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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
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Experience:  10 years experience
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New Jersey...I was a beneficiary of 2 IRA's. I am considered

Customer Question

New Jersey...I was a beneficiary of 2 IRA's. I am considered a class D beneficiary. I have already transferred the IRA's into my name. The decedent died intestate in 2013 and no executor has been appointed by the state. Where can I get a tax waiver to have full access to the accounts? What form is needed? Also I have made distributions from both accounts.
Submitted: 4 months ago.
Category: Tax
Expert:  Lane replied 4 months ago.

Hi, my name's Lane. I can help here.

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You said that you have mde distributions from both accounts, but that you don't have full access?

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IRA's bypass the probate estate. Dying intestate doesn't relate to IRA's and other qualified accounts. These assets pass not by will, but by beneficiary. (IRA WOULD opasss to the estate is there WERe no beneficiary on file).

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I don't believe that you need an L-8 here. Has the IRA custodian asked for one?

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A self executing waiver, Form L-8, has been created for Class “A” beneficiaries in the estates of RESIDENT decedents. This form may be used in two instances:

1. Transfers to a surviving spouse in estates of decedents dying on or after January 1, 1985.

2. Transfer to a surviving spouse or any other Class “A” beneficiary in asserts of decedents dying on or after July 1, 1988.

Use of this form MAY eliminate the need to file a formal Inheritance Tax return.

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(THe L-9 is also for Class A beneficiaries).

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PLease let me know why you think you need another form. The Custodian's allowing the inherited IRA rollover (I hope you DID designate this as an inherited IRA, preserves certain INCOME tax options) and the the distributions inndicares that you already have this control.

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let me know

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I'll be here

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Lane

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I hold a law degree, (Juris Doctorate), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.