IRA Annuity when 1 of the 3 Beneficiary's owes estate





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Mom died listing her 3 kids as beneficiaries on a 401k/IRA Annuity. One of the beneficiaries owes her $20k and she wanted it deducted from his share of any money in the estate.



Since she listed the 3 as beneficiaries is there anyway of putting his share into her estate rather than John Hancock sending him his portion directly and not paying back the promissory note? Is it possible to put the entire annuity into her estate for distribution rather than paying out each individual listed as beneficiaries?










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  • Are there any other assets, or just the IRA?
    – D Stanley
    2 days ago












  • Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
    – Fattie
    yesterday

















up vote
4
down vote

favorite












Mom died listing her 3 kids as beneficiaries on a 401k/IRA Annuity. One of the beneficiaries owes her $20k and she wanted it deducted from his share of any money in the estate.



Since she listed the 3 as beneficiaries is there anyway of putting his share into her estate rather than John Hancock sending him his portion directly and not paying back the promissory note? Is it possible to put the entire annuity into her estate for distribution rather than paying out each individual listed as beneficiaries?










share|improve this question









New contributor




Grace is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.




















  • Are there any other assets, or just the IRA?
    – D Stanley
    2 days ago












  • Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
    – Fattie
    yesterday













up vote
4
down vote

favorite









up vote
4
down vote

favorite











Mom died listing her 3 kids as beneficiaries on a 401k/IRA Annuity. One of the beneficiaries owes her $20k and she wanted it deducted from his share of any money in the estate.



Since she listed the 3 as beneficiaries is there anyway of putting his share into her estate rather than John Hancock sending him his portion directly and not paying back the promissory note? Is it possible to put the entire annuity into her estate for distribution rather than paying out each individual listed as beneficiaries?










share|improve this question









New contributor




Grace is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.











Mom died listing her 3 kids as beneficiaries on a 401k/IRA Annuity. One of the beneficiaries owes her $20k and she wanted it deducted from his share of any money in the estate.



Since she listed the 3 as beneficiaries is there anyway of putting his share into her estate rather than John Hancock sending him his portion directly and not paying back the promissory note? Is it possible to put the entire annuity into her estate for distribution rather than paying out each individual listed as beneficiaries?







united-states ira inheritance






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Grace is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
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edited 2 days ago









Chris W. Rea

26.4k1586174




26.4k1586174






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asked 2 days ago









Grace

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New contributor





Grace is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.






Grace is a new contributor to this site. Take care in asking for clarification, commenting, and answering.
Check out our Code of Conduct.












  • Are there any other assets, or just the IRA?
    – D Stanley
    2 days ago












  • Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
    – Fattie
    yesterday


















  • Are there any other assets, or just the IRA?
    – D Stanley
    2 days ago












  • Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
    – Fattie
    yesterday
















Are there any other assets, or just the IRA?
– D Stanley
2 days ago






Are there any other assets, or just the IRA?
– D Stanley
2 days ago














Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
– Fattie
yesterday




Welcome new user. Unfortunately it "just doesn't work like that". No "personal judgement" is applied by the custodians in question.
– Fattie
yesterday










2 Answers
2






active

oldest

votes

















up vote
5
down vote













What you are trying to do is not possible. The IRA custodian has received instructions to liquidate, upon death, the account in a certain way. They are required to do so by law.



Also, what you are trying to do, is not following the instructions of the deceased, your mom.



The promissory note becomes an asset of the estate. The owing child should pay the estate 20K, and that, with any other assets, should be divided equally. For a moment let us assume that there are no other assets. The owing child could pay the other two $6667 each for the lien to be satisfied.



Sorry for your loss.






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  • 1




    Which is how it should be. If he paid before her death he would also receive a third of that money.
    – xyious
    yesterday


















up vote
3
down vote













The insurance company is going to make the pay out to the beneficiaries designated by your mother. It is of no concern to them if the listed parties have debt(s).



If the beneficiary of her 401k/IRA Annuity was her estate (herself) or her trust then the executor of her estate would make the adjustments that you described.






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    2 Answers
    2






    active

    oldest

    votes








    2 Answers
    2






    active

    oldest

    votes









    active

    oldest

    votes






    active

    oldest

    votes








    up vote
    5
    down vote













    What you are trying to do is not possible. The IRA custodian has received instructions to liquidate, upon death, the account in a certain way. They are required to do so by law.



    Also, what you are trying to do, is not following the instructions of the deceased, your mom.



    The promissory note becomes an asset of the estate. The owing child should pay the estate 20K, and that, with any other assets, should be divided equally. For a moment let us assume that there are no other assets. The owing child could pay the other two $6667 each for the lien to be satisfied.



    Sorry for your loss.






    share|improve this answer

















    • 1




      Which is how it should be. If he paid before her death he would also receive a third of that money.
      – xyious
      yesterday















    up vote
    5
    down vote













    What you are trying to do is not possible. The IRA custodian has received instructions to liquidate, upon death, the account in a certain way. They are required to do so by law.



    Also, what you are trying to do, is not following the instructions of the deceased, your mom.



    The promissory note becomes an asset of the estate. The owing child should pay the estate 20K, and that, with any other assets, should be divided equally. For a moment let us assume that there are no other assets. The owing child could pay the other two $6667 each for the lien to be satisfied.



    Sorry for your loss.






    share|improve this answer

















    • 1




      Which is how it should be. If he paid before her death he would also receive a third of that money.
      – xyious
      yesterday













    up vote
    5
    down vote










    up vote
    5
    down vote









    What you are trying to do is not possible. The IRA custodian has received instructions to liquidate, upon death, the account in a certain way. They are required to do so by law.



    Also, what you are trying to do, is not following the instructions of the deceased, your mom.



    The promissory note becomes an asset of the estate. The owing child should pay the estate 20K, and that, with any other assets, should be divided equally. For a moment let us assume that there are no other assets. The owing child could pay the other two $6667 each for the lien to be satisfied.



    Sorry for your loss.






    share|improve this answer












    What you are trying to do is not possible. The IRA custodian has received instructions to liquidate, upon death, the account in a certain way. They are required to do so by law.



    Also, what you are trying to do, is not following the instructions of the deceased, your mom.



    The promissory note becomes an asset of the estate. The owing child should pay the estate 20K, and that, with any other assets, should be divided equally. For a moment let us assume that there are no other assets. The owing child could pay the other two $6667 each for the lien to be satisfied.



    Sorry for your loss.







    share|improve this answer












    share|improve this answer



    share|improve this answer










    answered 2 days ago









    Pete B.

    47.8k10102150




    47.8k10102150








    • 1




      Which is how it should be. If he paid before her death he would also receive a third of that money.
      – xyious
      yesterday














    • 1




      Which is how it should be. If he paid before her death he would also receive a third of that money.
      – xyious
      yesterday








    1




    1




    Which is how it should be. If he paid before her death he would also receive a third of that money.
    – xyious
    yesterday




    Which is how it should be. If he paid before her death he would also receive a third of that money.
    – xyious
    yesterday












    up vote
    3
    down vote













    The insurance company is going to make the pay out to the beneficiaries designated by your mother. It is of no concern to them if the listed parties have debt(s).



    If the beneficiary of her 401k/IRA Annuity was her estate (herself) or her trust then the executor of her estate would make the adjustments that you described.






    share|improve this answer

























      up vote
      3
      down vote













      The insurance company is going to make the pay out to the beneficiaries designated by your mother. It is of no concern to them if the listed parties have debt(s).



      If the beneficiary of her 401k/IRA Annuity was her estate (herself) or her trust then the executor of her estate would make the adjustments that you described.






      share|improve this answer























        up vote
        3
        down vote










        up vote
        3
        down vote









        The insurance company is going to make the pay out to the beneficiaries designated by your mother. It is of no concern to them if the listed parties have debt(s).



        If the beneficiary of her 401k/IRA Annuity was her estate (herself) or her trust then the executor of her estate would make the adjustments that you described.






        share|improve this answer












        The insurance company is going to make the pay out to the beneficiaries designated by your mother. It is of no concern to them if the listed parties have debt(s).



        If the beneficiary of her 401k/IRA Annuity was her estate (herself) or her trust then the executor of her estate would make the adjustments that you described.







        share|improve this answer












        share|improve this answer



        share|improve this answer










        answered 2 days ago









        Bob Baerker

        13.3k11948




        13.3k11948






















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