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Question for CPA/estate attorneys/people who have wills..

ai&Jasai&Jas member
in Working Moms

Hi ladies,

DH and I have started to think about writing a will in the event that anything happens to both of us. We currently have each other as the sole beneficiary on our life insurance, 401K, IRA's etc and would modfiy this to be transfered to DD and the person who takes custody of her (either my sister or DH sister)... my question is- what happens if the person looking DD needs to get access to the IRA ie can they cash it oit early and if so are they subjected to tax penalties etc Are there also taxes that they need to pay for the inheritances, life insurance etc..and if so what pays? Will it come out of DD's inheritance or the person who looks after her? We really dont know much about this and will need to do more research obviously..

Thanks!

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Re: Question for CPA/estate attorneys/people who have wills..

  • Whirlgirl01Whirlgirl01
    We just had our wills re-drafted now that we've got DD.  I would highly suggest going to a professional to have this done, or to at least ask your questions.  We went to an attorney that specializes in estates planning.  She knew just how to draft the will so that taxes could be avoided in certain situations and what not.  It was a real eye opener.  I had no idea it could get that messy.
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  • MaineGirl2008MaineGirl2008
    I'm a CPA and that's something you really need an attorney to draft up.  Estate taxes can be a killer.  With a good attorney though and estate planning, they can be vastly diminished.  It may cost more than legal zoom for instance but it will be worth it, IMO.
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  • ai&Jasai&Jas member
    Thanks ladies! I think you're both right in that we need an attorney.
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