kimblanchard Posted October 18, 2004 Share Posted October 18, 2004 Here is the question Ginny put under the unbelievable thread in this forum: Okay, here is my story. First, today is the two month anniversary of Earl's death and yes, I am sad, sad, sad. But, I think I have spent the entire two months filling out paperwork to either get things in my name only or change them to my name. It has been an education - like Medallion Guarantee or whatever. I have BIG problem right now and I was going to PM Curtis but thought I would ask openly because the answer may help many of us. Earl and I both have an IRA annuity with Transamerica. I called them to change Earl's to my name and roll it over into my annuity. They told me (more than one person told me) they have lost our file and have no documentation that names me as the beneficiary. Therefore, they can not change it to my name, they must pay it out to Earl's estate, of which I am the sole beneficiary. Q. Do I have to pay the taxes like this is an IRA cash in or can I roll it over from his estate into one of my IRA's??? I do know that at least in the state of PA there is no inheritance tax for a spouse, so that is some good news. Thank you in advance Curtis if you can help with this I sent this to my AG Edwards lady - who is a saint and currently battling breast cancer as well as preparing for tax season and replied to me on this within three hours - and here is her reply: See if your friend still has a copy of her husband's application with regard to the Transamerica annuity. The application has a spot for beneficiary. If the insurance company pays it out to Earl's estate, taxes will be owed on the earnings or "tax-deferred" portion of the annuity. I would call the Pennsylvania State Board of Insurance toll-free number and and talk with the commissioner. Tell the commissioner what is going on. The State will then investigate the matter. This sounds fishy to me as Texas law does not allow an IRA to be opened unless a beneficiary is designated! Hope this helps. Di If anyone in Texas needs financial planning or investment help, Diana and Shannon have been so helpful to us the last couple of years, and me especially the last six months. I would recommend them to anyone. Their office is in Nacogdoches, and I wouldn't dream of leaving them for a firm here in SA. The phone number is 936-560-3930 or 800-456-3930. I hope that answers your question, Ginny. Curtis Quote Link to comment Share on other sites More sharing options...
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