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Questions tagged [beneficiaries]

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29
votes
3answers
4k views

What can my relatives do to minimize their out of pocket expenses on their fathers estate

I live in Florida with my wife; she has a brother and sister who both live in Georgia. We have some questions about the estate of their father who used to live in Pennsylvania but passed away just ...
8
votes
2answers
2k views

What are the downsides to being someone's beneficiary?

In the US, what are the downsides to being someone's beneficiary? Presumably there's some tax I have to pay on the additional income I receive as the beneficiary, but it would still be a net-positive....
3
votes
2answers
99 views

What happens if my primary and one of my contigent beneficiaries pass away? How are percentages disbursed?

When updating my benefits, how should I assign beneficiary percentages? The way I have it setup currently is: Spouse: 100% / Primary Child-1: 34% / Contingent Child-2: 33% / Contingent Child-3: ...
3
votes
1answer
91 views

Beneficiary of an estate and transfers of large sum from UK to US

I am being named as a beneficiary and I would like to know what are the best options for transferring funds from the UK to the US. I do not have an active account at the moment are there any ways to ...
3
votes
1answer
118 views

Rollover Withdrawal Money From a Beneficiary 401(k) into Another Retirement Account

My mother passed away several years ago and my sister and I inherited her POD 401(k) account. It was a 50%/50% split into two beneficiary accounts. Last year (2016) I was informed by the bank that the ...
1
vote
3answers
225 views

What happens if a foreigner passes away and he/she has no beneficiaries for their bank accounts?

Say you're a foreigner living in the United States and you have a bank account with +$10,000 in it. You're young, your family lives far away and you haven't made anyone your beneficiary because you ...
0
votes
1answer
74 views

Should I take money from my beneficiary IRA to invest in index funds?

My father passed a few years ago and left me two beneficiary IRAs. I take my minimum distributions from them once a year ($1000-2000 distributions). I'm in my late 20s and want to invest in index ...