# Do you have an albatross left to you by a parent (or other relative)? **URL:** \ **Category:** Miscellaneous and Personal Stuff I Must Share\ **Created:** [August 6, 2020, 10:05pm UTC](https://boards.straightdope.com/t/do-you-have-an-albatross-left-to-you-by-a-parent-or-other-relative/917447 "2020-08-06T22:05:27Z")\ **Posts on this page:** 7\ **Page:** 4
**Author:** ![elfkin477](https://avatars.discourse-cdn.com/v4/letter/e/a9a28c/32.png) [@elfkin477](https://boards.straightdope.com/u/elfkin477)\ **Post date:** [August 17, 2020, 10:07pm UTC](https://boards.straightdope.com/t/do-you-have-an-albatross-left-to-you-by-a-parent-or-other-relative/917447/61 "2020-08-17T22:07:29Z")
I don’t know if it’ll work out yet, but I did get a good tip that might help some of us: Habitat for Humanity’s Restores are sometimes willing to pick up furniture that’s in good condition. I may be able to get them to take the hutch, a sofa, and the perfectly nice entertainment center (not the one I mentioned before!) that I just replaced this weekend with one that allows me to anchor the TV to it so the kittens - that’ll finally be old enough to take home in September - won’t be able to knock it over once they’re bigger. [Here’s the Restore site](https://www.habitat.org/stories/does-habitat-offer-furniture-donation-pickup) if you’d like to check it out too. ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [August 17, 2020, 10:35pm UTC](https://boards.straightdope.com/t/do-you-have-an-albatross-left-to-you-by-a-parent-or-other-relative/917447/62 "2020-08-17T22:35:52Z")
> [@Yllaria](#): > > We talked to the bank that held Mom’s retirement account. They were willing to roll the split amounts into individual IRAs, or to let us withdraw our share “with penalty for early withdrawal”. Is this likely to vary from state to state? You’re mixing two unrelated issues. If the IRA is in the form of a CD or a few other restricted financial instruments banks love to sell to old people, the **bank** may charge you a penalty for redeeming the CD early vs its natural maturity date. The only policy that matters is that of the bank where the CD is located; you can’t shop for a different bank to already be holding the decedent’s CD. Though you can sure shop for a different place to hold the heir’s shares once they’re distributed from that crappy bank. That’s totally separate from **tax**. Under IRS regs there are a bunch of details on how IRA distributions to heirs are **taxed**. Which depends on the familial relationships, the age of the decedent, the age of the heirs, whether a trust was involved, the term over which the money is withdrawn, the phase of the Moon, etc. These IRS regs changed a bunch in late 2019 under the so-called SECURE Act Congress passed around Sep 2019. So if you’re reading online advice written before about Dec 2019, it’s wrong. If it talks about the SECURE Act changes, then it has some chance of being right. Although various details were still being sorted out by the IRS last time I checked just before COVID became a household word. I do not know which states tax IRA inheritances or withdrawals. I do not know whether the state that matters is where the decedent lived or where each separate heir lives. Unless everyone lives in a state(s) with no state income or estate taxes you probably need a local tax pro. Fortunately, unlike lawyers, they’re cheap if you’re just asking for advice, rather than for them to spend man-weeks holding your hand through the whole process. ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [August 17, 2020, 10:43pm UTC](https://boards.straightdope.com/t/do-you-have-an-albatross-left-to-you-by-a-parent-or-other-relative/917447/63 "2020-08-17T22:43:55Z")
Too late to edit: The above quote of @Yllaria should have included @ExTank’s and @dalej42’s inner quotes which were about tax. ---
**Author:** ![Yllaria](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/yllaria/32/3452_2.png) [@Yllaria](https://boards.straightdope.com/u/Yllaria)\ **Post date:** [August 17, 2020, 11:06pm UTC](https://boards.straightdope.com/t/do-you-have-an-albatross-left-to-you-by-a-parent-or-other-relative/917447/64 "2020-08-17T23:06:42Z")
> [@LSLGuy](#): > > You’re mixing two unrelated issues. > > If the IRA is in the form of a CD or a few other restricted financial instruments banks love to sell to old people, the **bank** may charge you a penalty for redeeming the CD early vs its natural maturity date. - - - > > That’s totally separate from **tax**. Under IRS regs there are a bunch of details on how IRA distributions to heirs are **taxed**. > > Which depends on the familial relationships, the age of the decedent, the age of the heirs, whether a trust was involved, the term over which the money is withdrawn, the phase of the Moon, etc. > > These IRS regs changed a bunch in late 2019 under the so-called SECURE Act Congress passed around Sep 2019. - - - - It wasn’t a CD or anything with a maturity date. If any of us had been old enough, we could have started to take withdrawals, but none of us were. We all took roll-overs. It was years before 2019. ---
**Author:** ![Ruken](https://avatars.discourse-cdn.com/v4/letter/r/f475e1/32.png) [@Ruken](https://boards.straightdope.com/u/Ruken)\ **Post date:** [August 17, 2020, 11:11pm UTC](https://boards.straightdope.com/t/do-you-have-an-albatross-left-to-you-by-a-parent-or-other-relative/917447/65 "2020-08-17T23:11:23Z")
> [@snowthx](#): > > I dont think you can even _give_ a piano away these days. The wood has some value as kindling, but otherwise it’s common to have to pay to have an old piano hauled off. ---
**Author:** ![chela](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/chela/32/21582_2.png) [@chela](https://boards.straightdope.com/u/chela)\ **Post date:** [August 18, 2020, 12:01am UTC](https://boards.straightdope.com/t/do-you-have-an-albatross-left-to-you-by-a-parent-or-other-relative/917447/66 "2020-08-18T00:01:16Z")
Well I suppose the three large moving boxes of Fostoria glass, stored in the garage for 25 years count for something. I mean I like the stuff and all, I do use some bowls and platters to store onions, bananas, avocados etc. No one else in the family wanted it, I just need to make room somewhere before I can bring inside.not happening anytime soon ---
**Author:** ![Yllaria](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/yllaria/32/3452_2.png) [@Yllaria](https://boards.straightdope.com/u/Yllaria)\ **Post date:** [August 19, 2020, 9:46pm UTC](https://boards.straightdope.com/t/do-you-have-an-albatross-left-to-you-by-a-parent-or-other-relative/917447/67 "2020-08-19T21:46:13Z")
Fortune magazines, in the original mailer boxes, most of the first year of publication. I’d say there was a family foo-fraw over them, but really it was mostly my dad. I need to find a good home for them. They were supposed to be “worth something some day” but at this point they just need a good home. [Previous page](https://boards.straightdope.com/t/do-you-have-an-albatross-left-to-you-by-a-parent-or-other-relative/917447.md?page=3)