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Psycho Dad · 05-30-2009, 06:58 PM

My father passed away recently and left a small IRA ($36K) which was payable to me on death. I don't wish to leave it at the bank it is with and understand I'm looking at paying taxes on it.

A few notes:
While nobody wants to pay taxes, I'm not looking at ways to avoid them.
I'm only 45, I have a 401k that will survive the current economic climate and don't necessarily want to roll it into that, but would if it seemed right.
I do have some debts that whatever is left after taxes would surely cover. (which is where I'm leaning)
Even if leaving it in an IRA, CD, money market account, Christmas Club or Mason jar is the right thing to do, I won't do it with this bank.

Are any TFPers familiar enough with banking to know the best way to transfer if from where it is to my bank? I just don't want to take a cashier's check from the old bank to the new one if it screws me in the long run. And then again, I don't want this particular bank using even this small amount until I decide what to do with it.

05-30-2009, 06:58 PM	#1 (permalink)
Psycho Dad Mulletproof Location: Some nucking fut house.	IRA Tax Penalties My father passed away recently and left a small IRA ($36K) which was payable to me on death. I don't wish to leave it at the bank it is with and understand I'm looking at paying taxes on it. A few notes: While nobody wants to pay taxes, I'm not looking at ways to avoid them. I'm only 45, I have a 401k that will survive the current economic climate and don't necessarily want to roll it into that, but would if it seemed right. I do have some debts that whatever is left after taxes would surely cover. (which is where I'm leaning) Even if leaving it in an IRA, CD, money market account, Christmas Club or Mason jar is the right thing to do, I won't do it with this bank. Are any TFPers familiar enough with banking to know the best way to transfer if from where it is to my bank? I just don't want to take a cashier's check from the old bank to the new one if it screws me in the long run. And then again, I don't want this particular bank using even this small amount until I decide what to do with it. __________________ Don't always trust the opinions of experts.