Would my wife have full authority over my IRA once I passed away? 26 Answers as of March 21, 2013

I have lung cancer and expect to pass soon. I have a regular Internal Revenue allotment. Would my wife have full authority over this money once I passed away?

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The Krone Law Firm, LLC | Norman B. Krone
It depends who you have designated as he beneficiary or who you have the account passing to in your will.
Answer Applies to: Florida
Replied: 3/21/2013
Geoff Germane, Attorney at Law | Geoff Germane
If you designate her as the beneficiary, yes. She can take it as a "spousal rollover" and treat it as her own IRA.
Answer Applies to: Utah
Replied: 3/21/2013
Edward L. Armstrong, P.C. | Edward L. Armstrong
If you've designated your wife as the beneficiary of your IRA she can elect to treat it as though it were her own IRA.
Answer Applies to: Missouri
Replied: 3/19/2013
Frederick & Frederick PLC | James P Frederick
IRA's pass based on beneficiary designations. As long as your wife is designated as the beneficiary, then the account will pass to her. I wish you the best of luck as you deal with this illness!
Answer Applies to: Michigan
Replied: 3/19/2013
Irsfeld, Irsfeld & Younger LLP | Norman H. Green
If she is names as beneficiary, yes.
Answer Applies to: California
Replied: 3/18/2013
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Your IRA will go the the person you have left it to, I would hope your wife. See an attorney to see to it your planned dispositions of your property are what you desire.
    Answer Applies to: Michigan
    Replied: 3/18/2013
    Law Office Of Victor Waid
    Law Office Of Victor Waid | Victor Waid
    Is your wife the named beneficiary? The rules of your IRA will apply as to distributions.
    Answer Applies to: California
    Replied: 3/18/2013
    Lampton Law Firm LLC | Norman Lampton
    This site is not a substitute for actual competent legal counsel.
    Answer Applies to: Missouri
    Replied: 3/18/2013
    Minor, Bandonis and Haggerty, P.C.
    Minor, Bandonis and Haggerty, P.C. | Brian Haggerty
    Internal Revenue allotment? "IRA" is customarily used for "Individual Retirement Account." Your spouse should be your beneficiary of the IRA check this to make sure, IRA custodians sometimes "drop the ball" and lose beneficiary designations. After you pass away, your spouse could roll over your IRA into her own spousal IRA, and take distributions from it if she needs them (although she will have to pay tax on any distributions).
    Answer Applies to: Oregon
    Replied: 3/18/2013
    Charles M. Schiff, Attorney at Law
    Charles M. Schiff, Attorney at Law | Charles M. Schiff
    You should have a designated beneficiary to your IRA. Contact the company holding the IRA and make sure that you designate a beneficiary. If there is no such designation, the IRA will become part of your estate.
    Answer Applies to: Minnesota
    Replied: 3/18/2013
    THE BROOME LAW FIRM, LLC
    THE BROOME LAW FIRM, LLC | Barry D. Broome
    IRAs and federal programs usually have beneficiary designations. If there is money to be gotten it will go to the named beneficiary.
    Answer Applies to: Georgia
    Replied: 3/18/2013
    Attorney At Law | James G. Maguire
    Make sure that your wife is named on the account, or is the beneficiary of the account, and she should have no problems.
    Answer Applies to: Louisiana
    Replied: 3/18/2013
    Stephens Gourley & Bywater | David A. Stephens
    That depends on who the beneficiary of the IRA is.
    Answer Applies to: Nevada
    Replied: 3/18/2013
    The Law Offices of Laurie E. Ohall, P.A.
    The Law Offices of Laurie E. Ohall, P.A. | Laurie E. Ohall
    Unless you have a pre-nup with your spouse or she waived her rights under the IRA, she should be entitled to your IRA at your death. You may want to call the company that administers the IRA to confirm she is the named beneficiary.
    Answer Applies to: Florida
    Replied: 3/18/2013
    Law Office of Pamela Braynon | Pamela Y. Braynon
    If you named your wife as the beneficiary of your IRA she will receive the fund on your demise.
    Answer Applies to: Florida
    Replied: 3/18/2013
    Coulter's Law
    Coulter's Law | Coulter K. Richardson
    If she is listed as the designated beneficiary, yes.
    Answer Applies to: New Jersey
    Replied: 3/18/2013
    Law Offices of R. Christine Brown | R. Christine Brown
    Your IRA should have a beneficiary designation. Make sure that your wife is the beneficiary of your IRA, so that she can control the IRA and roll it over to her own IRA after you pass away. Only a beneficiary of your IRA will have control over your IRA after your passing.
    Answer Applies to: California
    Replied: 3/18/2013
    Reger Rizzo & Darnall LLP | Kathleen DeLacy
    If she is the beneficiary of it, it can be rolled over as she would have same rights as you, as your spouse.
    Answer Applies to: Delaware
    Replied: 3/18/2013
    Law Office of Nathaniel Landman | Nathaniel Landman
    If you mean does your spouse have survivor's rights in you individual retirement account? Then yes, your spouse has the right to rollover your IRA into hers or take the full distribution. That choice would be up to her even if you are currently receiving RMD.
    Answer Applies to: Missouri
    Replied: 3/18/2013
    Winnick Ruben Hoffnung Peabody & Mendel, LLC | Daniel N. Hoffnung
    Is she the beneficiary?
    Answer Applies to: Connecticut
    Replied: 3/18/2013
    Danville Law Group | Scott Jordan
    I am sorry for your dire prognosis. Have you name your wife as a beneficiary of your IRA? If she is, she will have access to the money. Do you have a will? Do you own a house? Have you put the house in trust? You may want to consider additional estate planning to ensure a smooth transition when you pass and reduce the stress on your wife.
    Answer Applies to: California
    Replied: 3/18/2013
    James Law Group
    James Law Group | Christine James
    If she is the beneficiary of the IRA, yes. If not you can put her as beneficiary. If you do not she will likely get it at some point, it just might take more paperwork and more time.
    Answer Applies to: California
    Replied: 3/18/2013
    Scott Polsky
    Scott Polsky | Scott Polsky
    It depends upon whom you have designated your IRA beneficiary.
    Answer Applies to: Pennsylvania
    Replied: 3/18/2013
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