Estate Law Questions? Ask an Estate Lawyer.
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Assuming the gift is valid and recognized, then the IRA would simply be switched into your name. Then the same restrictions apply to withdrawing money yourself as they would her - that is - 59.5 and older can withdraw without penalty. Also, penalties may be waived in scenarios described HERE. But otherwise, the IRA simply is placed in your name instead of hers, and if you withdraw before 59.5 and without any scenarios in the link described, a penalty would be leveled.
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