Can IRA beneficiary be someone other than spouse?

The answer is usually no. So, in general, you can name anyone as the IRA beneficiary without having to get your spouse’s permission. However, your state’s law may give your spouse rights to some or all of your IRA or require spousal consent to name a non-spouse IRA beneficiary.

The answer is usually no. The spousal rules under ERISA don’t control IRAs and the Tax Code doesn’t require you to name your spouse as the beneficiary of your IRA. So, in general, you can name anyone as the IRA beneficiary without having to get your spouse’s permission.

Are inherited IRAs protected from divorce?

Your IRA is protected inheritance from divorce without question. This means that a court will impute income on any inherited asset to you that will be added to your income for purposes of determining support, whether you earn an income on that asset or not.

Can a ex wife be the beneficiary of an IRA?

Keeping an ex-wife named as your beneficiary on an IRA only complicates determining who inherits the account. Even if you are remarried at the time of death, your ex-spouse might still have a right to the money legally. Even without a will, certain assets are exempt from probate.

Can a beneficiary of an IRA change after a divorce?

Divorce does not usually change a beneficiary designation unless the divorce decree makes a stipulation to change it. In a community property state, the designation naming the ex-spouse as beneficiary may not be valid if the current spouse did give consent. Often, IRA owners die without changing the beneficiary designation after a divorce decree.

Can a former spouse be a beneficiary of a retirement account?

In other words, the former spouse was treated as if he or she had predeceased the decedent. Based upon this law, Mr. Egelhoff’s children claimed that state law automatically revoked Donna Egelhoff as the beneficiary of the retirement account when their divorce was final.

Can a former spouse inherit assets left by the ex?

Barring a court order, a former spouse is likely to be entitled to receive the assets in the IRA. That is particularly true when the ex-spouse is a named beneficiary on record at the time of the IRA owner’s death. 2