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Tennessee Law Regarding IRA Beneficiary
Answer by Ken Golliher, BOL Guru
Guru Bio

Question:  Does Tennessee law allow an inherited IRA beneficiary owner to name a beneficiary? If naming a beneficiary is allowed, does state law allow the beneficiary to continue in the payout election of the deceased inherited IRA beneficiary election?

Answer:   State law questions are best asked in the state forums, but Tennessee law does not prohibit the individual inheriting an IRA from naming a beneficiary. (In candor, I think this is an imagined issue propagated by some IRA seminar vendors; I do not think it is an issue in most states.)

As for the payout, the "beneficiary's beneficiary" inherits both the money and the payout calculation. This person will be required to take the money out as least as fast as the first beneficiary. If the beneficiary's applicable divisor this year was twenty-seven, then the applicable divisor for next year will be twenty-six even if the funds now belong to someone else.

First published on 11/29/10

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