decedent in 70 ½ payoutNonspouse takes last RMD

NonspouseInherits IRA

Decedent NOT in 70 ½ payout



Deborah L. CrawfordGettechnical Inc404 North Burnside AvenueSuite AGonzales, LA [email protected]

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