Hi r/personalfinance I have an issue that needs some guidance.
My father recently passed away and left a sizable(imo) estate. A majority of this is in a 401k. In the will, everything is to be split between me and my 2 siblings.
The sticky part here is that I am listed as the sole beneficiary on the 401k. Poking around the internet says that when it transfers to an inherited IRA it will only roll to me, and if I try to split it there will be disbursement taxes and gift taxes and taxes on taxes on taxes...
I want to do the right thing and split the 401k 3 ways, but unsure how to go about doing this as there are some fairly hefty tax implications.
This is all recent, and I plan on calling the 401k company Tuesday to notify them of the situation.
Any ideas?
Submitted August 31, 2019 at 08:15PM by ohcrap11223344 https://ift.tt/2ZGoSUc
