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My father died in April 2015 without beneficiaries on s Ira.

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My father died in April...
My father died in April 2015 without beneficiaries on his Ira. It has flowed into estate funds. With these dollars he will earn approx $300,000 from Ira/pension/social security/annuity. Is there a way to avoid any taxes on this inflated income? Can distribution be made and heirs pay income taxes at their rates? Can a benificiary IRA be set up NOW for each heir and depleted over the next 5 years? I realize now the mistake he made and I am trying to rectify the situation as best as I can.
Submitted: 2 years ago.Category: Estate Law
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Answered in 1 minute by:
10/27/2015
Estate Lawyer: Infolawyer, Attorney replied 2 years ago
Infolawyer
Infolawyer, Attorney
Category: Estate Law
Satisfied Customers: 58,048
Experience: Licensed attorney helping individuals and businesses.
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Hello

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Estate Lawyer: Infolawyer, Attorney replied 2 years ago

I am sorry for your loss.

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Estate Lawyer: Infolawyer, Attorney replied 2 years ago

Is this annual income or money in the account? is the estate open? is there federal or state estate tax triggered?

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Customer reply replied 2 years ago
His normal annual income would have been about 55 K The estate is open and I'm wanting to close it after taxes are filed (after Jan 31st) Total estate valued at about 750k. State inheritance tax has been prepaid for this amount at 4.5%. Federal tax not required since value of estate is low
Estate Lawyer: Infolawyer, Attorney replied 2 years ago

You cannot shift the current accounts until estate closed. Normally there would be a fiduciary return filed on the income of the estate.

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Customer reply replied 2 years ago
there is nothing to do to avoid taxes?
Estate Lawyer: Infolawyer, Attorney replied 2 years ago

You can offset income with expenses, deductions on the return.

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Estate Lawyer: Infolawyer, Attorney replied 2 years ago

But estate assets are what they are and the income is what it is. Once estate closed you may seek to set up trusts with estate counsel to take funds out of personal name and engage in personal estate planning.

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Estate Lawyer: Infolawyer, Attorney replied 2 years ago

Kindly let me know if that is clear and if I can clarify anything

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Customer reply replied 2 years ago
Not sure I understand but maybe I need to sit down with someone. Questions are too many for this type of service. Thank you anyway. I'll seek answers elsewhere. Do not charge my account as this has not yielded any results.Thanks again
Estate Lawyer: Infolawyer, Attorney replied 2 years ago

ok

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Thomas McJD
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