My son who is 35 years old passed away suddenly. He is unmarried and has no issues.He kept us , his parents as his beneficiary for his 401k but did not keep anyone as beneficiary for his ira and roth ira. could we get his iras transferred to our name as we are the beneficiaries as parents or do we have to get a lawyer? Does his iras go into an estate as there is no beneficiary? Is there any loophole to this so that it will not go to his estate, so that we can avoid estate taxes. Can we do this on our own or do we need to hire a lawyer for his iras transferred to our name. we have our on ira and 401 k from work. can we merge his into ours.Also the HOA of his condo is saying we cannot rent it for two years. My son was paying mortgage until he passed away .I WOULD like to keep his condo for sentimental reason but cannot afford to pay mortgage without renting it. BUT the HOA is saying we cannot rent it for two years. It is in philadelphia. Is there any loophole to this law since my son passed away suddenly.
ATTORNEY ANSWER BY MARGARET L. CROSS BELIVEAU:
The transition of the IRAs go according to the IRA plan. Some plans provide an automatic beneficiary if no one is listed and some do not. It is very possible that you will need to open a probate estate in order to access the IRA funds. As far as the condo is concerned, that may also need to go through probate. I cannot comment on whether you can rent it out or not. The condo documents need to be review by an attorney.
Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
Beliveau Law Group: Massachusetts | Florida | New Hampshire
The estate administration attorneys at the Beliveau Law Group provides legal services for probate, estate administration, and trust administration. The law firm has offices and attorneys in Naples, Florida; Waltham, Massachusetts; and Salem, New Hampshire.