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Message
re: Legal advice - 403(b) plan
Posted on 3/28/24 at 5:16 pm to CajunInFL
Posted on 3/28/24 at 5:16 pm to CajunInFL
quote:
My father who passed away last year had a small 403(b) plan with Lincoln Financial Group and only listed my mother as the beneficiary. We have an order from the court of possession of said assets, but LFG is going by the plan documents which states the balance is to go to his estate.
LFG is 10,000 percent correct here.
First, you said your mother was the beneficiary. Did your mother predecease your father? If not, then the money should go your mother, end of story.
If your mother predeceased your father, and there was no contingent beneficiary stated, then there is a "default beneficiary" which is listed in the plan documents. In almost all cases, that is the estate.
quote:
We did not create an estate for my father's assets. My sister was listed as executor in his will.
One does not "create" an estate. An estate is created upon death, if there are any assets that need to pass through probate. Perhaps you have not filed documents recognizing that estate with the government.
quote:
We are having a hard time opening an estate account for my father since he has passed away.
An estate isn't created until passing, so your father could not have done anything while still alive. Your sister, the executor, needs to go get an EIN from the IRS (this is free and online) then take that along with the will establishing her as executor, then go to LFG with that.
LFG *may* allow the executrix (your sister) to take a distribution right out and distribute it directly to the estate beneficiary. It may be easier if the amount is small to just cash it out.
Note... the estate will need to file a "first and final" income tax return if you do this.
To everyone else... please make sure your beneficiary designations on retirement plans are up to date.
Posted on 3/28/24 at 5:57 pm to LSUFanHouston
To piggyback...if you have an I bond or any other bond through TreasuryDirect, make sure you set that up correctly too. My dumbass apparently set up two registrations for my dad, one POD. Well....the bond is in the other. So I'm jumping through a ton of hoops plus dealing with an incompetent BOA employee trying to get a measly $10k plus interest paid out to my mom who has cancer and cannot manage her affairs.
Speaking of...if anyone knows somewhere I can get a signature guarantee, or knows someone at BOA with a IQ over 90 to look into what I've already submitted which includes the TD form, an Affidavit of Small Estate, death certificate, and a filed POA, that would be great.
Speaking of...if anyone knows somewhere I can get a signature guarantee, or knows someone at BOA with a IQ over 90 to look into what I've already submitted which includes the TD form, an Affidavit of Small Estate, death certificate, and a filed POA, that would be great.
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