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<p class="MsoNormal" style="text-indent:.15in;line-height:9.75pt;mso-line-height-rule:exactly;vertical-align:baseline">
Consider whether you may have 5 years to distribute: <o:p></o:p></p>
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<o:p> </o:p></p>
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<o:p> </o:p></p>
<p class="MsoNormal" style="text-indent:.15in;line-height:9.75pt;mso-line-height-rule:exactly;vertical-align:baseline">
IRS Proposed Reg 1.401(a)(9)-4 <span style="font-size:9.5pt;color:black;letter-spacing:.2pt">
(b) </span><i><span style="font-size:10.0pt;color:black;letter-spacing:.2pt">Designated beneficiary must be an individual.
</span></i><span style="font-size:9.5pt;color:black;letter-spacing:.2pt">A person that is not an individual, such as the employee’s estate, is not a designated beneficiary. If a person other than an individual is a beneficiary designated under the plan, the
employee will be treated as having no designated beneficiary, even if individuals are also designated as beneficiaries.</span><o:p></o:p></p>
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<o:p> </o:p></p>
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<o:p> </o:p></p>
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<o:p> </o:p></p>
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<![if !supportLists]><span style="font-size:9.5pt;font-family:"Times New Roman",serif;color:black;letter-spacing:.2pt"><span style="mso-list:Ignore">(A)</span></span><![endif]><span style="font-size:9.5pt;font-family:"Times New Roman",serif;color:black;letter-spacing:.2pt">
</span><span style="font-size:9.5pt;color:black;letter-spacing:.2pt">If the employee does not have a designated beneficiary, as determined under § 1.401(a)(9)–4, distributions must satisfy the 5-year rule described in paragraph (c)(2) of this section;</span><span style="font-size:9.5pt;font-family:"Times New Roman",serif;color:black;letter-spacing:.2pt"><o:p></o:p></span></p>
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<span style="font-size:9.5pt;color:black"><o:p> </o:p></span></p>
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<span style="font-size:9.5pt;color:black"><o:p> </o:p></span></p>
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<span style="font-size:9.5pt;color:black"><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-indent:.1in;line-height:9.95pt;mso-line-height-rule:exactly;vertical-align:baseline">
<span style="font-size:9.5pt;color:black">(2) </span><i><span style="font-size:10.0pt;color:black">5-year rule.
</span></i><span style="font-size:9.5pt;color:black">Except as otherwise provided in § 1.401(a)(9)–6(j) (relating to defined benefit plans subject to</span><span style="font-size:9.5pt;font-family:"Times New Roman",serif;color:black"><o:p></o:p></span></p>
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<b><span style="font-size:10.5pt;color:black">Federal Register</span></b><span style="font-size:10.5pt;color:black">/Vol. 87, No. 37/Thursday, February 24, 2022/Proposed Rules
</span><b><span style="color:black">10527</span></b><b><span style="font-size:10.5pt;color:black"><o:p></o:p></span></b></p>
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<span style="font-size:9.5pt;color:black;letter-spacing:.25pt">limitations under section 436), distributions satisfy this paragraph (b)(2) if the employee’s entire interest is distributed by the end of the calendar year that includes the fifth anniversary of
the date of the employee’s death. For example, if an employee dies on any day in 2022, then in order to satisfy the 5-year rule in section 401(a)(9)(B)(ii), the entire interest generally must be distributed by the end of 2027.<o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">However, If the decedent died after her required beginning date, consider Proposed Reg. 1.401(a)(9)-5(d)(1)
<span style="font-size:9.5pt;color:black;letter-spacing:.3pt">(iii) “</span><i><span style="font-size:10.0pt;color:black;letter-spacing:.3pt">Employee with no designated beneficiary.
</span></i><span style="font-size:9.5pt;color:black;letter-spacing:.3pt">If the employee does not have a designated beneficiary as of the date determined under § 1.401(a)(9)– 4(c), the applicable denominator is the employee’s remaining life expectancy”<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:9.5pt;color:black;letter-spacing:.3pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:9.5pt;color:black;letter-spacing:.3pt">Is this an inherited IRA?
</span><o:p></o:p></p>
<p class="MsoNormal">Good luck!!<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal"><b><span style="font-size:12.0pt;color:black">Livingston (Liv) Wernecke<o:p></o:p></span></b></p>
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<p class="MsoNormal"><span style="color:black">Betts, Patterson & Mines, P.S.<o:p></o:p></span></p>
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<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Jeff@bellanddavispllc.com<br>
<b>Sent:</b> Thursday, October 27, 2022 1:39 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv' <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] IRA Payable to Estate - PR"s authority to distribute in kind or cash and distribute cash (with K-1)<o:p></o:p></p>
</div>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">We confirmed the estate is the beneficiary. Its around a million dollars. The percentages are between 3% - 7% with one getting 20%. One thing, also, is most of these beneficiaries, themselves, are elderly.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Jeff<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal"><b><span style="font-family:"Tahoma",sans-serif">W. Jeff Davis<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">BELL & DAVIS PLLC<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">Attorneys at Law</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black"><br>
P.O. Box 510<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">720 E. Washington Street, Suite 105<br>
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Phone: (360) 683.1129 <br>
Fax: (360) 683.1258 <br>
email: </span><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif"><a href="mailto:jeff@bellanddavispllc.com"><span style="color:#0563C1">jeff@bellanddavispllc.com</span></a><span style="color:black"><br>
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or call 360.683.1129.</span><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif"><o:p></o:p></span></p>
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<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com">
wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Philip N. Jones<br>
<b>Sent:</b> Thursday, October 27, 2022 1:19 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> Re: [WSBAPT] IRA Payable to Estate - PR"s authority to distribute in kind or cash and distribute cash (with K-1)<o:p></o:p></p>
</div>
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<p class="MsoNormal"><o:p> </o:p></p>
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<div>
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<div>
<p class="MsoNormal">These are excellent questions. I believe that there is no right or wrong answer. It might depend in part on the size of the IRA. If the IRA is relatively small, it might not justify creating inherited IRA accounts for each of the various
beneficiaries, and liquidating the IRA would be the best option. On the other hand, if it is a large IRA, the liquidation of the IRA would deny the ability of each beneficiary to stretch out his or her payments into the future. If some of the beneficiaries
want cash, and others want an inherited IRA, it would probably be best to give them each an inherited IRA, and let each of them decide when to liquidate their particular account. I say that because it may be difficult to work out the tax consequences fairly
if some of them receive inherited IRA accounts and the rest receive cash from the estate after the estate has liquidated the rest of the main IRA account. Keep in mind that the distribution of an IRA intact does not carry out income, because most IRAs lack
basis, and the code provides that an asset that lacks basis does not carry out income. As a result, you have to proceed very carefully when dealing with a situation like this. This is because an IRA constitutes IRD, or income in respect of a decedent. I'm
assuming that this is a traditional IRA and not a Roth IRA. This is a complicated subject and will require some complex analysis. Proceed with caution.<o:p></o:p></p>
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<div>
<p class="MsoNormal">Phil Jones<o:p></o:p></p>
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<p class="MsoNormal"><b><span style="color:black">From:</span></b><span style="color:black">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>> on behalf of
<a href="mailto:Jeff@bellanddavispllc.com">Jeff@bellanddavispllc.com</a> <<a href="mailto:Jeff@bellanddavispllc.com">Jeff@bellanddavispllc.com</a>><br>
<b>Sent:</b> Thursday, October 27, 2022 12:43:53 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv' <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> [WSBAPT] IRA Payable to Estate - PR"s authority to distribute in kind or cash and distribute cash (with K-1)</span>
<o:p></o:p></p>
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<p class="MsoNormal"> <o:p></o:p></p>
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<p class="xmsonormal">Listmates:<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">IRA has no POD beneficiaries, so it becomes an estate asset. Many residuary beneficiaries who take in varying percentages. Administratively, the Personal Representative prefers to liquidate the IRA and distribute the cash (per the %)
and each beneficiary would receive a K-1. Does the PR have the right to liquidate the IRA, rather than offering the beneficiaries the option of taking their % in kind? Does the PR have to consider the income tax consequences of each beneficiary?<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">Your thoughts and/or experiences.<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal">Jeff Davis<o:p></o:p></p>
<p class="xmsonormal"> <o:p></o:p></p>
<p class="xmsonormal"><b><span style="font-family:"Tahoma",sans-serif">W. Jeff Davis</span></b><o:p></o:p></p>
<p class="xmsonormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">BELL & DAVIS PLLC</span></b><o:p></o:p></p>
<p class="xmsonormal"><b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">Attorneys at Law</span></b><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black"><br>
P.O. Box 510</span><span style="color:black"><o:p></o:p></span></p>
<p class="xmsonormal"><span style="font-size:10.0pt;font-family:"Tahoma",sans-serif;color:black">720 E. Washington Street, Suite 105<br>
Sequim WA 98382<br>
Phone: (360) 683.1129 <br>
Fax: (360) 683.1258 <br>
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